...Ratings Upgraded: Fitch Ratings upgraded the long-term issuer default rating of Central Pacific Financial Corp. (CPF) and its main bank subsidiary to `BBB¡' from `BB+' on Sept. 16, 2016. The Rating Outlook was revised to Stable from Positive. The upgrade reflects CPF's revised risk management framework and asset quality metrics that are in line with investment- grade rated peers. Solid Risk Management Framework: Post crisis, CPF has demonstrated its revised risk appetite and risk management framework that is in line with investment-grade rated peers. The company has made a substantial investment in systems over recent years and has reduced problem assets while establishing new risk underwriting standards. Earnings Improved but Remain Weak: Management has demonstrated some success in improving CPF's core earnings profile through loan growth, improved efficiency, and other revenue initiatives. CPF's core earnings remain weak compared to its peer group and higher rated banks. Fitch views this...
