KBRA eyes HomeStreet developments

KBRA said it placed its ratings for HomeStreet, Inc., including its BBB- senior unsecured and BB+ subordinated debt ratings, on developing watch.

The developing watch follows HomeStreet agreeing to merge into higher-rated FirstSun Capital Bancorp. HomeStreet shareholders will have about a 22% stake in the combined company. KBRA rates FirstSun BBB.

If the merger is completed it would result in a resolution of HomeStreet's watch developing status, in which the ratings and outlook would likely be equalized with FirstSun's, the agency said.

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