Fitch Affirms People's United Financial; Places Chittenden on Rating Watch Negative.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. People's United Financial, Inc. (PBCT PBCT People's United Bank (Bridgeport, CT; stock symbol) PBCT Proposed Boundary Crossing Time ) Long-Term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) at 'BBB' and Positive Outlook following today's announcement that PBCT had reached an agreement to purchase Chittenden Corp. (CHZ CHZ Circumstellar Habitable Zone ). At the same time, Fitch has also placed the ratings of CHZ on Rating Watch Negative, reflecting Fitch's view that the combined entity will likely be rated below CHZ's current 'A-' long term IDR. PBCT, the parent company of People's United Bank People's United Bank, formerly People's Bank, founded in 1842 as a savings bank, is one of the largest independent banks in Connecticut, United States, based in Bridgeport. People's Bank changed its name to People's United Bank on June 7, 2007. (formerly People's Bank Peo´ple's bank 1. A form of coöperative bank, such as those of Germany; - a term loosely used for various forms of coöperative financial institutions. ), announced it had entered into an agreement to purchase CHZ, a Burlington, VT headquartered commercial bank that operates six subsidiary banks. PBCT should benefit from CHZ's strong deposit franchise, excellent liquidity and good asset quality. In September 2006, Fitch revised the former People's Bank Rating Outlook to Positive from Stable on the company's improved balance sheet fundamentals, positive earnings and profitability momentum and in anticipation of additional capital raised through a second step conversion. Fitch views the prudent deployment of this capital as a key ratings driver. Fitch views the expected acquisition of CHZ positively. Maintenance of improved balance sheet fundamentals, continued good financial performance and successful integration of this acquisition will be key factors in considering future positive rating actions. Management's prudent deployment of capital, which is project to remain elevated after the close of this transaction, will be a significant component of Fitch's intermediate view of the company. Fitch has affirmed the following ratings and Positive Outlook: People's United Financial, Inc. --Long-term Issuer Default Rating (IDR) 'BBB'; --Short-term Issuer Default Rating (IDR) 'F2'; --Individual 'B/C'; --Support '5'; --Support Rating Floor 'NF'. People's United Bank --Long-term Issuer Default Rating (IDR) 'BBB'; --Short-term Issuer Default Rating (IDR) 'F2'; --Individual 'B/C'; --Long-term deposits 'BBB+'; --Short-term deposits 'F2'; --Subordinated debt 'BBB-'; --Support '5'; --Support Rating Floor 'NF'. Fitch has also placed the following ratings on Rating Watch Negative: Chittenden Corporation --Long-term Issuer Default Rating (IDR) 'A-'; --Short-term Issuer Default Rating (IDR) 'F2'; --Individual 'B'; --Subordinated debt 'BBB+'; --Support '5'; --Support Rating Floor 'NF'. Chittenden Trust Company Bank of Western Massachusetts Flagship Bank and Trust Company Maine Bank and Trust Company Ocean National Bank --Long-term Issuer Default Rating (IDR) 'A-'; --Short-term Issuer Default Rating (IDR) 'F2'; --Long-term deposits 'A'; --Short-term deposits 'F1'; --Individual 'B'; --Support '5'; --Support Rating Floor 'NF'. Chittenden Capital Trust I --Preferred stock 'BBB+'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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