MUMBAI (Thomson Financial) - Fitch Ratings upgraded the issuer default
ratings (IDRs) for WTB Financial Corp (WTBFC) and its unit Washington Trust Bank
(WTB), citing WTBFC's improved profitability, strong commercial banking
franchise in the Pacific Northwest, solid balance sheet fundamentals and a
conservative credit culture.
The agency upgraded WTBFC's and WTB's long-term IDR to 'BBB+' from 'BBB' and
short-term IDR to 'F2' from 'F3'.
The outlook is stable.
WTBFC continues to benefit from a favourable earning asset mix which
emphasizes adjustable interest rate commercial loans. Further, the company has a
solid core deposit base with significant levels of non-interest bearing deposit
balances. Performance is also aided by strong asset quality and low credit
costs, Fitch added.
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