Kroll Bond Rating Agency Assigns BBB Senior Unsecured Debt Rating for CNB Financial Corporation

NEW YORK--(BUSINESS WIRE)--

Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and short-term debt rating of K3 for CNB Financial Corporation, CCNE a bank holding company headquartered in Bedminster, New Jersey. Moreover, KBRA has assigned a deposit rating of BBB+, senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short term debt/deposit ratings of K2 to the banking subsidiary, CNB Bank. The outlook on all long-term ratings is stable.

The ratings are supported by CNB Bank's strong asset quality, healthy organic growth, and extensive knowledge of operating markets. The ratings are primarily constrained by a comparatively lower percentage of noninterest income to total revenue, a relatively compact geographic footprint with economies focused on the industrial sector, and lower earnings metrics relative to higher rated peers.

The ratings are based on KBRA's Global Bank and Bank Holding Company Rating Methodology published on January 19, 2016.

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About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

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