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WATERBURY, Conn., Feb. 22 /PRNewswire/ -- Standard & Poor's recently
raised Webster Financial Corporation's (Nasdaq: WBST) senior debt rating and
long-term and short-term credit ratings. The corporation's senior debt rating was raised to investment grade from
BB+ to BBB-. Credit ratings for Webster's subsidiaries -- Webster Bank,
Webster Preferred Capital Corporation and Webster Capital Trust 1 -- were also
raised.
Credit Ratings TO FROM
Webster Financial Corp.
Senior debt BBB- BB+
Counterparty rating BBB- BB+
Webster Bank
CDs BBB/A-2 BBB-/A-3
Counterparty rating BBB/A-2 BBB-/A-3
Webster Preferred Capital Corp.
Preferred Stock BB+ BB
Webster Capital Trust 1 BB BB-
The upgrades were based on Webster's solid capital levels, strong funding
profile, improved financial performance, and relatively low-risk but evolving
loan portfolio. According to Standard & Poor's, Webster's financial profile ''has benefited
from a history of successful merger integrations.'' Excluding acquisition-
related expenses, recent earnings have improved during the last several years,
including a 27 percent increase in net operating income for the fourth quarter
ending Dec. 31, 1998. For the full year 1998, Webster reported a 35 percent
increase in net operating income to a record $86.9 million. Webster Financial Corporation, headquartered in Waterbury, Conn., is the
holding company for Webster Bank, which was founded in 1935. Webster Bank
delivers consumer, commercial, mortgage, insurance, and trust and investment
management services to individuals, families and businesses through a network
of more than 100 banking offices, three commercial banking centers, two
insurance offices, and more than 170 ATMs, in addition to telephone banking,
video banking and PC banking. Webster Bank has the number one or number two deposit market share in its
primary markets of Hartford, New Haven and Litchfield counties. Webster is
also the second-largest mortgage lender in Connecticut and a leading, full-
service commercial lender. Webster Trust, the bank's trust and investment
management subsidiary, is the second-largest bank trust company based in
Connecticut. Webster's insurance subsidiary, Damman Insurance Associates, is
one of the largest agencies in the state.
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