S&P: People's United Financial notes BBB+

Standard & Poor's said it assigned its BBB+ rating on People's United Financial Inc.'s $500 million senior notes.

At the same time, the agency said it affirmed its BBB+ issuer credit rating on the company and its A-/A-2 issuer credit ratings on main bank subsidiary People's United Bank. The outlook remains stable.

The agency said the rating affirmation follows People's announcement that it plans to significantly raise the limit on its common share repurchase program.

Although the company's plans for a substantial capital deployment are negative from a credit perspective, S&P said these actions are broadly within its expectations for the ratings and are consistent with the company's strategies.

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