DBRS affirms Comerica

DBRS said it confirmed Comerica Inc.'s ratings, including its issuer and senior debt ratings of A and it's R-1 (low) short-term Instruments rating.

The trend is stable.

The rating action follows Comerica's fourth-quarter financial results and its announcement to acquire the $5.2 billion assets of Sterling Bancshares, Inc. for $1.03 billion in an all-stock transaction with an estimated $80 million of merger-related charges, DBRS said.

The confirmation is based on the opinion that Sterling is a good strategic fit for Comerica, enhancing its existing market presence in Houston and Dallas while obtaining an entry into San Antonio, the agency said.

Comerica's ratings reflect its strong market presence and successful expansion into higher-growth markets, DBRS said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.