MOODY'S AFFIRMS RATINGS OF SUNTRUST BANKS (SENIOR AT A1) FOLLOWING PLANNED ACQUISITION OF WACHOVIA CORP.
Moody's Investor Service affirmed ratings of SunTrust Banks, Inc. (senior debt at A1), as well as the ratings of Wachovia Corporation and First Union Corporation, following SunTrust's unsolicited bid to acquire Wachovia. On April 14, Moody's had confirmed the credit ratings of both First Union Corporation and Wachovia Corporation (senior debt for both companies at A1) when the two companies had agreed to merge.
In affirming the ratings, Moody's said that it will continue to monitor developments with respect to the possible combinations. The rating agency reiterated that all three companies currently carry the same ratings.
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