Kroll Bond Rating Agency upgraded TriCo Bancshares' senior unsecured debt rating to BBB+ from BBB, subordinated debt rating to BBB from BBB- and short-term debt rating to K2 from K3.
In addition, Kroll upgraded the deposit and senior unsecured debt ratings to A- from BBB+ and the subordinated debt rating to BBB+ from BBB, and affirmed the short-term deposit and debt ratings of K2 for TriCo Bancshares unit Tri Counties Bank.
The outlook on all long-term ratings was revised to stable from positive.
The Chico, Calif.-based company's "experienced management team, comparatively favorable performance and financial durability" support the ratings, according to Kroll.
