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Published on 2/8/2010 in the Prospect News High Yield Daily.

S&P may cut Synovus Financial

Standard & Poor's said it placed its BB- long-term counterparty credit rating on Synovus Financial Corp. on CreditWatch with negative implications.

The negative watch reflects the continued elevated credit costs that will likely challenge the company's profitability and weak capital through at least 2010, S&P said.

The company's problem assets are heavily concentrated in its residential construction and development, the agency said, and land loans.


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