Morningstar DBRS assigned first-time ratings to WSFS Financial Corporation, with a Long-Term Issuer Rating of "A (low)" and a Stable outlook. Concurrently, WSFS Bank received a Long-Term Issuer Rating of "A". This new investment-grade rating complements WSFS's existing ratings from Moody’s and Kroll.
David Burg, WSFS’ Executive Vice President and Chief Financial Officer, stated that this rating provides further validation of the company's strong balance sheet, capital, and liquidity profile. He also noted that it will support continued growth and new revenue opportunities within the Wealth and Trust business.
Morningstar DBRS highlighted WSFS’s well-established presence in its core markets and its significant, stable fee revenue base derived from diversified business lines as key supporting factors. The rating agency also recognized the bank's strong balance sheet, ample deposit funding, and higher-than-peer capital levels.
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