Fitch lowers Webster Financial

Fitch Ratings said it downgraded Webster Financial Corp.'s long-term issuer default rating to BBB- from BBB, senior unsecured rating to BBB- from BBB, preferred stock to BB from BBB- and short-term issuer default rating to F3 from F2.

The outlook is stable.

Fitch said that while the company has taken prudent measures to enhance its tangible common equity levels through its second quarter preferred stock exchanges, the impact of heightened credit costs will continue to hamper financial performance given the prevailing market environment.

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