Moody’s upgrades BankUnited

Moody's Investors Service said it upgraded BankUnited, Inc. and its operating bank subsidiary, BankUnited, NA.

The holding company's senior debt was upgraded to Baa3 from Ba1.

The bank's standalone baseline credit assessment was upgraded to baa2 from baa3, long-term deposits to A3 from Baa1, issuer rating to Baa3 from Ba1, long-term counterparty risk rating to Baa2 from Baa3 and long-term counterparty risk assessment to Baa1(cr) from Baa2(cr).

Regarding short-term bank-level ratings and assessments, BankUnited, NA’s short-term counterparty risk rating was upgraded to Prime-2 from Prime-3 and its short-term deposits and short-term counterparty risk assessment were affirmed at Prime-2 and Prime-2(cr), respectively.

Following the action, the outlook is stable.

Moody’s said the upgrade follows the moderation in the bank’s pace of growth and reflects the ongoing transition of its commercial banking franchise.

For the 12-month period ending March 31, 2018, BankUnited's loan portfolio, excluding loans acquired from the FDIC that continue to run-off, grew 11%.

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