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DBRS confirms FirstMerit
DBRS said it confirmed the ratings of FirstMerit Corp. and its operating bank subsidiary FirstMerit Bank, NA, including FirstMerit's issuer and senior debt rating of A (low).
The trend is stable.
The confirmation followed a review of the company's operating performance, financial fundamentals and future prospects, DBRS said.
The confirmation reflects FirstMerit's resilient earnings generation and pressured, yet relatively sound asset quality, the agency said. Through the economic cycle, the company's core earnings have more than offset elevated credit costs.
The ratings consider the company's sustained earnings generation, manageable credit costs, solid spread income and sound levels of fee revenues, the agency added.
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