KBRA Assigns Senior Unsecured Debt Rating of A- to Chemical Financial Corporation

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of A-, subordinated debt rating of BBB+, and short-term debt rating of K2 to Midland, Michigan based Chemical Financial Corporation (NASDAQ: CHFC). In addition, KBRA assigns deposit and senior unsecured debt ratings of A, a subordinated debt rating of A-, and short-term deposit and debt ratings of K1 to the lead subsidiary, Chemical Bank. The Outlook on all long-term ratings is Stable.

The ratings for Chemical Financial Corporation are supported by solid operating profitability metrics, a comparatively favorabletrack record through the downturn, a well diversified loan portfolio by type, a strong credit culture, and an experienced management team. Ratings are primarily constrained by the relatively lower portion of stable fee income, slightly above average use of noncore funding, and concentrated geographic structure, though opportunities for strategic expansion are present.

The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on February 19, 2016.

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

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