Fitch Assigns 'BB/B' L-T & S-T Ratings To Partners Trust; Placed On Watch Evolving.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 assigned a 'BB' long-term rating and 'B' short-term rating to Partners Trust Financial Group, Inc. (PRTR PRTR Pollutant Release and Transfer Register PRTR Plutonium Recycle Test Reactor PRTR Partial Run-Time Reconfiguration PRTR Preview, Read, Think, Review (reading strategy) ) and its banking subsidiary, Partners Trust Bank (PRTRB). The ratings are placed on Rating Watch Evolving. A complete list of ratings is provided below. The rating action follows PRTR's acquisition of BSB BSB Backstreet Boys BSB Bayerische Staatsbibliothek BSB British Superbikes (motorcycle racing series) BSB Bachelor of Science in Business BSB Bandar Seri Begawan (capital of Brunei) Bancorp, Inc. (BSBN BSBN Baltic Sea Business Network BSBN Bu Sa Bum Nim ), the parent company of BSB Bank & Trust (BSBBT). The transaction enhances PRTR's community bank profile in Central New York Central New York is a term used to broadly describe the central region of New York State, roughly including the following counties and cities: Cayuga County – Auburn Cortland County – Cortland Madison County – Oneida , including a strengthened presence in the comparatively more attractive Syracuse market. BSBN, with over $2.2 billion in assets, accounts for approximately two-thirds of the combined entity. As such, PRTR's ratings are consistent with the ratings previously assigned to BSBN. In conjunction with the acquisition of BSBN, PRTR completed its conversion from a 'two-tier' mutual company to a fully public financial institution. Proceeds from the stock offering were used to cover the estimated $347 million cost of the BSBN acquisition (60% stock/40% cash). Capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. and asset quality metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. of the merged institution appear stronger than BSBN stand-alone. However, integration risk is heightened by the fact that PRTR acquired a larger bank that has been plagued by weak (albeit improving) credit quality, particularly in its C&I portfolio. Fitch expects to resolve the Rating Watch Evolving status of PRTR's ratings following a more detailed review of the combined entity and further discussion with management. As a result of the acquisition, the ratings of BSBN and BSBBT have been removed from Rating Watch Negative where they were placed on Dec. 24, 2003. Further, Fitch has withdrawn the ratings for BSBN and BSBBT in recognition of the fact that these companies have been merged with and into PRTR and PRTRB, respectively. Ratings assigned and placed on Rating Watch Evolving Partners Trust Financial Group, Inc. -- Long-term senior debt 'BB'; -- Individual 'C/D'. Partners Trust Bank -- Long-term deposits 'BB+'; -- Long-term senior debt 'BB'; -- Individual 'C/D'. Other ratings assigned Partners Trust Financial Group, Inc. -- Short-term 'B'; -- Support '5'. Partners Trust Bank -- Short-term deposits 'B'; -- Short-term 'B'; -- Support '5'. Ratings removed from Rating Watch Negative and withdrawn BSB Bancorp -- Long-term senior 'BB'. BSB Bank & Trust -- Long-term deposits 'BB+'; -- Long-term senior debt 'BB'. Other ratings withdrawn BSB Bancorp -- Short-term 'B'; -- Individual 'C/D'; -- Support '5'. BSB Bank & Trust -- Short-term deposits 'B'; -- Short-term 'B'; -- Individual 'C/D'; -- Support '5'. |
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