Fitch: Webster preferreds B+

Fitch Ratings said it expects to assign a B+ rating to Webster Financial Corp.'s non-cumulative perpetual preferred issuance.

The issuance size will be between $110 million and $126.5 million. The securities are perpetual but are callable in five years.

The agency said that bank hybrid securities, such as this preferred issuance, are notched down from the issuing entity's viability rating. Webster's BBB viability rating, which embodies the standalone assessment of the institution, is therefore a ratings driver for the preferred issuance.

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