S&P rates Western Alliance Bank BBB-

Standard & Poor’s said it assigned a BBB- long-term issuer credit rating on Western Alliance Bank, along with a short-term issuer credit rating of A-3.

The outlook is stable.

The ratings are based on the company’s consistent profitability, which is better than its peers, S&P said, along with its relationship-based lending and improved geographic diversification within its narrow footprint.

The company’s rapid commercial loan growth, geographic concentration and limited revenue diversification somewhat offset these strengths, the agency said.

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