Fitch slices EverBank

Fitch Ratings said it downgraded EverBank Financial Corp.’s subordinated notes to BB+ from BBB and its issuer default rating to BBB- from BBB+. The agency also removed the ratings from rating watch negative and assigned a stable outlook.

“The downgrade reflects the withdrawal of shareholder support rating (SSR) from Teachers Insurance and Annuity Association of America's (TIAA) following the completed majority sale of the bank to a private equity consortium of Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, and Bayview Asset management on Aug. 1, 2023. TIAA will remain a minority shareholder in EFC,” the agency said in a press release.

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