Ratings On Two Valley National Bank LOC-Supported Bond Issues Lowered

NEW YORK (S&P Global Ratings) Jan. 5, 2018--S&P Global Ratings today lowered its ratings on two bond issues supported by letters of credit (LOCs) provided by Valley National Bank to 'BBB+/A-2' from 'A-/A-2' and subsequently removed them from CreditWatch with negative implications, where they were placed on Aug. 8, 2017 (see list). Today's rating actions reflect the Dec. 20, 2017, lowering of our long-term issuer credit rating on Valley National Bank to 'BBB+/A-2' from 'A-/A-2' and its subsequent removal from CreditWatch with negative implications. The long- and short-term components of our ratings on the bonds are based on our long- and short-term issuer credit ratings on Valley National Bank. The long-term component of our ratings addresses full and timely interest

...NEW YORK (S&P Global Ratings) Jan. 5, 2018--S&P Global Ratings today lowered its ratings on two bond issues supported by letters of credit (LOCs) provided by Valley National Bank to '###+/A-2' from 'A-/A-2' and subsequently removed them from CreditWatch with negative implications, where they were placed on Aug. 8, 2017 (see list). Today's rating actions reflect the Dec. 20, 2017, lowering of our long-term issuer credit rating on Valley National Bank to '###+/A-2' from 'A-/A-2' and its subsequent removal from CreditWatch with negative implications. The long- and short-term components of our ratings on the bonds are based on our long- and short-term issuer credit ratings on Valley National Bank. The long-term component of our ratings addresses full and timely interest and principal payments when the bondholders have not exercised the put option. The short-term component of our ratings addresses full and timely interest and principal payments when the bondholders have exercised the put option....

Ratings Action