WSFS Receives Moody’s Baa2 Issuer Rating with a Positive Outlook; Rating Reinforces Strength of Business Model and Successful Acquisition Integrations
Moody’s Investors Service has assigned first-time ratings to WSFS Financial Corporation with an issuer rating of Baa2 and a Positive Outlook.
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Rhea-AI Summary
Moody’s Investors Service has assigned first-time ratings to WSFS Financial Corporation with an issuer rating of Baa2 and a Positive Outlook. The company received long- and short-term deposit ratings of A2/Prime-1, alongside a Baseline Credit Assessment of Baa1. WSFS, having grown through integrations like Beneficial Bank and Bryn Mawr Trust, anticipates that the Moody’s rating will enhance fee opportunities in its Wealth and Trust segment. As of June 30, 2022, WSFS had $20.6 billion in assets and $60.3 billion under management.
Positive
- First-time issuer rating of Baa2 with a Positive Outlook from Moody’s.
- Long- and short-term deposits rated A2/Prime-1, indicating strong financial stability.
- Recognition of diversified business model and solid asset quality performance.
- Expected new fee opportunities in Wealth and Trust segment.
Negative
- None.
Details
News Market Reaction – WSFS
The recorded move for WSFS in the trading session of this news was -5.17%.
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WILMINGTON, Del., Oct. 06, 2022 (GLOBE NEWSWIRE) -- Moody’s Investors Service assigned first time ratings to WSFS Financial Corporation (NASDAQ: WSFS) (“WSFS” or “the Company”) with an issuer rating of Baa2 with a Positive Outlook. Long-and short-term deposits of A2/Prime-1, together with a standalone Baseline Credit Assessment of Baa1. Moody’s has also assigned Counterparty Risk Assessment of A3(cr)/Prime-2 and Counterpart Risk Ratings (local and foreign currency) of Baa1/Prime-2. Moody’s debt ratings for WSFS can be accessed here.
“WSFS has grown both organically and through combinations in recent years, including the successful integrations of Beneficial Bank and Bryn Mawr Trust, and given our larger size and scale, it was appropriate to add Moody’s as a Debt Rating Agency. We believe this strong rating recognizes our diversified business model, solid asset quality performance, sound underwriting, and healthy returns. We also expect the Moody’s rating will support new fee opportunities for our Wealth and Trust segment,” said WSFS’ Executive Vice President and Chief Financial Officer, Dominic C. Canuso.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company headquartered in Delaware and the Greater Philadelphia region. As of June 30, 2022, WSFS Financial Corporation had
| Media Contact: Rebecca Acevedo |
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| racevedo@wsfsbank.com |
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