Fitch drops Associated Banc

Fitch Ratings said it has downgraded the long-term and short-term issuer default ratings for Associated Banc-Corp to BB+ and B from BBB and F2, respectively.

Fitch said it also has downgraded the long-term and short-term issuer default ratings for Associated Banc's principal banking subsidiaries to BBB- and F3 from BBB and F2, respectively.

In addition, Fitch noted that it has downgraded the individual ratings for all entities to C/D from C.

The outlook is negative.

Fitch said that it believes Associated Banc will experience increased credit stress in the commercial real estate loan portfolio in particular.

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