S&P affirms First Niagara

Standard & Poor's said it affirmed the ratings of First Niagara Financial Group Inc. and its subsidiary, First Niagara Bank NA, following news that the bank plans to buy 195 HSBC branches.

The outlook is stable.

The agency said First Niagara plans to buy 195 branches, including $15 billion of deposits and $2.8 billion in loans, from HSBC Bank USA NA.

The affirmation reflects an expectation that the enhanced market position and earnings capacity First Niagara gains as a result of the transaction will mitigate the weakening of its currently robust capital position, S&P said.

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