Peapack-Gladstone Financial Corporation and Peapack-Gladstone Bank’s Investment Grade Ratings Confirmed by Moody’s Investors Service
Peapack-Gladstone Financial (NASDAQ: PGC) announced that Moody's Investors Service has confirmed investment grade ratings for both the Company and its banking subsidiary, Peapack-Gladstone Bank. Moody's confirmed the Baa3 long-term local currency issuer rating for the Company and the baa2 baseline credit assessment for the Bank. The outlook on long-term ratings has been changed to 'stable' from 'under review'.
Moody's cited the Company's solid capital position and recent improvements in funding and liquidity profile as mitigants against the Bank's risk profile. The deposit base demonstrated resilience during the 2023 regional banking crisis. Peapack-Gladstone Financial also holds an investment grade credit rating from Kroll Bond Rating Agency, affirmed in May 2024.
Peapack-Gladstone Financial (NASDAQ: PGC) ha annunciato che Moody's Investors Service ha confermato i rating di investimento di qualità per l'azienda e la sua controllata bancaria, Peapack-Gladstone Bank. Moody's ha confermato il rating di emissione in valuta locale a lungo termine Baa3 per l'azienda e la valutazione del merito creditizio baa2 per la banca. L'outlook sui rating a lungo termine è stato modificato da 'in revisione' a 'stabile'.
Moody's ha citato la solida posizione di capitale dell'azienda e i recenti miglioramenti nel profilo di finanziamento e liquidità come mitigazioni rispetto al profilo di rischio della banca. La base di depositi ha dimostrato resilienza durante la crisi bancaria regionale del 2023. Peapack-Gladstone Financial detiene anche un rating di credito di investimento dalla Kroll Bond Rating Agency, confermato a maggio 2024.
Peapack-Gladstone Financial (NASDAQ: PGC) anunció que Moody's Investors Service ha confirmado los ratings de grado de inversión tanto para la empresa como para su filial bancaria, Peapack-Gladstone Bank. Moody's confirmó el rating de emisor en moneda local a largo plazo Baa3 para la empresa y la evaluación de crédito básica baa2 para el banco. La perspectiva de los ratings a largo plazo ha cambiado de 'en revisión' a 'estable'.
Moody's citó la sólida posición de capital de la empresa y las mejoras recientes en el perfil de financiamiento y liquidez como mitigantes frente al perfil de riesgo del banco. La base de depósitos demostró resiliencia durante la crisis bancaria regional de 2023. Peapack-Gladstone Financial también mantiene un rating de crédito de grado de inversión de Kroll Bond Rating Agency, reafirmado en mayo de 2024.
Peapack-Gladstone Financial (NASDAQ: PGC)는 Moody's Investors Service가 회사와 그 은행 자회사인 Peapack-Gladstone Bank에 대한 투자 등급을 확인했다고 발표했습니다. Moody's는 회사에 대해 Baa3 장기 현지 통화 발행자 등급을, 은행에 대해 baa2 기본 신용 평가를 확인했습니다. 장기 등급에 대한 전망은 '검토 중'에서 '안정적'으로 변경되었습니다.
Moody's는 회사의 견고한 자본 위치와 최근 자금 및 유동성 프로필 개선을 은행의 위험 프로필에 대한 완화 요소로 언급했습니다. 2023년 지역 은행 위기 동안 예금 기반은 회복력을 보여주었습니다. Peapack-Gladstone Financial은 또한 2024년 5월에 확인된 Kroll Bond Rating Agency의 투자 등급 신용 등급을 보유하고 있습니다.
Peapack-Gladstone Financial (NASDAQ: PGC) a annoncé que Moody's Investors Service a confirmé les notations de qualité d’investissement pour l’entreprise et sa filiale bancaire, Peapack-Gladstone Bank. Moody's a confirmé la note d'émetteur à long terme en monnaie locale Baa3 pour l'entreprise et l'évaluation de crédit de base baa2 pour la banque. Les perspectives des notations à long terme ont été modifiées de 'en révision' à 'stable'.
