S&P affirms Associated Banc

Standard & Poor's said it affirmed Associated Banc Corp.'s BB- counterparty credit rating and banking subsidiary Associated Bank NA's BB+ credit rating and removed them from CreditWatch, where they were placed with negative implications on April 28.

The outlook is stable.

"The rating action reflects our opinion that Associated's credit quality is improving along with significant declines in loan-loss provisioning and net charge-offs, and declines in nonperforming assets since last year," S&P analyst Sunsierre Newsome said in a statement.

"We believe that these measures are still high but recognize management's progress in removing problem assets from the bank's balance sheet, especially through bulk sales."

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