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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.