...Ratings Affirmed: Fitch Ratings affirmed the Long-Term Issuer Default Ratings (IDRs) of Independent Bank Corp. (INDB, or the company) and its banking subsidiary, Rockland Trust Company (Rockland), at `BBB' on Aug. 31, 2017. The ratings affirmation and Stable Rating Outlook reflect the company's stable asset quality, conservative credit culture and steady operating performance. The Stable Rating Outlook also reflects the view that INDB has made progress in increasing capital ratios. Concentrations Constrain Ratings: In Fitch's view, INDB's ratings are constrained by its concentrated loan portfolio in commercial real estate (CRE) and geographic concentration. Nonetheless, Fitch recognizes INDB's long history of CRE lending with solid historical credit performance. Strong Credit Performance: INDB's `BBB' rating is supported by its consistent performance evidenced by a low level of credit losses and relatively stable earnings through various credit downturns. Although Fitch expects credit losses...
