Fitch drops Taylor Capital to junk

Fitch Ratings said it downgraded the long- and short-term issuer default ratings of Taylor Capital Group, Inc. and its subsidiary bank Cole Taylor Bank to BB+ from BBB- and to B from F3, respectively.

Fitch said it lowered the individual rating to C from B/C.

The outlook was revised to negative from stable.

The agency said the actions reflect deteriorating trends in nonperforming assets and sensitivity of business model to weakness in the Chicago metropolitan residential market.

That's despite strong reserve levels and a solid capital base, the agency added.

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