Kroll Bond Rating Agency assigned ratings to Effingham, Ill.-based Midland States Bancorp Inc. and the company's unit, Midland States Bank.
The rating agency assigned Midland States Bancorp a senior unsecured debt rating of BBB, subordinated debt rating of BBB- and short-term debt rating of K3. To Midland States Bank, Kroll assigned deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB and short-term deposit and debt ratings of K2.
The outlook for all long-term ratings is stable.
Among the factors supporting the ratings are the company's prudent risk management, relatively diverse fee-based income and low-cost deposit base, according to the rating agency.
