Fitch cuts Associated Banc-Corp

Fitch Ratings said it downgraded Associated Banc-Corp's long-term issuer default rating to BBB+ from A- and short-term issuer default rating to F2 from F1.

The outlook is negative.

According to Fitch, the downgrade reflects the bank's continued reliance on short-term borrowings while maintaining a modest level of liquid assets and bank level capital ratios that remain less than most peers.

Ratings are supported by sound earnings performance and good core deposit base, the agency said.

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