S&P ups Valley National

Standard & Poor's said it revised the outlook on Valley National Bancorp and its main banking subsidiary, Valley National Bank, to stable from negative. The agency also said it affirmed an A- counterparty credit rating and A/A-1 counterparty credit ratings on the subsidiary.

The outlook revision reflects a recognition of Valley's superior asset quality performance over the past three years despite challenging conditions, S&P said.

The agency said it believes Valley's much better-than-peers trends provide further validation of its conservative credit culture and practices.

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