NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 to Bankwell Financial Group, Inc. (NASDAQ: BWFG), a bank holding company headquartered in New Canaan, Connecticut. In addition, KBRA has assigned a deposit rating of A-, senior unsecured debt rating of A-, subordinated debt rating of BBB+, and short-term deposit/debt rating of K2 to its subsidiary, Bankwell Bank, a commercial bank focused on commercial and residential real estate lending. The outlook on all long-term ratings is stable.
The ratings are supported by BWFG’s strong capital base, low efficiency ratio, and outstanding asset quality metrics backed by prudent underwriting. These strengths are balanced by concerns surrounding BWFG’s large concentration in real estate loans in a single market and tight on-balance sheet liquidity.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology dated January 28, 2015.
To view the report, please use the following link:
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).