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Kroll affirms TriState Capital Holdings

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Kroll affirms TriState Capital Holdings

Kroll Bond Rating Agency affirmed Pittsburgh-based TriState Capital Holdings Inc.'s BBB+ senior unsecured debt rating, BBB subordinated debt rating, BBB- preferred stock rating and K2 short-term debt rating.

The rating agency also affirmed TriState's A- deposit and senior unsecured debt ratings and K2 short-term deposit and debt ratings for TriState unit TriState Capital Bank.

The outlook for all long-term ratings is stable.

Kroll said the ratings are based on strong growth from TriState's wealth management unit, Chartwell Investment Partners LLC, which provides "differentiated" earnings with strong stable fee income.

Also, Kroll said, the reduced risk credit profile, caused by a significant portion of TriState's loan portfolio in lower-risk private banking lending, further supports the bank's credit ratings.