Moody's affirms People's United

Moody's Investors Service said it affirmed the ratings of People's United Financial, Inc.'s long-term senior rating at A3 and its thrift subsidiary, People's United Bank's stand-alone bank financial strength rating at C+ and long-term deposits at A2.

The outlook remains stable.

The affirmations follow news of two bank acquisitions: the $2.4 billion Smithtown Bancorp, Inc. and the $807 million LSB Corp.

The ratings are based on People's solid financial fundamentals, including a very strong capital base and above average credit metrics, Moody's said.

The acquired branch networks fill in or are contiguous with People's existing markets, the agency added. These characteristics help to contain integration risk, Moody's said.

Challenges include commercial real estate exposure, the agency said.

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