Kroll Bond Rating Agency affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB and short-term debt rating of K2 for Nashville, Tenn.-based Pinnacle Financial Partners Inc.

The rating agency also assigned a BBB- preferred stock rating to the company.

Additionally, Kroll affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+ and short-term deposit and debt ratings of K2 for Pinnacle Bank.

The outlook on all long-term ratings is positive.

In coming up with the ratings, Kroll took into account Pinnacle Financial's "highly experienced" executive team, which it noted has remained intact since the global financial crisis. Kroll also considered the company's growth strategy, supported by its track record of M&A in attractive southeastern markets complemented by organic expansion.

The rating agency believes that the company's loan book, strong underwriting metrics, oversight of senior credit officers and comprehensive portfolio management practices place it in a position to withstand the economic challenges caused by the COVID-19 pandemic.

Pinnacle Financial's combined committed lending exposures to industries affected by COVID-19 represent about 20% of loans, including retail at 10%, hotels at 5%, entertainment at 3% and restaurants at 3%, according to Kroll.