Kroll Bond Rating Agency Assigns Senior Unsecured Long-Term and Short-Term Debt Ratings to Renasant Corporation
NEW YORK--(BUSINESS WIRE)-- Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 to Tupelo, Mississippi based Renasant Corporation (NASDAQ: RNST or “the Company”). Moreover, KBRA has assigned deposit and senior unsecured debt ratings of A-, a subordinated debt rating of BBB+ and short-term debt and deposit ratings of K2 to the subsidiary bank, Renasant Bank (“the Bank”). The outlook on all long-term ratings is stable.
Renasant Corporation’s ratings are supported by sound and consistent earning metrics, diversified revenue streams, as well as a history of resilience and performance throughout financial crisis. The ratings are also reflective of the institution’s proven track record of successful acquisitions and de novo expansion, and seasoned management team. The ratings are constrained by a relatively low tangible equity ratio, relatively high concentration of commercial loans in the lending portfolio and exposure to geographic market risk.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on February 19, 2016.
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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).
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Analytical:
Kroll Bond Rating
Agency
Amina Ouattara, 301-969-3187
Senior Analyst
[email protected]
or
Joseph
Scott, 646-731-2438
Managing 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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