| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Valley National Bancorp > News item |
S&P lowers Valley National
S&P said it lowered the long-term issuer credit ratings on Valley National Bancorp to BBB from BBB+ and on Valley National Bank to BBB+ from A-.
The agency also removed all the long-term ratings from CreditWatch, where they were placed on July 26 with negative implications.
At the same time, S&P affirmed the A-2 short-term rating on Valley National Bank.
The outlook is stable.
The agency said the downgrade reflects an expectation that Valley's acquisition of USAmeriBancorp Inc. will close as planned on Jan. 1.
“The acquisition will increase the percentage of Valley's assets based in Florida and maintain its already high concentration of loans in commercial real estate,” S&P said in a news release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.