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Kroll revises Northern Bancorp's ratings outlook to 'negative'


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Kroll revises Northern Bancorp's ratings outlook to 'negative'

Kroll Bond Rating Agency on Nov. 21 revised the outlook on Woburn, Mass.-based Northern Bancorp Inc.'s and Northern Bank & Trust Co.'s long-term ratings to "negative" from "stable."

The rating agency affirmed Northern Bancorp's senior unsecured debt rating of BBB+, subordinated debt rating of BBB and short-term debt rating of K2.

It affirmed subsidiary Northern Bank & Trust's deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+ and short-term deposit and debt ratings of K2.

The negative outlook takes into account the company's "declining" and below-peer capital ratios, the "perceived potential weakness in [its] deposit franchise in highly competitive markets" and its "persistently high" loan-deposit ratio.