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S&P cuts Webster outlook to negative
Standard & Poor's said it revised its outlook on Webster Financial Corp. and the company's main bank subsidiary, Webster Bank NA, to negative from stable.
At the same time, the agency said it affirmed the ratings on both, including the counterparty credit ratings of BBB on Webster and BBB+/A-2 on the subsidiary.
"The outlook revision reflects its concern that the bank's asset quality may deteriorate in 2009 more than we had previously expected," said S&P credit analyst Barbara Duberstein.
"We're seeing recessionary pressures in Webster's previously relatively resilient New England market."
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