KBRA Initiates Ratings for WaFd
August 22 2024 - 5:15PM
Business Wire
Today, Kroll Bond Rating Agency (“KBRA”) issued a press release
assigning ratings to WaFd, Inc. (Nasdaq: WAFD) (the “Company”), and
Washington Federal Bank (“WaFd Bank”), its bank subsidiary. KBRA
has assigned a senior unsecured debt rating of BBB+, a subordinated
debt rating of BBB, a preferred shares rating of BBB-, and a
short-term debt rating of K2 to WaFd, Inc. In addition, KBRA
assigned deposit and senior unsecured debt ratings of A-, a
subordinated debt rating of BBB+, and short-term deposit and debt
ratings of K2 to WaFd Bank. The Outlook for all long-term ratings
is stable.
KBRA believes WaFd's credit risks remain lower than average as
its residential mortgage and multifamily portfolios have
outperformed similarly sized peers over a prolonged period. The
current construction of these portfolios include conservative LTVs,
and combined with the lack of affordable housing in a majority of
the footprint, should facilitate continued outperformance for the
company. Lastly, exposure to the troubled office sector is
well-contained at just 4% of loans and primarily consists of
smaller properties in suburban markets, which have been more
resilient than high-rises in central business districts.
President and CEO, Brent Beardall is satisfied with these
ratings stating, "We are pleased with KBRA's recognition of WaFd,
Inc. and Washington Federal Bank's strong financial foundation and
sound risk management practices. The assignment of these ratings,
including the BBB+ rating for our senior unsecured debt and the
stable outlook for our long-term ratings, reflects the consistent
and prudent approach we take in managing our balance sheet, serving
our clients, and driving sustainable growth. These ratings affirm
the trust and confidence that our stakeholders, including
customers, investors, and employees, place in us. We remain
committed to maintaining our financial strength and delivering
value to all our stakeholders as we continue to execute our
strategic objectives."
About WaFd Bank:
WaFd, Inc. is the parent company of Washington Federal Bank, a
federally insured Washington state chartered commercial bank dba
WaFd Bank that operates branches in Washington, Oregon, Idaho,
Utah, Nevada, Arizona, Texas, New Mexico, and California.
Established in 1917, the bank provides consumer and commercial
deposit accounts, financing for small- to middle-market businesses,
commercial real estate and residential real estate, including
consumer mortgages, home equity lines of credit and insurance
products through a subsidiary. As of June 30, 2024, the Company
operated 210 branches and reported $28.6 billion in assets, $21.2
billion in deposits and $2.9 billion in shareholders’ equity.
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Brad Goode WaFd, Inc. 425 Pike Street, Seattle, WA 98101
Brad.Goode@wafd.com (206) 626-8178
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