Fitch Ratings has published its final rating of 'BBB-' for Independent Bank Corp's (INDB; 'BBB'/Stable Outlook) $35 million fixed-to-floating subordinated debt issuance with a maturity of Nov. 15, 2024.

KEY RATING DRIVERS

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

INDB's subordinated debt is notched one level below its Viability Rating (VR) of 'bbb' for loss severity in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.

RATING SENSITIVITIES

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The subordinated debt and hybrid capital ratings are primarily sensitive to any change in INDB's VR (or bank subsidiaries).

Ratings could come under pressure if INDB's capital position were to be affected negatively by a reversal in credit quality performance or more aggressive capital management that would suggest a long-term operating strategy with lower levels of capital. Additionally, should the company pursue an acquisition that results in materially lower pro forma capital levels, negative rating action could follow.

Date of Relevant Rating Committee: Sept. 15, 2015

Additional information is available at www.fitchratings.com

Applicable Criteria
Global Bank Rating Criteria (pub. 20 Mar 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863501

Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=997844
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997844
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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