S&P ups Webster Financial to BBB

S&P said it raised its long-term issuer credit rating on Webster Financial Corp. to BBB from BBB- and its long-term issuer credit rating on subsidiary Webster Bank, NA to BBB+ from BBB.

The outlooks on both entities are stable.

The agency affirmed Webster Bank’s A-2 short-term rating.

"The rating action is largely based on Webster's strong financial performance in recent years and substantial improvements in its risk management policies and procedures," S&P credit analyst Robert Hansen said in a news release.

In addition, the agency thinks Webster's management team has adopted more conservative business and financial strategies in recent years, which should result in improved business stability.

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