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S&P boosts, pulls Cadence
S&P said it raised its issuer credit ratings on Cadence Bancorporation to BBB from BB+ and on Cadence Bank NA, its primary bank subsidiary, to BBB from BBB-. The agency also raised its rating on Cadence Bancorporation's subordinated debt to BBB- from BB.
Concurrently, S&P removed the ratings from CreditWatch, where it placed them on April 13, and withdrew the issuer credit ratings on Cadence Bancorporation and Cadence Bank following its merger with BancorpSouth Bank, which will use the Cadence name.
The outlook was positive, mirroring the rating outlook on new Cadence, at the time of withdrawal, the agency said.
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