Fitch eyes First Horizon positively

Fitch Ratings said it placed the long-term issuer default ratings of First Horizon Corp. (FHN) and First Horizon Bank (FHB) on rating watch positive following the announced sale of the company to Toronto-Dominion Bank. The outlook was positive before the rating watch.

“The rating watch positive on FHN's ratings reflect Fitch's view that the purchase by TD will likely result in a stronger business and financial profile for FHN than it currently possesses on a stand-alone basis,” the agency said in a press release.

Fitch said it plans to resolve FHN's rating watch upon completion of the transaction with TD, which is expected in early 2023.

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