KBRA Affirms Issuer Rating for Janney Montgomery Scott LLC

8 Dec 2023   |   New York


KBRA affirms the issuer rating of A+ for Philadelphia-based Janney Montgomery Scott LLC (“Janney” or “the firm”). The rating Outlook is Stable.

Key Credit Considerations

Janney’s issuer rating is supported by the firm’s experienced management team, long history of profitable operations, conservative risk appetite, low-risk business mix, and 100% ownership since 1982 by The Penn Mutual Life Insurance Company (“Penn Mutual”). Janney has a comparatively lower-risk business model with a focus on wealth management. Janney’s management team has deep industry experience and a favorable financial track record. Janney’s risk appetite is considered by KBRA to be conservative with prudent risk management practices. KBRA believes that Janney is strategically important to Penn Mutual and that Penn Mutual would support Janney in the unlikely event of need. On November 3, 2023, KBRA affirmed the IFSR of AA for Penn Mutual with a Stable Outlook.

Rating Sensitivities

A rating upgrade over the next one- to two-year time frame is not expected, given the Stable Outlook of both Janney and its parent, Penn Mutual. Any improvement in the already strong credit profile and rating of the parent could benefit Janney’s rating. Any meaningful deterioration in financial performance, particularly at the parent, Penn Mutual, could negatively affect the rating.

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A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1002774

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