...Ratings Affirmed: Fitch Ratings affirmed the long-term issuer default rating of Central Pacific Financial Corp. (CPF) and its bank subsidiary at `BB+' on Sept. 23, 2014 due to continued performance and risk profile in line with the rating category. Solid Asset Quality: Nonperforming assets (NPAs) declined 108 bps to 2.6% over the past year. Credit costs remain low, with net charge-offs (NCOs) totaling seven bps through 1H14 and five bps in 2013. Fitch expects credit costs to remain low and NPAs to show modest improvement over the next 12 months. Hawaii Poised for Solid Growth: Fitch expects continued economic growth in Hawaii. A number of initiatives such as condominium construction growth, a rail transit project and an airport modernization drive are expected to keep economic growth from stalling. Additionally, Hawaii's primary industries, tourism and government, remain solid. Balance Sheet Normalization Underway: Now that the bulk of CPF's asset quality and regulatory issues are resolved,...
