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S&P lowers SunTrust Banks
Standard & Poor's said it lowered its ratings on SunTrust Banks Inc. and its affiliates.
The long-term counterparty credit rating on SunTrust Banks is lowered to A from A+, the agency noted, adding that the short-term counterparty credit rating is affirmed at A-1.
At the same time, the agency said it lowered its counterparty credit ratings on lead bank SunTrust Bank to A+/A-1 from AA-/A-1+.
The AAA rating on SunTrust Bank's $3 billion of senior bank notes guaranteed by the FDIC under its Temporary Liquidity Guarantee Program is affirmed, the agency added.
The outlook is negative.
"The downgrade was triggered by continued deterioration in SunTrust's asset quality. Until fourth-quarter 2008, asset quality problems had been largely contained to home equity and Alt-A loans with high loan-to-value ratios, but are now beginning to spread to SunTrust's large portfolio of first mortgage loans on residential properties," said S&P credit analyst Charles D. Rauch.
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