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Moody's may lower Regions
Moody's Investors Service said it placed the ratings of Regions Financial Corp. (senior at A3, short-term Prime-2) and its subsidiaries, including its lead bank, Regions Bank (bank financial strength C+, long-term deposits A2, short-term deposits Prime-1), under review for possible downgrade.
These actions had no impact on the FDIC-guaranteed debt issued by Regions Bank, which remains at Aaa with a stable outlook, the agency added.
During its review, Moody's said it will further analyze the potential loss content in Regions' loan portfolio.
In particular, Regions is significantly exposed to residential homebuilders in the Southeast, and this portfolio substantially deteriorated in the first quarter of 2009, Moody's added.
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