Fitch Upgrades Independent Bank Corp. to 'BBB-/F3'; Outlook Stable.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 upgrades the 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. ) and short-term rating for the Rockland, Massachusetts Rockland is a town in Plymouth County, Massachusetts, United States. The population was 17,670 at the 2000 census. with 10,199 total registered voters as of December 31, 2005. based Independent Bank Corp. (INDB) and its banking subsidiary, Rockland Trust Company. Additionally, Fitch upgrades the preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. ratings of INDB's two statutory business trusts, Independent Capital Trust III and Independent Capital Trust IV. The Rating Outlook is Stable. A complete list of the ratings for INDB and its subsidiaries is provided at the end of this release. The upgrade is based on the company's consistent earnings generation and its ability to augment capital in a relatively expeditious ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex manner. Fitch anticipates that INDB will continue to build capital ratios, albeit while continuing to buy back stock. Although INDB's tangible equity ratio recently compressed to 5.57% due to the timing of stock buybacks, it is expected that this ratio will stand at roughly 6% by year-end (YE) 2006. Additionally, Fitch's view of INDB's ratings incorporates the company's sound asset quality and reserve levels. Although INDB's loan portfolio does contain some relatively higher risk credits -- particularly commercial real estate and indirect auto exposures -- credit metrics have been consistently solid and credit costs have remained very low. Despite the difficult interest rate environment, INDB's net interest margin (NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see ) has fluctuated only modestly. Profitability levels, in conjunction with the above mentioned attributes, help place INDB comfortably within its new rated peer group. Independent Bank Corp. --IDR upgraded to 'BBB-' from 'BB+'; --Short-term upgraded to 'F3' from 'B'; --Individual affirmed at 'B/C'; --Support affirmed at '5'. Rockland Trust Company --IDR upgraded to 'BBB-' from 'BB+'; --Long-term deposits upgraded to 'BBB' from 'BBB-'; --Short-term upgraded to 'F3' from 'B'; --Short-term deposits affirmed at 'F3'; --Individual affirmed at 'B/C'; --Support affirmed at '5'. The Rating Outlook is Stable. Independent Capital Trust III --Preferred stock upgraded to 'BB' from 'BB-'. Independent Capital Trust IV --Preferred stock upgraded to 'BB' from 'BB-'. 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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