Fitch assigns Huntington preferreds BB-

Fitch Ratings said it expects to assigns a BB- rating to Huntington Bancshares, Inc.'s series B non-cumulative perpetual preferred stock issuance announced previously with the company's exchange offer.

The company has offered to exchange up to $300 million of trust preferred securities issued by Huntington Trust I, Huntington Trust II, Sky Financial Trust III and Sky Financial Trust IV with an aggregate value of $340 million for new floating-rate non-cumulative perpetual Series B preferred stock, the agency noted.

Dividends are non-cumulative and will pay a floating rate equal to Libor plus 270 basis points.

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