Banesco USA announces it has received ratings affirmations from Kroll Bond Rating Agency (KBRA) as well as a Superior 5-Star rating by BauerFinancial, Inc. The independent recognitions showcase the bank’s dedication to both its customers and continued sound strategic growth.
KBRA affirmed Banesco USA’s deposit and senior unsecured debt investment grade ratings of BBB, the subordinated debt rating of BBB-, and the short-term deposit and debt ratings of K3. The KBRA rating affirmations, paired with the BauerFinancial 5-Star Rating, highlights that the bank continues to excel in risk management while growing 40 percent year-over-year as of September 2022.
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The affirmed ratings actions confirm an eventful year that included becoming the only bank recipient in Florida to receive investment funds from the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP). The bank received $250 million to deploy particularly to minority borrowers, minority-owned businesses, small businesses, and borrowers located in underserved or minority communities in Florida and Puerto Rico.
“We are pleased to receive these independent results that affirm our trajectory and showcase our continued promise to grow in a responsible manner,” said Kenneth Schoeni, Chief Financial & Risk Officer of Banesco USA.
SOURCE: PR Newswire