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MyState Provides Update on Strengthened Loan Provisions, New Investment Grade Credit Rating and Potential Tier 2 Capital Issuance

29 Jun 2020  |  10:27:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Strengthened Provisions, New Inv Rating and Possible Tier 2

MyState announced that it has strengthened its level of loan provisioning for the potential impact from the COVID-19 pandemic. In addition, Moody's has assigned an investment grade issuer credit rating to Company of Baa2/P-2 (long term/short term). All ratings are under review for possible downgrade, in-line with the credit ratings of MyState Bank. The Company will be conducting a fixed income debt investor call with a potential Tier 2 Capital Instrument issuance to follow, to further improve regulatory capital efficiency. The Company anticipates an increase in the collective provision and general reserve for credit losses of $3.0m to $4.0m.

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