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DBRS confirms Susquehanna
DBRS said it confirmed Susquehanna Bancshares, Inc.'s issuer and senior debt rating at BBB (high) and short-term instruments rating at R-2 (high). DBRS placed the company's ratings on negative trend.
The ratings action follows the company's announcement to acquire Tower Bancorp, Inc., a community bank with $2.6 billion in assets, in a stock and cash transaction valued at about $345 million, the agency added.
The negative trend reflects concern that two sizable sequential acquisitions in a short time span places considerable integration risk on Susquehanna, the agency added. Moreover, the company's below peer profitability could be pressured if any material unexpected costs arise from the two integrations.
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