CoreStates Financial Corp.: Moody's Investors Service Inc. confirmed the credit ratings of CoreStates Financial and subsidiaries, following the announcement that CoreStates will acquire Constellation Bancorp. of Elizabeth, N.J., which has $2.3 billion in assets.
Moody's has an A1 rating for the senior debt of CoreStates Capital Corp., which is guaranteed by CoreStates Financial, and an A2 rating for subordinated debt.
Moody's expects a modest negative effect on capital and asset quality associated with the acquisition, but said CoreStates should remain strong.
The acquisition should also reinforce the company's market position in New Jersey, and should provide in-market cost savings.
