Fitch Takes Rating Actions on Large Regional Banks Following Peer Review
--BB&T Corporation (BBT);
--Capital One Financial Corporation (COF);
--Citizens Financial Group (CFG);
--Comerica Incorporated (CMA);
--Fifth Third Bancorp (FITB);
--Huntington Bancshares Inc. (HBAN);
--Keycorp (KEY);
--MUFG Americas Holding Corporation (MUAH);
--PNC Financial Services Group (PNC);
--Regions Financial Corporation (RF);
--Wells Fargo & Company (WFC);
--Zions Bancorporation (ZION).
Fitch took rating actions on FITB, RF, and ZION.
Fitch revised FITB's Rating Outlook to Negative from Stable, reflecting a financial profile, particularly earnings, that is no longer differentiated from its lower rated peers.
WFC's Rating Outlook was revised to Negative from Stable reflecting potential damage to the firm's franchise and earnings profile following the recent regulatory actions regarding improper unauthorized account openings.
Conversely, the Rating Outlooks for both RF and ZION were revised to Positive from Stable driven by an improving overall credit profile in the case of RF, and for ZION, due to the sustained execution of strategic initiatives.
Fitch has published Rating Action Commentaries for each of the large regional banks, which are available on www. fitchratings. com. These include each issuer's key rating drivers and rating sensitivities and lists of all rating actions taken.
For further discussion of the large regional bank sector in general, refer to the special report titled 'Large Regional Bank Periodic Review: Well Situated for Uncertainty Ahead,' to be published shortly.
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