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Kroll affirms Old Second's debt ratings

Kroll Bond Rating Agency on Dec. 1 affirmed Old Second Bancorp Inc.'s senior unsecured debt rating of BBB- and short-term debt rating of K3.

It also affirmed subsidiary Old Second National Bank's deposit and senior unsecured debt ratings of BBB, subordinated debt rating of BBB-, and short-term deposit and debt ratings of K3.

The ratings reflect Old Second's "solid core deposit base" and a "substantially accretive" branch acquisition, while also taking into account its "historical below peer earnings" and "elevated level of double leverage."

The outlook on the long-term ratings is stable.