Fitch cuts Whitney

Fitch Ratings said it has downgraded Whitney Holding Corp.'s long-term issuer default rating to BBB from BBB+ to reflect the continued pressure emanating from an increased level of nonperforming assets, including stressed Florida markets.

The company's nonperforming assets represent a sizable 4.50% of loans and other real estate owned at March 31, the agency said.

More concerning to Fitch is the reported level of criticized loans, which is inclusive of nonperforming loans, the agency noted.

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