Moody’s affirms People’s United

Moody's Investors Service said it affirmed the ratings of People's United Financial Inc. and its bank subsidiary, People's United Bank, NA.

People's United Bank is rated A2/Prime-1 for long- and short-term deposits. Its standalone baseline credit assessment is baa1, its counterparty risk assessments are A3(cr)/Prime-2(cr), and its local and foreign currency counterparty risk ratings are Baa1/Prime-2.

People's United Financial has a long-term issuer rating of Baa2 and a preferred stock non-cumulative rating of Ba1(hyb).

The outlook is stable.

“The affirmation of People's baa1 BCA and all other credit ratings reflects People's sustainable regional banking franchise in the Northeast, particularly in Connecticut, as well as its strong management of its asset risk, which is evidenced by its solid asset quality over the economic cycle,” Moody’s said in a news release.

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