DBRS confirms People's United

DBRS said it confirmed all ratings of People's United Financial, Inc. and its banking subsidiary, including the company's issuer and senior debt ratings at A (low) and subordinated debt at BBB (high).

The trend for all ratings remains stable.

The agency said the company's ratings reflect its strong New England franchise that is underpinned by significant core deposit funding and solid asset quality. DBRS said that relatively benign credit quality issues have enabled People's to outperform most of its banking peers over the past several years.

The ratings also take into account the recent replacement of the chief executive officer, which DBRS said may indicate a more aggressive stance in deploying the company's excess capital, and limited non-interest income.

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