KBRA Assigns BBB+ Senior Unsecured Debt Rating for CenterState Bank Corporation
Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and a
short-term debt rating of K2 to CenterState Bank Corporation (NASDAQ: CSFL) (“CenterState”), a bank holding company headquartered
in Winter Haven, Florida. In addition, KBRA has assigned deposit and senior unsecured debt ratings of A-, a subordinated debt
rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, CenterState Bank, National Association. The
Outlook for all long-term ratings is Stable.
The ratings are supported by strong core earnings metrics, low cost of deposits and a conservative loan to deposit ratio.
Additionally, factors such as a solid track record of successful bank acquisitions, broad geographic footprint with the
correspondent banking business line, and an economically strong operating market underpin the ratings. The ratings are primarily
constrained by potential integration risk of two recent large-scale transactions and an acquisitive centric growth history, coupled
with a relatively high reliance on spread income and a concentrated footprint versus larger, more diversified banks.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on February 19, 2016.
To access the report, click here .
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About KBRA and KBRA Europe
KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In
addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified
Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.
Kroll Bond Rating Agency
Analytical:
Thomas Curley, 301-969-3245
Senior Analyst
tcurley@kbra.com
or
Joe Scott, 646-731-2438
Managing Director
jscott@kbra.com
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