KBRA Assigns BBB+ Senior Unsecured Debt Rating for Sandy Spring Bancorp, Inc.
NEW YORK--(BUSINESS WIRE)--Jun 6, 2018--Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 to Sandy Spring Bancorp, Inc. (NASDAQ: SASR), a bank holding company headquartered in Olney, MD. In addition, KBRA assigns deposit and senior unsecured debt ratings of A-, a subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, Sandy Spring Bank (“the Bank”). The Outlook for all long-term ratings is Stable.
The ratings are supported by SASR’s solid market position and healthy core deposit franchise in the attractive D.C. MSA. The Bank has posted stable, better than peer operating results, with a diverse loan portfolio and revenue streams, while maintaining strong credit quality. Overall, management has maintained robust expense control and employed a measured approach to growth. Ratings are primarily constrained by a singular geographic focus and some CRE loan concentration, although management has a solid operating history executing on this strategy. The Stable Outlook for Sandy Spring’s long-term ratings incorporates the expectation that the Company’s current credit profile, solid earnings, and capital position would remain relatively consistent in a less constructive economic environment.
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The ratings are based on KBRA’s published on February 19, 2016.
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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Kroll Bond Rating Agency
Paul J Posharow, 301-969-3243
M Scott Durant, 301-969-3248
Joe Scott, 646-731-2438
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Kroll Bond Rating Agency
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