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DBRS: BB&T at AA
DBRS said that it has commented on the Q3 2009 earnings performance of BB&T Corp., noting that it rates BB&T's issuer and senior debt at AA (low) with a negative trend.
According to the agency, BB&T reported net income of $157 million for the quarter, down from $208 million for the prior quarter and $362 million during Q3 2008.
On a sequential quarter basis, the company's marginal increase in revenue was offset by higher expenses, DBRS said, adding that the bank's linked quarter increase in revenues reflected a 9% increase in net interest income, driven by a 12 basis points widening of net interest margin to 3.68% and a 5% increase in total average earning assets.
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