Kroll Bond Rating Agency (KBRA) assigns a senior unsecured long-term rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 to Alerus Financial Corporation (OTCQX: ALRS) (“Alerus” or “the Company”), a bank holding company headquartered in Grand Forks, North Dakota. In addition, KBRA has assigned a senior unsecured debt/deposit rating of A-, and a short-term rating of K2 to the subsidiary bank, Alerus Financial, National Association (“the Bank”). The outlook on all ratings is stable.
The ratings are supported by Alerus Financial Corporation’s seasoned and conservative management team, strong credit culture, well diversified revenue sources, and consistently strong core earnings metrics. These factors are counterbalanced by Alerus’ comparatively high efficiency ratio and potential decline of the Company’s regulatory capital ratios following the planned acquisition of Beacon Bank.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology, published on January 28, 2015.
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About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
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