Tuesday, 24 February 2009

S&P Downgrades the Ratings of Hybrid Capital Securities Issues for 45 U.S. Banks

Standard and Poor's lowered issue ratings on 45 U.S. financial institutions, including the majority of rated U.S. banks following a review of its ratings on the hybrid capital securities of the lenders. S&P didn't change any of the counterparty credit ratings on the banks. The following is a list of parent companies whose hybrid capital issues (and in some cases, the hybrid capital issues of their subsidiaries) were downgraded, and the rating changes:

(To / From)

American Express Co. BBB BBB+

BancorpSouth Inc. BB+ BBB-

Bank of America Corp. BBB+ A


Bank of New York Mellon Corp. A- A

BB&T Corp. BBB+ A-

Capital One Financial Corp. BB+ BBB-

Citizens Republic Bancorp Inc. BB- BB

Cullen/Frost Bankers Inc. BBB- BBB

Doral Financial Corp. CCC CCC+

Fifth Third Bancorp BBB- BBB

First Citizens BancShares Inc. BB BB+

First Horizon National Corp. BB- BB+


First Midwest Bancorp Inc. BB+ BBB-

General Electric Capital Corp. AA- AA+ / AA AA+

Huntington Bancshares Inc. BB BB+ / BB+ BBB-

iStar Financial Inc. BB- BB

JPMorgan Chase & Co. BBB+ A-

KeyCorp BB+ BBB

Marshall & Ilsley Corp. BB BBB-

National City Corp. BBB BBB+

National Rural Utilities Cooperative Finance Corp. BBB BBB+

Nelnet Inc. BB- BB

New York Community Bancorp Inc. BB- BB

Northern Trust Corp. A- A

Old National Bancorp BB BB+

PNC Financial Services Group BBB BBB+ / BBB+ A-

Popular Inc. BB- BB

Provident Financial Processing Corp. BBB A-

Regions Financial Corp. BBB+ A- / BBB BBB+

Sky Financial Group Inc. BB BBB-

SLM Corp. BB- BB

South Financial Group Inc. (The) BB- BB

State Street Corp. BBB+ A-

Susquehanna Bank PA BB BB+

SVB Financial Group BB BB+

TCF Financial Corp. BB+ BBB- / BB+ BBB+

Textron Financial Corp. BB- BB+

U.S. Bancorp A A+

Union Planters Preferred Funding Corp. BBB BBB+

Valley National Bancorp BBB- BBB

Webster Financial Corp. BB- BB+ / BB BBB-

Wells Fargo & Co. A A+

Wilmington Trust Corp. BB+ BBB-

Zions Bancorp. BB+ BBB-

The following issues were downgraded, but remain on CreditWatch:

(To / From)

B.F Saul Real Estate Investment Trust

BB-/Watch Pos BB/Watch Pos

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