Moody's turns Webster view to negative

Moody's Investors Service said it confirmed its ratings for Webster Financial Corp., including the Baa1 senior unsecured rating, and Webster Bank NA and changed the outlook to negative from under review.

This rating action concludes the review for downgrade started on April 20, after Webster reported it agreed to acquire New York-based Sterling Bancorp in an all-stock transaction and closed Feb. 1, Moody’s said.

“Following the ratings confirmation, the outlook on Webster is negative to reflect Moody's assessment that integration risks associated with merging two banks of similar size continue to weigh on the standalone credit profile and ratings of the combined bank,” the agency said in a press release.

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