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S&P rates Western Alliance notes BB+
S&P said it assigned its unsolicited BB+ rating to Western Alliance Bank’s public offering of $225 million of its 5¼% subordinated debt due in 2030.
“Consistent with our policies and procedures, we are assigning an unsolicited rating on this debt issue as we believe there is sufficient market interest for Western Alliance and this issuance. The unsolicited rating on the subordinated debt is one notch lower than the stand-alone credit profile of bbb-, reflecting the issue's subordination to future senior debt,” S&P said in a press release.
Proceeds are for general corporate purposes, which may include providing capital to support growth and capital adequacy, and the repayment, redemption or repurchase of debt.
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