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Kroll affirms ratings for Flagstar Bancorp, unit; revises outlook

Kroll Bond Rating Agency on April 4 affirmed a number of ratings for Troy, Mich.-based Flagstar Bancorp Inc. and its unit Flagstar Bank FSB.

The rating agency affirmed Flagstar Bancorp's senior unsecured debt rating of BBB, subordinated debt rating of BBB- and short-term debt rating of K3. Kroll also affirmed Flagstar Bank's BBB+ deposit and senior unsecured debt ratings and K2 short-term deposit and debt rating. Kroll assigned a subordinated debt rating of BBB at the thrift level.

Kroll said the ratings reflect the company's improvement in asset quality, healthy capital levels, and stabilizing earnings. The rating agency also said its ratings accounted for the company's diversified revenue streams and position as a top-tier mortgage originator.

Kroll revised its long-term ratings outlook for both the company and its unit to positive from stable.