Moody's a cité la position de capital solide de l'entreprise et les récentes améliorations du profil de financement et de liquidité comme des éléments d'atténuation pour le profil de risque de la banque. La base de dépôts a montré une résilience durant la crise bancaire régionale de 2023. Peapack-Gladstone Financial détient également une notation de crédit de qualité d'investissement de Kroll Bond Rating Agency, réaffirmée en mai 2024.
Peapack-Gladstone Financial (NASDAQ: PGC) gab bekannt, dass Moody's Investors Service die Ratings der Anlagequalität sowohl für das Unternehmen als auch für die Banktochter, Peapack-Gladstone Bank, bestätigt hat. Moody's bestätigte das Baa3-Langfrist-Rating für lokale Währungen für das Unternehmen und die baa2-Baseline-Krediteinschätzung für die Bank. Die Ausblick der langfristigen Ratings wurde von 'unter Prüfung' auf 'stabil' geändert.
Moody's zufolge stellen die solide Kapitalposition des Unternehmens und die jüngsten Verbesserungen im Finanzierungs- und Liquiditätsprofil einen Ausgleich für das Risikoprofil der Bank dar. Die Einlagensumme zeigte während der regionalen Bankenkrise 2023 eine hohe Resilienz. Peapack-Gladstone Financial hält auch ein Investment-Grade-Kreditrating von der Kroll Bond Rating Agency, das im Mai 2024 bestätigt wurde.
- Moody's confirmed investment grade ratings for both the Company and its banking subsidiary
- Outlook changed to 'stable' from 'under review'
- Company maintains a solid capital position
- Improvements in funding and liquidity profile noted
- Deposit base demonstrated resilience during the 2023 regional banking crisis
- Investment grade credit rating also held from Kroll Bond Rating Agency
- None.
Insights
The confirmation of investment grade ratings for Peapack-Gladstone Financial and its banking subsidiary by Moody's is a positive development for the company. This affirmation, following a review initiated in June, underscores the company's financial stability and resilience.
Key points from Moody's assessment:
- Sustained solid capital position
- Improved funding and liquidity profile
- Resilient deposit base during the 2023 regional banking crisis
The change in outlook to "stable" from "under review" suggests reduced uncertainty about the company's financial health. With
For investors, this rating confirmation provides reassurance about the company's creditworthiness and financial stability, potentially positively impacting investor confidence and the company's ability to access capital markets on favorable terms.
BEDMINSTER, NJ, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (“the Company”) (NASDAQ Global Select Market: PGC) reports today that Moody’s Investors Service (“Moody’s”) has confirmed investor grade ratings for both the Company and its banking subsidiary, Peapack-Gladstone Bank (“the Bank”). Moody’s has confirmed the Baa3 long term local currency issuer rating for the Company, and the baa2 baseline credit assessment (BCA) for the Bank.
The outlooks on the long-term issuer rating of the Company and on the long-term deposits and issuer ratings of Peapack-Gladstone Bank have been changed to “stable” from ratings under review. These actions conclude the review for possible downgrade that was initiated back in June of this year.
To establish the rating, Moody’s extensively reviewed the business fundamentals and financial conditions of the Company and the Bank, as well as the terms and conditions surrounding issuer and deposit ratings.
In confirming these ratings, Moody’s indicated that the Company’s sustained solid capital position and recent improvements in its funding and liquidity profile are adequate mitigants against the Bank’s risk profile. Moody’s also indicated that the Company has successfully strengthened its funding and liquidity profile over the last year. The overall funding structure remains a credit strength with the deposit base demonstrating resilience during the 2023 regional banking crisis.
President and CEO Douglas L. Kennedy commented, “It is gratifying to receive this confirmation as it is a true indicator of the strength of our current strategy and business model.”
View the full Moody’s report at moodys.com.
Peapack-Gladstone Financial Corporation also holds an investment grade credit rating from Kroll Bond Rating Agency (KBRA). Kroll affirmed the investment grade ratings for both the Company and the Bank in May 2024.
About the Company
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of
Contact: Denise M. Pace-Sanders, SVP-Managing Principal, Brand and Marketing Director, dpace@pgbank.com, 908.470.3322, Peapack-Gladstone Bank, 500 Hills Drive, Suite 300, Bedminster, NJ 07921.
FAQ
What ratings did Moody's confirm for Peapack-Gladstone Financial (PGC)?
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