Fitch alters Independent Bank view to stable

Fitch Ratings said it changed the outlook to stable from negative and affirmed the long-term issuer default rating for Independent Bank Corp. at BBB following the announcement of its acquisition of Meridian Bancorp.

The outlook revision is driven by Fitch's increased confidence in a U.S. economic recovery, which reduces the likelihood of the downside scenario contemplated at the time of Fitch's negative outlook revision in May 2020. While asset quality, particularly in INDB's commercial real estate (CRE) book, could come under pressure in 2021 and into 2022, Fitch does not expect credit deterioration to meaningfully impact earnings in the context of the bank's bbb viability rating (VR),” the agency said in a press release.

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