S&P Applies Updated Criteria to 31 NA Regional Banks: Upgrades ASBC, FRC, CFR, SNV, Downgrades BBT, USB, NTRS, PNC

Following a similar action on the major banks early last week, Standard and Poor's Ratings Services has now applied updated criteria to 31 North American regional banks.

The S&P downgraded BB&T (NYSE: BBT) from A to A-, US Bancorp (NYSE: USB) from A+ to A, Northern Trust (Nasdaq: NTRS) from AA- to A+, PNC (NYSE: PNC) from A to A- and upgraded Associated Banc Corp. (Nasdaq: ASBC) from BBB- to BBB, First Republic (NYSE: FRC) from BBB+ to A-, Cullen/Frost Bankers (NYSE: CFR) from A- to A and Synovus (NYSE: SNV) from BB- to B.

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