Fitch Ratings affirms IDRs at 'BBB'.
New York: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, affirmed the Long-Term Issuer Default Rating (IDRs) at 'BBB' and Short-Term IDRs at 'F2' for BankUnited, Inc. (BKU) and BankUnited, N.A.
The Rating Outlook is revised to Negative from Stable. The rating action follows a periodic review of the midtier regional banking group, which includes BankUnited, Inc. (BKU), BOK Financial Corp. (BOKF), Cathay General Bancorp (CATY), East West Bancorp, Inc. (EWBC), First Horizon National Corporation (FHN), First National of Nebraska, Inc. (FNNI), Fulton Financial Corporation (FULT), Hilltop Holdings Inc. (HTH), Synovus Financial Corp. (SNV), Trustmark Corporation (TMRK), UMB Financial Corp. (UMBF), Umpqua Holdings Corporation (UMPQ) and Wintrust Financial Corporation (WTFC).
BKU's ratings are supported by the company's seasoned management team, decent capital levels and stable core asset quality. Offsetting these strengths are what Fitch considers to be a relatively narrow business model concentrated in spread income and reliant on continued strong loan growth to offset the negative earnings impacts of a shrinking covered loan portfolio. Company-specific rating rationales for the other banks are published separately, and for further discussion of the large regional bank sector in general, refer to the special report titled 'Midtier Regional Bank Periodic Review,' to be published shortly.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Mar 9, 2018|
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