Kroll Bond Rating Agency on Nov. 22 affirmed Union Bankshares Corp.'s senior unsecured debt rating of BBB+, subordinated debt rating of BBB and short-term debt rating of K2.
It also affirmed subsidiary Union Bank & Trust's deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+ and short-term deposit and debt ratings of K2.
The ratings reflect Richmond, Va.-based Union's "proven financial performance across various economic cycles ... [and] defensible market share in Virginia." They are constrained, however, by the company's heavy exposure to real estate loans and the risk related to its pending Xenith Bankshares Inc. deal.
The outlook on all long-term ratings is stable.
BlackRock Inc. has a stake in Union Bankshares.
