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S&P downgrades Hancock, Whitney Bank
Standard & Poor’s said it lowered the long-term issuer credit rating on Hancock Holding Co. to BBB from BBB+, along with the long-term issuer credit rating on Whitney Bank to BBB+ from A-.
The outlook is negative.
The agency also said it affirmed the A-2 short-term issuer credit rating on Whitney Bank and lowered the subordinated debt ratings on Hancock to BBB- from BBB and on Whitney Bank to BBB from BBB+.
Over the past year as Hancock’s profitability has marginally declined and loans have grown more than 10%, the company has maintained capital deployment strategies that stymied capital levels, S&P said.
In the nine months that ended Sept. 30, Hancock also maintained a dividend payout ratio of 50% and reauthorized its 5% share buyback program in August, the agency said.
As a result, the bank’s capital ratio was about 9% as of June 30, which is markedly lower than the 10.2% ratio on the same date last year, S&P said.
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