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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