Kroll Bond Rating Agency on May 16 affirmed Santa Ana, Calif.-based Banc of California Inc.'s senior unsecured debt rating of BBB, subordinated debt rating of BBB- and short-term debt rating of K3.
The rating agency also affirmed subsidiary Banc of California NA's deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2.
The outlook for all long-term ratings is negative.
The negative outlook for the long-term ratings, according to the rating agency, reflects its "expectations of extended headwinds on profitability as [Banc of California] continues to implement the strategic shifts toward a more traditional banking model."
