S&P eyes First Horizon positively

S&P said it placed First Horizon Corp.’s BBB- issuer rating and its subsidiary First Horizon Bank BBB rating on CreditWatch with positive implications. The agency also placed all its ratings for the two companies on positive watch.

The CreditWatch placement follows the Monday announcement by Toronto-Dominion Bank agreed to acquire FHN. The transaction is expected to close in the first quarter of TD's 2023 fiscal year, which begins Nov. 1. At close, the agency said it plans to raise FHN’s ratings to be equal with those on TD.

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