UPDATE: S&P Places 23 Financial Cos On Watch Negative (BBT, BAC, COF, C, KEY, more...)

May 4, 2009 3:39 PM EDT

UPDATE: Standard & Poor's Ratings Service placed its ratings on 22 U.S. large complex and regional banks and one thrift, as well as their related entities, on CreditWatch with negative implications.

S&P said, "analysis of industry fundamentals, with a focus on the capitalization of the identified companies in the context of our expected level of losses during the next two years, suggests that the likelihood of negative rating actions has increased. These rating actions identify companies that we believe have at least a one-in-two likelihood of a one-notch or multiple-rating downgrade within 90 days. That said, we believe that most rated institutions will be able to earn their way out of these credit losses during the cycle."

Companies on Watch Negative:

• Associated Banc-Corp (Nasdaq: ASBC) - Counterparty credit
  
• BB&T Corp. (NYSE: BBT) - Counterparty credit
  
• Bank of America (NYSE: BAC) - Counterparty credit
  
• Capital One Financial (NYSE: COF) - Counterparty credit
  
• Carolina First Bank - Counterparty credit
  
• Citigroup Inc. (NYSE: C) - Counterparty credit
  
• Citizens Republic Bancorp (Nasdaq: CRBC) - Counterparty credit
  
• Comerica Inc. (NYSE: CMA) - Counterparty credit
  
• Fifth Third Bancorp (Nasdaq: FITB) - Counterparty credit
  
• First National Bank of Omaha - Counterparty credit
  
• Huntington Bancshares (Nasdaq: HBAN) - Counterparty credit
  
• KeyCorp (NYSE: KEY) - Counterparty credit
  
• M&T Bank Corp. (NYSE: MTB) - Counterparty credit
  
• PNC Financial (NYSE: PNC) - Counterparty credit
  
• Regions Financial (NYSE: RF) - Counterparty credit
  
• Susquehanna Bancshares (Nasdaq: SUSQ) - Counterparty credit
  
• Synovus Financial (NYSE: SNV) - Counterparty credit
  
• US Bancorp (NYSE: USB) - Counterparty credit
  
• Webster Financial Corp. (NYSE: WBS) - Counterparty credit
  
• Wells Fargo (NYSE: WFC) - Counterparty credit
  
• Whitney Holding (Nasdaq: WTNY) - Counterparty credit
  
• Wilmington Trust (NYSE: WL) - Counterparty credit
  
• Astoria Financial (NYSE: AF) - Counterparty credit

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