Moody's rates People's United A3, cuts Chittenden

Moody's Investors Service said it affirmed the ratings of People's United Bank (A2 long-term deposits rating) and assigned its parent company, People's United Financial, Inc., an issuer rating at A3.

Moody's downgraded Chittenden Corp.'s subordinated debt rating to Baa1 from A3.

The outlook is positive. The action concludes the review of Chittenden Corp. and its subsidiaries for downgrade that began on June 28 and follows the Jan. 1 acquisition of Chittenden by People's United Financial.

Moody's said the affirmation reflects the integration challenges, which could offset the franchise benefits that come with the acquisition.

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