Moody's ups Pacific Capital

Moody's Investors Service said it upgraded the long-term ratings of Pacific Capital Bancorp and Pacific Capital Bank, NA.

The holding company's long-term issuer rating was raised to B2 from C. The bank's long-term deposit rating was raised to Ba3 from Caa1 and long-term other senior obligations to B1 from C. The not-prime short-term ratings of the bank were affirmed.

The outlook is stable.

This concludes a review for possible upgrade that began in April 2010, Moody's said.

The upgrade follows the completion of the recapitalization of Pacific Capital by SB Acquisition Co. LLC, a wholly-owned subsidiary of Ford Financial Fund, LP, the agency said, and Pacific's reporting of its first full quarter of results under the new structure.

The upgrade reflects Pacific Capital's improved financial position following the fair valuation of the balance sheet and the injection of new capital, Moody's added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.