DBRS drops Whitney

DBRS said it has downgraded the ratings of Whitney Holding Corp. and its related entities, including its issuer and senior debt rating to BBB from BBB (high).

At the same time, DBRS said it has downgraded Whitney's banking subsidiary's deposit and senior debt rating to BBB (high) from A (low).

All ratings were placed on stable trend.

Whitney's sustained elevated asset quality deterioration over the past year, in light of pressured levels of income before provisions and taxes and DBRS's expectation of sustained heightened credit costs and expenses over the intermediate term, led to this action.

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