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S&P assigns ratings to new TCF Financial

S&P Global Ratings assigned BBB-/A-3 issuer credit ratings to the new TCF Financial Corp., the entity resulting from the merger of Wayzata, Minn.-based TCF Financial Corp. with Detroit-based Chemical Financial Corp. The outlook on the combined organization is positive.

The combined entity's series C preferred share issuance was assigned a BB- rating.

S&P Global Ratings withdrew its ratings on legacy TCF Financial, as well as its ratings on legacy TCF Financial's preferred shares.

The rating agency affirmed its BBB/A-2 issuer credit ratings on TCF National Bank and revised its outlook on the bank to positive from stable.

In S&P Global Ratings' view, the combined organization will have materially broader geographic, revenue and product diversification than either TCF Financial or Chemical Financial had before the merger. The positive outlook reflects the rating agency's view that the ratings on the new entity could be raised if the company is able to deepen its market share and generate solid, diversified loan growth in its markets while maintaining good asset quality, improving its core deposit funding and maintaining good capital ratios.

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.