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S&P rates IberiaBank BBB, unit BBB+
S&P said it assigned a BBB long-term issuer credit rating and a A-2 short-term rating to IberiaBank Corp. and a BBB+ long-term issuer credit rating and a A-2 short-term rating to subsidiary IberiaBank.
The outlooks are stable.
The agency said the ratings are based on the company's strong capital ratios, historically low loan losses, consistent profitability and satisfactory funding and liquidity profile.
“We think management has a generally conservative credit culture but a highly acquisitive business strategy,” S&P said in a news release.
“Nonetheless, Iberia appears to have executed well on its previous acquisitions, which have further diversified the company from a geographic perspective and are typically smaller, except for the Sabadell acquisition, which closed last year, adding roughly $5.7 billion in assets to the company's total assets.”
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