Kroll Bond Rating Agency affirmed Jacksonville, Fla.-based TIAA FSB Holdings Inc.'s A+ senior unsecured debt rating, A subordinated debt rating and K1 short-term debt rating.
The rating agency also affirmed subsidiary TIAA FSB's deposit rating of AA-, subordinated debt rating of A+ and short-term deposit rating of K1+.
The outlook for all long-term ratings is stable.
The ratings, according to the rating agency, reflect the substantial source of strength that comes from TIAA, the ultimate parent of TIAA FSB Holdings and TIAA FSB. The ratings also factor in "expanded access to products, services, and the customer base, along with the potential, and in some cases, already developing, synergistic opportunities for cross-over with TIAA clients, notably its ability to provide trust services across TIAA's ecosystem," Kroll added.
