S&P lowers TCF outlook to stable

Standard & Poor's said it revised its outlook on TCF Financial Corp. and its subsidiaries to stable from positive.

At the same time, the agency said it affirmed its ratings on TCF and its subsidiaries, including the BBB+ long-term counterparty credit rating on TCF Financial Corp.

S&P noted that it changed the outlook on TCF to stable from positive because of the bank's high concentration in home equity lending, a business line that is experiencing weaker credit performance while these negative credit quality trends and potential economic softness will preclude an upgrade in the medium term.

The rating acknowledges the strength of TCF's franchise and is driven by the bank's still-healthy earnings, sizable core deposit funding base and diversified revenue sources, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.