...Ratings Affirmed: On Aug. 8, 2020, Fitch Ratings affirmed Independent Bank Corp's (INDB) Long-Term Issuer Default rating at 'BBB', with a Negative Outlook. In affirming INDB's ratings, with a Negative Outlook, Fitch signaled its view that the bank entered the coronavirus pandemic and ensuing sharp financial downturn in a position of reasonable strength, but that downside risks to asset quality, and profitability could pressure its overall rating. The Outlook would be appropriately resolved over a period of 12-24 months. Exposure to Pandemic Sensitive Segments: Among its Commercial Real Estate (CRE) and Commercial and Industrial loans (C&I), INDB has notable exposure to segments likely to be more severely impacted by the pandemic, such as hotels, food service, retail trade and health care, among others. In total these exposures represent 14% of total loans. Asset Quality Good but Likely to Deteriorate: INDB's loan losses leading up the pandemic have been consistently low over time, bolstered...
