Kroll Bond Rating Agency (KBRA) has reaffirmed the senior debt rating of A- for WSFS Financial Corporation (NASDAQ: WSFS). KBRA also reaffirmed WSFS’ subordinated debt rating of BBB+ and a short-term debt rating of K2. WSFS Bank received strong credit ratings as well, including A ratings for senior unsecured debt and deposit, a subordinated debt rating of A-, and the short-term debt and deposit ratings of K1. KBRA’s debt ratings for WSFS can be accessed here: https://documents.krollbondratings.com/press-release/27220/kbra-affirms-ratings-for-wsfs-financial-corporation.
KBRA also noted the ratings are supported by WSFS’ sizable and stable fee base derived from its diversified business segments, particularly wealth management, which KBRA views as a key differentiator among its peers and the primary driver of the company’s high ratings profile. Also supporting the ratings is the company’s favorable core funding profile and reasonably strong market positioning. WSFS’ seasoned management team, generally long tenured, has deep ties to the market and has exhibited its ability to execute upon strategic initiatives as demonstrated by incremental improvement in core operating profitability.
“This fifth consecutive strong debt rating reflects the continued success of our disciplined model, melding community banking with diversified local and national fee-based financial solutions that create deeper relationships with our customers,” said WSFS’ Executive Vice President and Chief Financial Officer Dominic C. Canuso. “
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