Fitch Affirms Bank of the Cascades’ FDIC Guaranteed Debt at ‘AAA/F1+’

Fitch Ratings has affirmed Bank of the Cascades‘ ratings for debt that was issued through the FDIC Temporary Liquidity Guarantee Program (TLGP) at ‘AAA/F1+’. Specifically, Bank of the Cascades, a subsidiary of Cascade Bancorp (NASDAQ: CACB), issued $26 million of senior unsecured debt under the TLGP. The fixed rate debt issue will mature in February 2012.

Obligations under the TLGP program bear the full faith and credit of the U.S. Government, hence these issues are rated the same as the U.S. sovereign long-term and short-term foreign currency at ‘AAA/F1+’, respectively, which was last affirmed July 10, 2010. The FDIC guarantees expire at the earlier of the instrument’s maturity or by June 30, 2012.

Fitch affirms the following ratings:

Bank of the Cascades debt issued under the FDIC TLGP:

–Long-term FDIC guaranteed debt ‘AAA’;

–Short-term FDIC guaranteed debt ‘F1+’.

Applicable criteria available on Fitch’s website at www.fitchratings.com:

–’Sovereign Rating Methodology’, dated Oct. 16, 2009.

Additional information is available at www.fitchratings.com.

Credit: businesswire.com