The Tasmanian lender has been given an investment grade rating of Baa1/P2 with a stable outlook from Moody’s Investor Services.
This is the first rating that Moody’s has assigned to MyState.
In its report, Moody’s noted that “MyState Bank’s Baa1 rating is supported by its very strong asset quality and conservative underwriting.”
Moody’s rating also highlighted the bank’s geographic diversification of the loan portfolio and an expectation that the bank’s capital will remain at “healthy levels.”
MyState CEO Melos Sulicich said that Moody’s rating of the lender as Baa1 is a testament to its strategy of growing in “high-quality, lower-risk lending”, its contemporary risk management systems and processes and the strength of its capital management strategy.
“Moody’s assigned investment grade issuer credit rating provides additional support for our growth strategy and further opportunity for MyState to build on the very strong and broad investor support for our wholesale funding programs,” Mr Sulicich said.