Fitch ups Huntington

Fitch Ratings said it upgraded the long-term issuer default rating of Huntington Bancshares, Inc. to BBB+ from BBB, preferred stock to BBB- from BB, and affirmed its short-term issuer default rating at F2.

The agency also said it upgraded Huntington Capital I-III's preferred stock to BBB- from BB+, and Sky Financial Capital Trust I-IV's preferred stock to BBB- from BB+.

The agency also said it affirmed its bank subsidiary, Huntington National Bank's long-term deposits at A-, long-term issuer default rating at BBB+, senior unsecured rating at BBB+, senior unsecured debt FDIC-guaranteed rating at AAA, subordinated debt rating at BBB, short-term issuer default rating at F2, short-term deposits rating at F1 and short-term debt FDIC-guaranteed rating at F1+. The agency also affirmed Sky Bank's subordinated debt rating at BBB.

The outlook is stable.

The upgrades follow news that the bank will raise $920 million in common equity as part of its plan to repay Troubled Asset Relief Program (TARP) capital, Fitch said.

The upgrade also reflects the improvements in holding company capital and liquidity, the agency 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.