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Kroll affirms ratings for CoBiz Financial, unit

Kroll Bond Rating Agency on Aug. 10 affirmed CoBiz Financial Inc.'s senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2.

Also affirmed were CoBiz Bank's deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2.

All long-term ratings have a stable outlook.

The rating agency cited the company's strong and stable management, its solid asset quality, sufficient liquidity, and its diverse revenue and portfolio as factors that support its ratings. On the other hand, the ratings are tempered by the company's relatively weak performance during the downturn, elevated double leverage, and comparatively high efficiency ratio.