Moody’s shifts Old National view to stable

Moody’s Investors Service said it affirmed the ratings of Old National Bancorp and its bank subsidiary Old National Bank and changed the outlook on both entities to stable from negative. Old National Bancorp has long-term issuer and senior unsecured ratings of A3. Old National Bank has a long-term rating of Aa3 and a standalone baseline credit assessment of a2.

Moody’s said the ratings affirmation reflects its unchanged assessment of the bank’s standalone credit profile, whereas, the change in outlook to stable from negative reflects the strengthening of its financial metrics that has occurred since the close of its recent acquisitions.

“Old National’s return to stable outlook from negative reflects significant improvements in key credit metrics previously weakened following three sizeable, out-of-footprint bank acquisitions between 2016 and 2018. These metrics returned to 2017 levels, or better in 2019,” Moody’s said in a press release.

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