Kroll Bond Rating Agency affirmed the BBB+ senior unsecured debt rating, BBB subordinated debt rating and K2 short-term debt rating for Grand Forks, N.D.-based Alerus Financial Corp.
The rating agency also affirmed the A- senior unsecured debt and deposit ratings, BBB+ subordinated debt rating and K2 short-term debt and deposit ratings for the company's unit, Alerus Financial NA.
The outlook for all long-term ratings was revised to stable from negative.
Among the factors that Kroll considered in the outlook revision is the recent closure of Alerus Financial's IPO, which has improved the company's capital profile to one more in line with or above similarly situated peers.
