Standard & Poor's Lowered Ratings, Revises Outlooks On 22 U.S. Banks


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June 17, 2009 9:52 AM EDT

Standard & Poor's lowered its ratings and revised its outlooks on 22 rated U.S. banks, saying operating conditions for the industry will become less favorable than they were in the past, characterized by greater volatility in financial markets during credit cycles, and tighter regulatory supervision.

Standard & Poor's credit analyst Rodrigo Quintanilla said, "We believe the banking industry is undergoing a structural transformation that may include radical changes with permanent repercussions. Financial institutions are now shedding balance-sheet risk and altering funding profiles and strategies for the marketplace's new reality. Such a transition period justifies lower ratings as industry players implement changes." Possible changes include increased regulatory oversight and lower profitability.

Ratings Downgrades and Outlook Changes:

  • Associated Banc Corp. (Nasdaq: ASBC) - Counterparty credit To: BBB/Negative/A-2 From: BBB+/Watch Neg/A-2
  • Astoria Financial Corp. (NYSE: AF) - To: BBB-/Negative/-- From: BBB/Watch Neg/--
  • BB&T Corp (NYSE: BBT) - Counterparty credit To: A/Stable/A-1 From: A+/Watch Neg/A-1
  • Capital One Financial Corp. (NYSE: COF) - Counterparty credit To: BBB/Negative/-- From: BBB+/Watch Neg/--
  • Carolina First Bank - Counterparty credit To: BB-/Negative/B From: BBB-/Watch Neg/A-3
  • Citizens Republic Bancorp Inc. (Nasdaq: CRBC) - Counterparty credit To: BB-/Negative/B From: BBB-/Watch Neg/A-3
  • Comerica Inc. (NYSE: CMA) - Counterparty credit To: A-/Negative/A-2 From: A/Watch Neg/A-1
  • Fifth Third Bancorp (Nasdaq: FITB) - Counterparty credit To: BBB/Negative/A-2 From: A-/Watch Neg/A-2
  • First National Bank of Omaha - Counterparty credit To: BBB-/Negative/-- From: BBB-/Watch Neg/--
  • Huntington Bancshares Inc. (Nasdaq: HBAN) - Counterparty credit To: BB+/Negative/B From: BBB/Watch Neg/A-2
  • KeyCorp (NYSE: KEY) - Counterparty credit To: BBB+/Negative/A-2 From: A-/Watch Neg/A-2
  • M&T Bank Corp. (NYSE: MTB) - Counterparty credit To: A-/Negative/A-2 From: A-/Watch Neg/A-2
  • PNC Financial Services Group (NYSE: PNC) - Counterparty credit To: A/Stable/A-1 From: A/Watch Neg/A-1
  • Regions Financial Corp. (NYSE: RF) - Counterparty credit To: BBB+/Negative/A-2 From: A/Watch Neg/A-1
  • Susquehanna Bancshares Inc. (Nasdaq: SUSQ) - Counterparty credit To: BBB-/Negative/-- From: BBB/Watch Neg/--
  • Synovus Financial Corp. (NYSE: SNV) - Counterparty credit To: BB-/Negative/-- From: BBB+/Watch Neg/--
  • U.S. Bancorp (NYSE: USB) - Counterparty credit To: A+/Stable/A-1 From: AA/Watch Neg/A-1+
  • Valley National Bancorp (NYSE: VLY) - Counterparty credit To: A-/Negative/-- From: A-/Stable/--
  • Webster Financial Corp. (NYSE: WBS) - Counterparty credit To: BBB-/Negative/-- From: BBB/Watch Neg/--
  • Wells Fargo & Co. (NYSE: WFC) - Counterparty credit To: AA-/Negative/A-1+ From: AA/Watch Neg/A-1+
  • Whitney Holding Corp. (Nasdaq: WTNY) - Counterparty credit To: BB+/Negative/B From: BBB/Watch Neg/A-2
  • Wilmington Trust Corp. (NYSE: WL) - Counterparty credit To: BBB/Negative/A-2 From: BBB+/Watch Neg/A-2


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    Downgrades
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    Stocks Mentioned

    AF 9.93

    -0.08 -0.80%
    Volume: 812,256
    Track AF

    ASBC 10.89

    -1.81 -14.25%
    Volume: 9,222,511
    Track ASBC

    BBT 25.08

    -0.15 -0.59%
    Volume: 4,646,066
    Track BBT

    CMA 28.01

    -0.38 -1.34%
    Volume: 1,915,638
    Track CMA

    COF 39.69

    -0.09 -0.23%
    Volume: 6,539,181
    Track COF

    CRBC 0.55

    -0.03 -5.17%
    Volume: 6,345,104
    Track CRBC

    FITB 9.42

    -0.31 -3.19%
    Volume: 21,639,905
    Track FITB

    HBAN 3.80

    -0.14 -3.55%
    Volume: 15,410,940
    Track HBAN

    KEY 5.69

    -0.15 -2.57%
    Volume: 13,271,082
    Track KEY

    MTB 63.54

    -1.08 -1.67%
    Volume: 501,790
    Track MTB

    PNC 53.85

    -0.34 -0.63%
    Volume: 2,853,325
    Track PNC

    RF 4.83

    -0.13 -2.62%
    Volume: 20,803,990
    Track RF

    SNV 2.00

    -0.24 -10.71%
    Volume: 20,580,528
    Track SNV

    SUSQ 5.56

    -0.13 -2.28%
    Volume: 832,153
    Track SUSQ

    USB 24.33

    -0.18 -0.73%
    Volume: 8,640,780
    Track USB

    VLY 13.16

    -0.25 -1.86%
    Volume: 771,673
    Track VLY

    WBS 11.53

    -0.24 -2.04%
    Volume: 652,585
    Track WBS

    WFC 28.10

    -0.30 -1.06%
    Volume: 35,212,735
    Track WFC

    WL 12.98

    -0.11 -0.84%
    Volume: 1,057,956
    Track WL

    WTNY 8.19

    -0.32 -3.76%
    Volume: 1,407,943
    Track WTNY


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