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S&P affirms BB&T on acquisition news
Standard & Poor’s said it affirmed the A- long-term and A-2 short-term issuer credit ratings on BB&T Corp., along with the A and A-1 ratings on Branch Banking & Trust Co.
The outlook remains stable.
The affirmation follows news that will acquire Susquehanna Bancshares, an $18.4 billion financial holding company operating 252 branches in central Pennsylvania, western Maryland and the Philadelphia and Baltimore metropolitan areas, S&P said.
The transaction will add to the diversity of BB&T’s footprint as it enters the contiguous markets of Pennsylvania and New Jersey and further improves its market share in the Mid-Atlantic region, the agency said.
The transaction is valued at $2.5 billion and will be funded with 30% cash and 70% of BB&T stock, S&P said.
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