S&P cuts Regions Financial

Standard & Poor's said it lowered the counterparty credit ratings on Regions Financial Corp. to BBB/A-3 from BBB+/A-2 and on its primary subsidiary Regions Bank to BBB+/A-2 from A-/A-2.

The outlook is negative.

"The rating action follows our full review of Regions' asset quality, operating performance, capital position, liquidity, and business profile, among other factors," S&P analyst Robert Hansen said in a statement.

The downgrade also reflects recent weakening in operating performance, which is expected to continue in the next few quarters, according to the agency.

Regions' demonstrated ability in recent quarters to access the debt and equity markets as well as its strong business position also supports ratings, the agency said.

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