Fitch Expects to Rate Wintrust's Subordinated Notes 'BBB-'

Mon Jun 9, 2014 12:38pm EDT

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(The following statement was released by the rating agency) CHICAGO, June 09 (Fitch) Fitch Ratings expects to rate Wintrust Financial Corporation's (WTFC) subordinated debt issuance 'BBB-' pending the receipt of final documentation. The company announced today, June 9, that it has commenced an underwritten public offering of subordinated notes under its effective shelf registration statement. The subordinated notes are expected to have a 10 year tenure and will not be callable prior to maturity KEY RATING DRIVERS - Subordinated debt In accordance with Fitch's criteria, subordinated debt is notched down from the issuing entity's Viability Rating (VR) to reflect the loss severity of the subordinated debt relative to the average recoveries assumed for a typical bank senior debt instrument. RATING SENSITIVITIES - Subordinated debt WTFC's subordinated debt rating is sensitive to any change in its VR. Proceeds of the offering are intended for general corporate purposes, which may include, without limitation, investments at the holding company level, providing capital to support growth, acquisitions or other business combinations, including FDIC-assisted acquisitions, and reducing or refinancing existing debt. Contact: Primary Analyst Bain K. Rumohr, CFA Director +1-312-368-3153 Fitch Ratings, Inc. 70 W. Madison St. Chicago, IL 60602 Secondary Analyst Julie Solar Senior Director +1-312-368-5472 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com. Additional information is available at 'www.fitchratings.com'. Applicable Criteria and Related Research: --'Global Financial Institutions Rating Criteria (Jan. 31, 2014); --Assessing and Rating Bank Subordinated and Hybrid Securities Criteria' (Jan. 31, 2014); --'Rating FI Subsidiaries and Holding Companies' (Aug. 10, 2013). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Assessing and Rating Bank Subordinated and Hybrid Securities Criteria here Rating FI Subsidiaries and Holding Companies here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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