Moody's drops Carolina First Bank

Moody's Investors Service said it downgraded the ratings of Carolina First Bank (bank financial strength to C- from C and long term deposits to Baa1 from A3) and placed a negative outlook on all deposit and debt ratings.

The agency noted that Carolina First is the lead bank of South Financial Group.

Moody's said the downgrade was based on its more pessimistic view of South Financial's primary credit concentration, adding that the total commercial real estate exposure accounts for over five times tangible common equity, with construction and raw land lending comprising over one-half of total exposure.

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