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S&P Ratings affirms Truist Financial following BB&T/SunTrust merger

S&P Global Ratings affirmed the ratings on Truist Financial Corp., the bank that emerged from the BB&T Corp. and SunTrust Banks Inc. combination, including its A-/A-2 long- and short-term issuer credit ratings.

The outlook is stable.

Ratings said the stable outlook balances the potential credit positives of the newly merged entity against the risks associated with executing the integration of two large regional banks.

Additionally, the rating agency removed its ratings on SunTrust Banks Inc. and unit SunTrust Bank from CreditWatch. Ratings raised the long-term issuer credit rating on SunTrust Banks Inc. to A- from BBB+ and affirmed its short-term issuer credit rating at A-2.

Further, Ratings raised the long-term issuer credit rating on SunTrust Bank to A from A- and its short-term issuer credit rating to A-1 from A-2. The agency also withdrew the issuer credit ratings on both entities.

The rating agency believes that, over time, the merger could yield positive operational and financial benefits if successfully integrated. It also expects that the company will manage its capital conservatively.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.