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S&P views Valley National negatively
S&P said it revised the outlook on Valley National Bancorp and its bank subsidiary, Valley National Bank, to negative from stable. Concurrently, the agency affirmed the BBB issuer credit rating on Valley National Bancorp and BBB+ issuer credit rating on Valley National Bank.
“Valley has experienced increasing net interest margin pressures, which we expect to persist in the near term, and some core customer deposit outflows in first quarter 2023 amid more difficult operating conditions for regional banks. Certain funding metrics have weakened, in part owing to increasing brokered deposits, and could weaken somewhat further given expected strong loan growth this year,” S&P said in a statement.
The agency warned it could downgrade Valley if its performance weakens below that of similarly rated regional bank peers and given the pressure on its margins and deposits.
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