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S&P: Stearns view to negative
Standard & Poor's said it affirmed its B+ long-term issuer credit rating on Stearns Holdings Inc. and revised the outlook to negative from stable.
"The negative outlook reflects Stearns’ weakening profitability and leverage following multiple quarters of lower origination volume as industrywide loan applications remain subdued," S&P credit analyst Stephen Lynch said in a news release.
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