S&P pulls People's United from positive watch

S&P said it removed its BBB+ long-term issuer credit rating on People's United Financial Inc. and its A- long-term issuer credit ratings on People's United Bank NA from CreditWatch with positive implications. The ratings had been placed on CreditWatch on Feb. 23. The agency also assigned stable outlooks to both entities.

“The removal of our ratings on People's United from CreditWatch positive follows our downgrade of M&T Bank Corp. by one notch. The downgrade of M&T reflected deterioration in its asset quality and inherent risks from M&T's loan concentrations,” S&P said in a press release.

S&P noted it no longer plans to upgrade People's United when the merger closes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.