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Fitch sees BB for Signature Bank preferreds
Fitch said it expects to rate Signature Bank’s upcoming preferred stock issuance BB.
Signature’s BB assigned preferred stock rating is four notches below its long-term issuer default rating of BBB+, under Fitch’s bank rating criteria.
“The preferred stock rating includes two notches for loss severity given the securities’ deep subordination in the capital structure, and two notches for nonperformance given that the coupon of the securities is noncumulative and fully discretionary,” Fitch said in a press release.
The proceeds are intended for general corporate purposes, but Fitch noted that management intends to use the proceeds to support balance sheet growth in light of recent strong deposit growth trends, Fitch said.
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