Fitch cuts Amcore Financial

Fitch Ratings said it downgraded Amcore Financial, Inc.'s long-term issuer default rating to BB- from BB+ and Amcore Bank, NA's long-term issuer default rating to BB from BB+.

The agency placed ratings on negative Rating Watch.

According to Fitch, the downgrade comes on significant further deterioration in asset quality, a pressured parent company liquidity position, relatively lean capital position and an increased reliance on wholesale funding.

Somewhat offsetting negative drivers are the company's strong market share in its home market of Rockford, Ill., improved geographic diversification and continued efforts to fortify its executive management team, the agency said.

© 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.