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Kroll puts Metropolitan BancGroup ratings on watch upgrade

Kroll Bond Rating Agency on Jan. 19 put its ratings for Ridgeland, Miss.-based Metropolitan BancGroup Inc. on watch upgrade following news of its pending acquisition by Tupelo, Miss.-based Renasant Corp.

On hold are the company's senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3. Also on watch upgrade are Metropolitan Bank's deposit rating of BBB+, senior unsecured debt rating of BBB+, and subordinated debt rating of BBB, while the bank's short-term debt and deposit ratings of K2 were affirmed.

The rating agency stated that it expects to withdraw its ratings for Metropolitan BancGroup and Metropolitan Bank once the transaction closes.