Kroll Bond Rating Agency Assigns BBB/K3 Senior Long-Term & Short-Term Ratings to WashingtonFirst Bankshares, Inc.
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NEW YORK--(BUSINESS WIRE)-- Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured long-term rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 to WashingtonFirst Bankshares, Inc. (NASDAQ: WFBI) (WashingtonFirst or “the Company”), a bank holding company headquartered in Reston, Virginia. In addition, KBRA has assigned a senior unsecured debt/deposit rating of BBB+, and a short-term rating of K2 to the subsidiary bank, WashingtonFirst Bank (“the Bank”). The outlook on all ratings is stable.
The ratings are supported by WashingtonFirst’s financial fundamentals as indicated by strong and improving asset quality, balance sheet and revenue growth, and trend towards higher earnings metrics. In addition, WashingtonFirst’s profitability through the crisis years, experienced management team, and stability of home market underpin the ratings. These strengths are balanced by concerns surrounding WFBI’s spread-reliant earnings streams, moderately below peer average returns, and relatively low but growing market share.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology, published on January 28, 2015.
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
View source version on businesswire.com: http://www.businesswire.com/news/home/20150706005790/en/
Analytical Contacts:
Kroll Bond
Rating Agency
Samuel Apovor, 240-394-4146
Senior Analyst
[email protected]
or
Ashley
Phillips, 240-394-4150
Associate
[email protected]
or
Joe
Scott, 646-731-2438
Senior Director
[email protected]
or
Christopher
Whalen, 646-731-2366
Senior Managing Director
[email protected]
or
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Source: Kroll Bond Rating Agency
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