Fitch rates Western Alliance notes BBB

Fitch Ratings said it gave BBB ratings to the notes issued by Western Alliance Bancorporation (WAL) and its subsidiary Western Alliance Bank (WAB). The agency also assigned BBB+ issuer ratings to WAL and WAB.

“The rating reflects WAL's diversified business model and better-than-peer earnings, consistently strong asset quality, and adequate funding profile. These strengths are offset by lower-than-peer capital ratios as well as the bank's consistently higher-than-peer levels of loan growth,” Fitch said in a press release.

The outlook is stable.

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