Fitch: Riggs watch up to positive

Fitch Ratings said it revised the Rating Watch on Riggs National Corp. (long-term senior rating of B) and its affiliates to positive from negative.

The Rating Watch was changed for Riggs National Corp.'s B short-term and long-term ratings, CCC subordinated debt rating, D/E individual rating and 5 support rating, Riggs Bank National Association's B short-term and short-term deposit ratings, B+ long-term rating, BB long-term deposit rating, D/E individual rating and 5 support rating and Riggs Capital and Riggs Capital II's C rated preferred stock.

Fitch said the revision of the Rating Watch reflects the news of the amended and restated agreement between Riggs and The PNC Financial Services Group Inc. (long-term senior rated A by Fitch) for PNC to acquire Riggs and all of the assets and liabilities of Riggs Bank National Association.

As well as a renegotiated lower price, Fitch said the amended agreement appears to have reduced the ambiguity and concerns that PNC had regarding Riggs' regulatory troubles.

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