NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (“KBRA”) has affirmed the senior unsecured debt rating of BBB+ and the short-term rating of K2 for People’s United Financial, Inc. (NASDAQ:PBCT) (“People’s United” or “PBCT”), a thrift holding company headquartered in Bridgeport, CT. In addition, KBRA affirms the senior deposit rating of A- and the short-term rating of K1 for People’s United Financial, Inc.’s subsidiary, People’s United Bank (the “Thrift”). The outlook on all ratings is stable.
The ratings are supported by People’s United Bank’s sound financial fundamentals, as evidenced by its adequate capital position and trending improvements over the last two years in terms of asset quality. The ratings also reflect potential pressure People’s United may encounter in a state of continued challenging macroeconomic conditions throughout the U.S., as well as the organization’s future growth prospects.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology, published on May 2, 2013.
|People’s United Financial, Inc.||Senior Unsecured||BBB+||Stable|
|People’s United Bank||Senior Deposit||A-||Stable|
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).