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Prospect News home > News index > List of issuers B > Headlines for Banco Bilbao Vizcaya Argentaria, SA > News item |
Fitch downgrades Compass
Fitch Ratings said it downgraded Compass Bancshares, Inc.'s long-term issuer default rating to BBB from A-, viability rating to bbb from bbb+, support rating to 2 from 1 and short-term issuer default rating to F2 from F1 and TexasBanc Capital Trust I's preferred stock to BB- from BB+.
The agency also downgraded Compass Bank's long-term issuer default rating to BBB from A-, short-term issuer default rating and short-term deposits to F2 from F1, viability rating to bbb from bbb+, support rating to 2 from 1, long-term deposits to A- from A, senior debt to BBB+ from A- and subordinated debt to BBB from BBB+.
The outlook is negative.
The action was prompted by the downgrade of the parent company, Banco Bilbao Vizcaya Argentaria SA, to BBB+ from A.
The agency said the downgrade of Compass' viability rating, which reflects the company's intrinsic creditworthiness absent any extraordinary support, reflects the company's modest earnings profile.
Nonetheless, the company's solid capital base, good liquidity profile and improving asset quality trends help to offset the weaker earnings profile, Fitch added.
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