Fitch ups First Horizon to positive

Fitch affirmed First Horizon Corp.’s and First Horizon Bank's long- and short-term issuer default ratings at BBB and F2, respectively, and has affirmed the entities' viability ratings at bbb.

The rating outlook has been revised to positive from stable.

The affirmation and revision of the rating outlook to positive from stable reflects Fitch's view that the company’s recent acquisitions will likely result in a stronger banking franchise. First Horizon completed its merger of equals with Iberiabank Corp. on July 1, 2020, which added roughly $30 billion in assets.

Although the integration of Iberiabank is well underway, Fitch believes integration risks remain elevated around talent and respective cultures, as well as risk and compliance frameworks and associated governance, technology, policies and procedures.

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