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KBRA downgrades Western Alliance
KBRA said it resolved the watch developing status for Western Alliance Bancorporation (WAL) and
downgraded the senior unsecured debt rating to BBB+ from A-, the subordinated debt rating to BBB from BBB+, and the preferred stock rating to BBB- from BBB.
KBRA also trimmed its ratings for WAL's subsidiary, Western Alliance Bank, including the senior unsecured debt ratings to A- from A and the subordinated debt rating to BBB+ from A-.
“The downgrade of WAL’s ratings is based principally on unexpectedly pronounced core deposit outflows that emerged for the company (as well as a meaningful portion of the industry, to varying degrees) following the receivership of two regional banks during March 2023. WAL’s modestly below-rated-peer core capital measures–recent period CET1 ratio tracking in the low-to-mid 9% range–also contributed to the action,” KBRA said in a press release.
The outlook remains stable.
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