Kroll Bond Rating Agency on Feb. 28 affirmed CRB Group Inc.'s BBB- senior unsecured debt rating and K3 short-term debt rating.
It also affirmed subsidiary Cross River Bank's senior unsecured debt and deposit ratings of BBB, subordinated debt rating of BBB- and short-term debt and deposit ratings of K3.
The ratings reflect the Teaneck, N.J.-based bank's "strong historical earnings performance" and "competitive advantage in its payment platform offerings," as well as management's and the board's expertise in "key strategic areas." The ratings are constrained, however, by Cross River's involvement in internet-based marketplace lending, which the rating agency noted retains some regulatory and legal uncertainty and which uses automated underwriting models yet untested in a down credit cycle.
The outlook on all long-term ratings is "stable."
