DBRS on March 28 confirmed the ratings of Akron, Ohio-based FirstMerit Corp. and unit FirstMerit Bank NA, including the company's issuer and senior debt rating at A (low) and its short-term instruments ratings at R-1 (low).
The rating agency also confirmed the unit's deposits and senior debt rating at A and its short-term instruments ratings at R-1 (low). In addition, the agency discontinued its subordinated debt rating for the company.
The trend on the ratings is stable.
The confirmation came after a review by the agency of the company's operating performance, financial fundamentals and future prospects. The confirmation and stable trend were in light of the company's resilient earnings generation and pressured, yet relatively sound, asset quality.