Kroll Bond Rating Agency has affirmed Bedminster, N.J.-based Peapack-Gladstone Financial Corp.'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 Peapack-Gladstone Bank'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 stable.
The ratings, according to Kroll, are supported by Peapack-Gladstone Financial's "solid asset quality metrics, improving profitability and operating efficiency, and diverse revenue streams due to the variety of products offered to clients."
