Fitch puts Sterling on watch

Fitch Ratings said it placed the ratings of Sterling Financial Corp. and subsidiary Sterling Savings Bank on Ratings Watch negative, including the BBB- long-term issuer default ratings, F3 short-term issuer default ratings and Sterling Financial's BB+ preferred stock.

The agency also downgraded the individual ratings to C and affirmed the 5 support ratings and "No Floor" support floors.

The actions are in response to the company's announcement of increased non-performing assets and higher net-charge offs, and the lower individual rating reflects continued pressure on operating performance in 2009 largely due to increased credit costs, Fitch said.

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