WILMINGTON, DE — Moody’s Investors Service revised its outlook on WSFS Financial Corporation (Nasdaq: WSFS) to positive from stable while affirming its Baa2 investment-grade issuer rating, citing improved credit, sustained earnings and balance-sheet strength at the Wilmington-based financial company.
Moody’s also affirmed a Baa2 issuer rating for WSFS Bank, according to the company.
The ratings firm maintained the bank’s A2/Prime-1 long- and short-term deposit ratings and its baa1 Baseline Credit Assessment. Moody’s assigned an A3(cr)/Prime-2(cr) Counterparty Risk Assessment and Baa1/Prime-2 Counterparty Risk Ratings in local and foreign currency.
The positive outlook signals the potential for upward ratings pressure if WSFS sustains the financial characteristics supporting Moody’s assessment. The ratings themselves remain unchanged.
“Moody’s affirmation of our Baa2 investment-grade rating and its decision to revise our outlook to positive from stable reflects the strength of our diversified business model, disciplined risk management, and resilient balance sheet,” WSFS Chief Financial Officer David Burg said.
Burg also pointed to the company’s capital and liquidity levels and low reliance on wholesale funding.
WSFS reported $22.7 billion in assets as of June 30 and $101.7 billion in assets under management and administration.
The company operates 114 offices across six states, including 87 banking locations. Its footprint includes 58 offices in Pennsylvania, 38 in Delaware, 14 in New Jersey, two in Florida and one each in Nevada and Virginia.
WSFS Bank is the company’s primary subsidiary and provides commercial and consumer banking, treasury management, trust and wealth-management services. Other businesses include Bryn Mawr Trust, Cash Connect, NewLane Finance, WSFS Wealth Management and WSFS Mortgage.
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