Moody’s assigns Peapack-Gladstone notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to Peapack-Gladstone Financial Corp.’s subordinate debt. Peapack-Gladstone’s issuer rating is Baa3, and its bank subsidiary, Peapack-Gladstone Bank’s stand-alone baseline credit assessment is baa2.

“The assigned Baa3 subordinate debt rating is based on Peapack-Gladstone Bank’s baa2 stand-alone BCA and follows Moody’s notching practices for U.S. regional banks resulting from the application of its advanced loss-given-failure analysis,” the agency said in a press release.

The outlook for the holding company and bank is stable.

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