Fitch: Old National outlook stable

Fitch Ratings said it revised the outlook for Old National Bancorp and its principal banking subsidiaries to stable from negative and affirmed their ratings, including the BBB long-term issuer default rating, F2 short-term issuer default rating, BBB senior unsecured debt rating, BBB- subordinated debt rating and BB+ preferred and trust preferred stock ratings.

The agency said the outlook change to stable was driven by the continued gradual improvement in Old National's core earnings performance and that earnings have benefited from relatively contained credit costs and a stronger net interest margin.

Old National's ratings are also supported by sound capital and reserves, a solid funding base and a strong market position in many parts of its footprint, Fitch said.

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