KBRA publishes its Issuer rating of BBB+ for Western Alliance Trust Company, N.A. (“WATC” or “the company”), an OCC-chartered, non-depository national trust bank that is a wholly-owned subsidiary of Western Alliance Bancorporation (NYSE: WAL; “parent company”), for which KBRA maintains a senior unsecured debt rating of BBB+. On November 17, 2023, KBRA assigned an Issuer rating of BBB+ to WATC on an unpublished basis. The Outlook for the rating is Stable.

The Issuer rating of WATC is based principally on the company’s ownership, as well as the unconditional guarantee of its obligations, by ultimate parent, WAL. Accordingly, any changes to WAL’s ratings or the existing Stable Outlook for the parent company’s long-term ratings, would be accompanied by the same action for WATC’s rating. With this key credit consideration noted, despite WATC’s short operating history (which began during 2023), and modest capitalization ($52 million of equity at YE23) in comparison to WAL’s, we consider the subsidiary’s operating plan to be a favorable one. If operations are well executed as we currently expect, WATC’s financial contribution and strategic importance should increase over time.

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Methodologies

• Financial Institutions: Bank & Bank Holding Company Global Rating Methodology
• ESG Global Rating Methodology

Disclosures

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: 1003835

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