Fitch downgrades TCF

Fitch Ratings said it downgraded the long-term and short-term issuer default ratings for TCF Financial Corp. and its principal banking subsidiary TCF National Bank to BBB+/F2 from A-/F1.

The outlook remains negative.

The action reflects the view that TCB's recent shift in strategy to a more national lending platform, particularly with the company's planned growth in prime and near-prime auto lending, according to the agency.

This action does not reflect the company's recently announced balance sheet restructuring, which is essentially neutral from a ratings perspective, the agency said.

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