KBRA Withdraws Ratings for Dubuque Bank and Trust Company

17 Oct 2023   |   New York


KBRA withdraws the deposit and senior unsecured debt ratings of A- and the short-term deposit and debt ratings of K2 for Heartland Financial USA, Inc.'s (NASDAQ: HTLF) ("the company") subsidiary, Dubuque Bank and Trust Company.

The withdrawal of the ratings coincides with HTLF's charter consolidation process, which began in early 2022, and is now complete following the consolidation of Dubuque Bank and Trust Company into HTLF Bank, which is the only surviving charter. In KBRA's view, the transaction is neutral to the ratings of HTLF Bank and the company. With that said, the consolidation is expected to reduce inefficiencies/redundancies and improve HTLF's operating efficiency to help support ongoing product and service enhancements. The total benefits are estimated to be approximately $20 million annually going forward.

To access rating and relevant documents, click here.



A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1002517

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