Fitch rates Huntington convertible preferreds BBB+

Fitch Ratings said it assigned a BBB+ rating to $500 million of convertible preferred stock issued by Huntington Bancshares Inc.

The securities bear a coupon of 8.5% and are convertible into common equity shares at the holder's option. The preferred stock is perpetual with an optional redemption on or after April 15, 2013.

Proceeds will be used for general corporate purposes, including increasing its liquidity and capital position.

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