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Kroll affirms ratings of Franklin Financial, unit

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Kroll affirms ratings of Franklin Financial, unit

Kroll Bond Rating Agency affirmed the ratings of Tennessee-based Franklin Financial Network Inc. and unit Franklin Synergy Bank.

The rating agency affirmed Franklin Financial's BBB senior unsecured debt rating, BBB- subordinated debt rating and K3 short-term debt rating. Franklin Synergy's BBB+ deposit and senior unsecured debt ratings, BBB subordinated debt rating, and K2 short-term deposit and debt ratings were also affirmed.

The outlook for all long-term ratings is negative, reflecting the rating agency's concerns regarding Franklin Financial's "considerable reliance on noncore funding, as well as higher than average deposit beta and funding costs." Kroll expects these factors to continue to limit the company's profitability.