KBRA assigns first-time ratings to WaFd (WAFD) with stable outlook

WAFD INC

KBRA assigned WaFd, Inc. senior unsecured debt at BBB+, subordinated at BBB, preferred shares at BBB-.
Washington Federal Bank received deposit and senior unsecured debt ratings of A-; outlook stable.
Ratings reflect conservative credit culture, pristine asset quality, and ample on-balance-sheet liquidity post $2.8B multifamily loan sale.
Loan portfolio concentrated in residential mortgage (42%) and investor CRE (36%), but multifamily and office exposure considered lower risk.
KBRA cites high-quality management, long-tenured team, and durable business model through cycles.

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