NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 to First Busey Corporation (NASDAQ:BUSE), a bank holding company headquartered in Champaign, Illinois. In addition, KBRA has assigned senior unsecured debt and deposit ratings of A-, a subordinated debt rating of BBB+, and short-term debt and deposit ratings of K2 to the subsidiary bank, Busey Bank. The Outlook on all long-term ratings is Stable.
KBRA’s senior unsecured debt rating of BBB+ for First Busey Corporation is supported by BUSE’s strong management team, solid operating history, diversification, and overall conservative approach to business. The ratings are primarily constrained by significant real estate lending concentrations, potential integration issues with the upcoming bank acquisitions, and rapid growth.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on February 19, 2016.
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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).