S&P ups Dundee

Standard & Poor's said it raised its long-term counterparty credit and senior unsecured debt ratings on Dundee Corp. to BBB- from BB+.

At the same time, S&P said it raised its long-term subordinated debt rating on the company to BB from BB-.

The outlook is stable.

S&P said this ratings action acknowledges the continued strong growth of the company's core business wealth management, as measured by mutual fund assets under management, which has consistently been above industry average.

The company remains exposed to market risk and the general direction of the capital markets, the agency added.

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