S&P raises Chittenden rating

Standard & Poor’s Rating Services recently raised its ratings on Chittenden Corporation, parent company of Ocean National Bank.

The ratings action, taken on Feb. 10, raised the ratings on Chittenden and its subsidiaries from ‘BBB’ to ‘BBB+,’ with a stable outlook for solid financial performance in the future.

“The upgrade reflects the solid and consistent performance with regard to earnings and asset quality, along with a strong core deposit franchise that fully funds the loan portfolio,” according to a statement issued by Standard & Poor’s. The statement also noted “disciplined underwriting practices that are enhanced by local decision-making.” – NHBR STAFF