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Fitch rates Huntington notes AAA
Fitch Ratings said it assigned AAA/F1+ ratings to debt issued by Huntington National Bank through the FDIC Temporary Liquidity Guarantee Program. Specifically, Huntington National Bank, a subsidiary of Huntington Bancshares, Inc., issued $600 million of floating-rate senior unsecured debt due June 1, 2012 under the program. The coupon is Libor plus 40 basis points.
Obligations under the FDIC program bear the full faith and credit of the U.S. Government. The agency noted that the maximum amount eligible under the program is 125% of senior unsecured debt outstanding at Sept. 30 and scheduled to mature by June 30. The FDIC guarantees expire at the earlier of the instrument's maturity or June 30, 2012.
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