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KBRA Releases Surveillance Report for Bankwell Financial Group, Inc.
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
KBRA downgraded ratings for Bankwell Financial Group, Inc. and its subsidiary Bankwell Bank. Senior unsecured debt rating for Bankwell Financial Group downgraded to BBB- from BBB, while subordinated debt rating downgraded to BB+ from BBB-. Deposit and senior unsecured debt ratings for Bankwell Bank downgraded to BBB from BBB+, subordinated debt rating downgraded to BBB- from BBB, and short-term deposit and debt ratings downgraded to K3 from K2. Outlook for all long-term ratings is Stable.
Positive
Stable outlook for all long-term ratings
Negative
Downgraded ratings for Bankwell Financial Group and Bankwell Bank
NEW YORK--(BUSINESS WIRE)--
On August 2, 2023, KBRA downgraded the ratings for Bankwell Financial Group, Inc. (NASDAQ: BWFG) ("Bankwell" or "the company"), including the senior unsecured debt rating to BBB- from BBB and the subordinated debt rating to BB+ from BBB-, while affirming the short-term debt rating of K3. KBRA also downgraded the ratings for the company’s subsidiary, Bankwell Bank ("the bank"), including the deposit and senior unsecured debt ratings to BBB from BBB+, the subordinated debt rating to BBB- from BBB, and the short-term deposit and debt ratings to K3 from K2. The Outlook for all long-term ratings is Stable.
To access rating and relevant documents, click here.
KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.
