Standard & Poor's reduced its rating on First Hawaiian Inc.'s subordinated debt to BBB from BBB-plus.

The rating agency cited the bank's "increased leverage profile" after the acquisition of 30 branches and $720 million of deposits that were sold as a result of the merger of U.S. Bancorp and West One Bancorp.

S&P, which placed the debt on credit watch Dec. 7, also affirmed First Hawaiian's A-2 commercial paper rating.

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