S&P cuts several bank issue ratings

Standard & Poor's said it lowered issue ratings on 45 U.S. financial institutions, including the majority of rated U.S. banks.

The ratings action came after a review of its issue ratings on the hybrid capital securities of certain U.S. financial institutions, the agency said, adding that it did not change any of the counterparty credit ratings on these companies.

The agency said that the following is a list of parent companies whose hybrid capital issues were downgraded:

American Express Co. to BBB from BBB+; BancorpSouth Inc. to BB+ from BBB-; Bank of America Corp. to BBB+ from A; Bank of New York Mellon Corp. to A- from A;

BB&T Corp. to BBB+ from A-; Capital One Financial Corp. to BB+ from BBB-; Citizens Republic Bancorp Inc. to BB- from BB; Cullen/Frost Bankers Inc. to BBB- from BBB; Doral Financial Corp. to CCC from CCC+;

Fifth Third Bancorp to BBB- from BBB; First Citizens BancShares Inc. to BB from BB+; First Horizon National Corp. from BB- from BB+; First Midwest Bancorp Inc. to BB+ from BBB-; General Electric Capital Corp. to AA- from AA+;

Huntington Bancshares Inc. to BB from BB+; iStar Financial Inc. to BB- from BB; JPMorgan Chase & Co. to BBB+ from A-; KeyCorp to BB+ from BBB; Marshall & Ilsley Corp. to BB from BBB-; National City Corp. to BBB from BBB+;

National Rural Utilities Cooperative Finance Corp. to BBB from BBB+; Nelnet Inc. to BB- from BB; New York Community Bancorp Inc. to BB- from BB; Northern Trust Corp. to A- from A;

Old National Bancorp to BB from BB+; PNC Financial Services Group to BBB from BBB+; Popular Inc. to BB- from BB; Provident Financial Processing Corp. to BBB from A-; Regions Financial Corp. to BBB+ from A-;

Sky Financial Group Inc. to BB from BBB-; SLM Corp. to BB- from BB; South Financial Group Inc. to BB- from BB; State Street Corp. to BBB+ from A-; Susquehanna Bank PA to BB from BB+;

SVB Financial Group to BB from BB+; TCF Financial Corp. to BB+ from BBB-; Textron Financial Corp. to BB- from BB+; U.S. Bancorp to A from A+; Union Planters Preferred Funding Corp. to BBB from BBB+;

Valley National Bancorp to BBB- from BBB; Webster Financial Corp. to BB- from BB+; Wells Fargo & Co. to A from A+; Wilmington Trust Corp. to BB+ from BBB-; and Zions Bancorp. to BB+ from BBB-.

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