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Fitch lowers Marshall & Ilsley
Fitch Ratings said it downgraded the individual rating and short-term issuer default rating of Marshall & Ilsley Corp. and its subsidiary banks, including M&I Marshall & Ilsley Bank to B and F1, respectively.
Fitch said it has also placed the company's A+ long-term issuer default rating and other long-term ratings on rating watch negative.
The agency said that Marshall & Ilsley recently announced its expectation of taking a sizeable $900 million provision to build its loan loss reserve in the second quarter of 2008.
Fitch added that the negative watch reflects the continued uncertainty in this portfolio as well as increased potential for problems in other portfolios as the economy worsens.
Affected ratings include Marshall & Ilsley Corp.'s long-term issuer default rating at A+, senior debt at A+, short-term issuer default rating downgraded to F1 from F1+, commercial paper downgraded to F1 from F1+, individual at downgraded to B from A/B, support at 5 and support Floor at NF.
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