Kroll Bond Rating Agency assigned a BBB senior unsecured debt rating, BBB- subordinated debt rating and K3 short-term debt rating for Shippensburg, Pa.-based Orrstown Financial Services Inc.
For subsidiary Orrstown Bank, the rating agency assigned deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB and short-term deposit and debt ratings of K2.
The outlook on all long-term ratings is stable.
The ratings reflect Orrstown Financial's strong management team; its relationship banking approach focused on core depository funding; diversified revenue mix; and sophisticated infrastructure, capable of supporting a substantially bigger entity, the rating agency said.
