DBRS confirms Valley National

DBRS said it confirmed the ratings of Valley National Bancorp and its rated commercial bank subsidiary, including its issuer and senior debt at A (low) and short-term instruments at R-1 (low).

The trend is stable.

The action follows a detailed review of the company's operating results, financial fundamentals and future prospects, DBRS said.

The ratings are underpinned by a conservatively underwritten loan portfolio that has performed significantly better than most banking peers throughout the company's history, the agency said.

The ratings also reflect its solid deposit franchise in the demographically attractive northern and central New Jersey and Manhattan, Brooklyn and Queens regions, DBRS said.

The ratings are constrained by its lack of geographic diversification and its heavy reliance on spread income, the agency added.

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