Following a review of Valley National Bancorp (Valley) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have lowered our rating on Valley to 'BBB+' from 'A-' and our ratings on its main bank subsidiary to 'A-/A-2' from 'A/A-1'. 'The outlook on both entities is stable. Our ratings on Valley reflect its adequate business position, adequate capital, and strong risk position compared with other U.S. banks. We expect Valley to maintain better-than-peers asset quality over time, reflecting its prudent risk culture. As we previously announced, on Dec. 13, 2011, Standard&Poor's Ratings Services lowered the long-term issuer credit rating on Valley National Bancorp to 'BBB+' from 'A-' and the long- and short-term issuer credit ratings
