NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured long-term rating of BBB and a short-term debt rating of K3 to Fidelity Southern Corporation (NASDAQ: LION) (“Fidelity” or “the Company”), a bank holding company headquartered in Atlanta, Georgia. In addition, KBRA has assigned a senior deposit rating of BBB+, a subordinated rating of BBB, and a short-term rating of K2 to the subsidiary bank, Fidelity Bank (“the Bank”). The outlook on all ratings is stable.
The ratings are supported by Fidelity Southern Corporation’s seasoned management team, solid origination and servicing expertise in mortgage banking and indirect auto lending, strong credit culture, well diversified revenue sources, and excellent funding mix. These factors are counterbalanced by Fidelity’s comparatively high level of nonperforming assets, relatively lower tangible equity ratio, and comparatively weak efficiency.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology, published on January 28, 2015.
To view the report, please use the following link: www.krollbondratings.com/show_report/2264.
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).