DBRS: Huntington unchanged

DBRS said Huntington Bancshares Inc.'s issuer and senior debt rating of BBB is unchanged following the release of its 1A11 financial results.

The trend is stable.

In light of stabilizing credit costs and a sizable decrease in dividends on preferred shares, partially offset by lower mortgage banking income, Huntington reported net income applicable to common shareholders of $118.7 million for 1Q11 up from $39.1 million for 4Q10, DBRS said.

Huntington's stabilizing credit costs reflected improved asset quality as nonperforming assets and net charge-offs continue to contract, the agency said. Lower fee revenues reflected declines in automobile operating lease income, insurance income and service charges on deposit accounts.

Despite slow and uneven economic growth, Huntington's credit quality metrics continue to improve, the agency added.

© 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.