On August 25, 2023, KBRA affirmed the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Westerly, Rhode Island-based Washington Trust Bancorp, Inc. (NASDAQ: WASH) (“the company”). KBRA also affirmed the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for the subsidiary, The Washington Trust Company, of Westerly. The Outlook for all long-term ratings was revised to Negative from Stable.
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