Fitch affirms First Niagara

Fitch Ratings said it affirmed First Niagara Financial Group, Inc.'s long-term issuer default rating at BBB and short-term issuer default rating at F2, along with First Niagara Bank's long-term deposits at BBB+, long-term issuer default rating at BBB, short-term deposits at F2 and short-term issuer default rating at F2 and First Niagara Commercial Bank's long-term deposits at BBB+, long-term issuer default rating at BBB, short-term deposits at F2 and short-term issuer default rating at F2.

The outlook is stable.

The affirmations follow news that the bank has agreed to acquire NewAlliance Bancshares, Inc. through an 86% stock and 14% cash transaction worth about $1.5 billion.

The company has acquired a relatively healthy balance sheet with modest credit risk, Fitch said.

To date, NewAlliance has performed well despite the challenging operating environment reporting consistent profitability, the agency said.

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