DBRS lifts Pacific Capital

DBRS said it upgraded Pacific Capital Bancorp's issuer and senior debt rating to B from CC, subordinated debt to B (low) and short-term instruments to R-4.

The agency also upgraded Pacific Capital Bank, NA's senior debt rating to B (high), subordinated debt to B and short-term instruments to R-4.

The ratings action follows the successful completion of several recapitalization transactions including the closing of the $500 million investment made by SB Acquisition Co. LLC, a wholly owned subsidiary of Ford Financial Fund, LP, and the release of Pacific Capital's third-quarter earnings, which showed a return to profitability.

The ratings were left Under Review with positive implications. DBRS said the review will focus on the extent, if any, that the company's brand has suffered after several years of large losses that threatened its viability.

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