Kroll Bond Rating Agency on March 5 affirmed TriState Capital Holdings Inc.'s BBB senior unsecured debt rating, BBB- subordinated debt rating and K3 short-term debt rating.
It affirmed subsidiary TriState Capital Bank's deposit and senior unsecured debt ratings of BBB+ and short-term deposit and debt ratings of K2.
Kroll also kept its "positive" outlook on all the long-term ratings, to reflect the Pittsburgh-based company's resilience in hypothetical stress scenarios, as well as the "continued enhancement" of the bank's risk profile. The ratings factor in the potential earnings accretion from "substantial" organic or inorganic growth at subsidiary Chartwell Investment Partners LLC. They are constrained, however, by TriState's "comparatively low net interest margin," as well as the bank's "elevated" noncore funding dependence.
