Fitch lowers First Niagara, view to negative

Fitch Ratings said it downgraded the long-term and short-term issuer default ratings of First Niagara Financial Group, Inc. and its subsidiaries at BBB- from BBB and F3 from F2, respectively.

The outlook is revised to negative.

The downgrade and negative outlook reflects a view that the company's current capital position is considered lean, providing limited flexibility should challenges arise, Fitch said.

The agency said it believes the company's capital build may be prolonged compared to the initial expectations.

The ratings downgraded include First Niagara Financial Group's senior unsecured ratings to BBB- from BBB, preferred stock to B from B+, subordinated debt to BB+ from BBB- and viability rating to BBB- from BBB.

The downgrades also include First Niagara Bank's long-term deposits rating to BBB from BBB+ and First Niagara Commercial Bank's long-term deposits to BBB from BBB+ and short-term deposits to F3 from F2.

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