COLUMBUS, OH / ACCESSWIRE / September 11, 2023 / A series of debt ratings issued by Kroll Bond Rating Agency, LLC (KBRA) on August 23, 2023, demonstrate the solid financial position of Northwest Bancshares, Inc. (NASDAQ:NWBI) and its subsidiary, Northwest Bank. With NWBI's and Northwest's debt ratings of BBB or above based on the status of debt obligations across multiple categories, KBRA considers the outlook for all long-term ratings to be Stable.
KBRA notes that "the ratings are supported by NWBI's durable, low-cost and granular deposit franchise that has greatly benefitted the company during this period of rising interest rates and partially mitigates the interest rate risk stemming from its concentration in conventional residential mortgage loans."
Other positive factors cited by KBRA in affirming the debt ratings include the bank's stable credit quality metrics, low total cost of deposits, diversity of fee income and its expected ability to manage through a potential credit down cycle.
"We are pleased once again to receive this independent third-party validation as we continue to execute our strategic operating plan," said William W. Harvey, Jr, chief operating officer and chief financial officer, Northwest Bank and Northwest Bancshares, Inc. "These affirmed debt ratings from KBRA should provide additional comfort to our customers and shareholders that Northwest remains a well-capitalized, strong and stable financial institution."
KBRA, a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as a nationally recognized statistical rating organization, assigns credit ratings to debt issuers and their obligations using the same rating scale. KBRA's ratings are intended to reflect both the probability of default and severity of loss in the event of default, with greater emphasis on probability of default at higher rating categories.
The full press release from KBRA can be found here.
About Northwest Bancshares, Inc.
Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896 and headquartered in Warren, Pennsylvania, Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, as well as treasury management solutions and wealth management services. Northwest currently operates 134 full-service community banking offices and eight free standing drive-through facilities in Pennsylvania, New York, Ohio and Indiana. The common stock of Northwest Bancshares, Inc. is listed on the NASDAQ Global Select Market ("NWBI"). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed on-line at www.northwest.com.
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Contact:
Melanie Clabaugh
(814) 728-7328
melanie.clabaugh@northwest.com
www.northwest.bank
SOURCE: Northwest Bancshares, Inc.
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