DBRS confirms Susquehanna

DBRS said it has confirmed the ratings of Susquehanna Bancshares, Inc. and its banking subsidiary, including Susquehanna's issuer and senior debt rating at BBB (high) and short-term instruments rating at R-2 (high).

The rating action follows the company's Q2 2009 earnings release, in which Susquehanna reported a net loss applicable to common shareholders of $11.9, its first quarterly loss since the current recession began, the agency noted.

Despite the loss, DBRS said it notes that the core earnings power of Susquehanna remains intact. Excluding one-time items, Susquehanna's income before provisions and taxes increased by about $5 million to $40.9 million during Q2 2009 driven by higher earning assets, margin expansion and expense discipline.

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