KBRA Releases Surveillance Report for Western Alliance Bancorporation

On April 28, 2023, KBRA downgraded the senior unsecured debt rating to BBB+ from A-, the subordinated debt rating to BBB from BBB+, the preferred stock rating to BBB- from BBB, and affirmed the short-term debt rating of K2 for Western Alliance Bancorporation (NYSE: WAL) ("the company"). KBRA also downgraded the ratings for WAL's subsidiary, Western Alliance Bank ("WAB" or "the bank"), including the deposit and senior unsecured debt ratings to A- from A, the subordinated debt rating to BBB+ from A-, and the short-term deposit and debt ratings to K2 from K1. Furthermore, KBRA downgraded the Issuer rating for the bank's wholly-owned and strategically important subsidiary, AmeriHome Mortgage Company, LLC ("AmeriHome"), to A- from A, as the mortgage company's rating is linked to WAB's senior rating. The Outlook for all long-term ratings is Stable.

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