Dec 4 - Fitch Ratings expects to assign an ‘A-’ rating to People’s United Financial, Inc.’s (People‘s) $500 million senior note issuance. The notes will bear an annual coupon of 3.65%, payable semi-annually and will mature Dec. 6, 2022.
The expected ‘A-’ rating is aligned to People’s long-term Issuer Default Rating (IDR) of ‘A-'. Therefore, the senior unsecured issuance rating is sensitive to rating changes to the company’s IDR. People’s ratings could face negative pressure if operating performance trended negatively in comparison to most recent quarters or if charge-offs were to significantly increase. People’s ratings remain on the high end of their potential range for the foreseeable future.