Fitch affirms Independent Bank

Fitch Ratings said it affirmed the short-term issuer default rating and removed the rating from under criteria observation for Independent Bank Corp., Inc. and its bank subsidiary, Rockland Trust Co.

All other ratings are unchanged.

The under criteria observation had been assigned to Independent Bank’s short-term issuer default rating along with nine other North American banks on May 6, following the publication of Fitch's cross-sector criteria for short-term ratings on May 2, the agency said.

The new cross-sector short-term ratings criteria introduced changes to Fitch's correspondence table between long- and short-term ratings, the agency said.

A long-term issuer default rating of BBB maps to a short-term issuer default rating of F2 and F3, Fitch said.

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