Fitch lowers First Horizon

Fitch Ratings said it downgraded the individual ratings of First Horizon National Corp. and lead bank First Tennessee Bank, NA to C from B/C and the long-term rating on trust preferred securities issued by First Tennessee Capital I and II to BBB- from BBB, and assigned a rating of BBB- to preferred stock issued directly by First Horizon under the U.S. Treasury's Capital Purchase program.

The companies' long-term issuer default rating of BBB+ was affirmed.

The outlook is negative.

The agency said that while recent actions by First Horizon to address near-term challenges are constructive, continued asset quality deterioration, combined with expectations for ongoing challenges in its national real estate exposures, increases the relative credit risk profile of the company well into 2009.

© 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.