Fitch lowers Zions

Fitch Ratings said it has downgraded the ratings of Zions BanCorp. and its subsidiary banks, including their long and short-term issuer default rating, to BBB and F2, respectively.

The ratings are removed from rating watch, where they were placed on April 23, the agency added.

The outlook is negative.

Fitch added that Zions has continued to contend with asset quality issues primarily centered in its construction and land development portfolio as well as impairments related to its relatively large holdings of bank and other trust preferred collateralized debt obligations in the investment securities portfolio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.