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PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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I AGREE
Announcement:

Moody's Disclosures on Credit Rating of SunTrust Banks, Inc.

27 Apr 2012

New York, April 27, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on SunTrust Banks, Inc. and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for SunTrust Banks, Inc. and its affiliates.

Moody's current ratings on SunTrust Banks, Inc. and its affiliates are:

Long Term Issuer rating of Baa1

Senior Unsecured (domestic currency) ratings of Baa1

Subordinate (domestic currency) ratings of Baa2

Preferred Stock Non-cumulative (domestic currency) ratings of Ba1 (hyb)

Senior Unsecured Shelf (domestic currency) ratings of (P)Baa1

Subordinate Shelf (domestic currency) ratings of (P)Baa2

Junior Subordinate Shelf (domestic currency) ratings of (P)Baa3

Preferred Shelf (domestic currency) ratings of (P)Baa3

Commercial Paper (domestic currency) ratings of P-2

BACKED Senior Unsecured (domestic currency) ratings of Aaa

SunTrust Bank

Long Term Issuer rating of A3

Senior Unsecured (domestic and foreign currency) ratings of A3

Senior Unsecured Bank Note Program (domestic currency) ratings of (P)A3

Senior Unsecured MTN Program (domestic currency) ratings of (P)A3

Long Term Bank Deposits (domestic currency) ratings of A3

Long Term Other Senior Obligations ratings of A3

Bank Financial Strength ratings of C

Subordinate Bank Note Program (domestic currency) ratings of (P)Baa1

Subordinate (domestic currency) ratings of Baa1

Short Term Bank Note Program (domestic currency) ratings of (P)P-2

Short Term Bank Deposits (domestic currency) ratings of P-2

Other Short Term (domestic currency) ratings of (P)P-2

Short Term Other Senior Obligations ratings of P-2

SunTrust Capital I

BACKED Preferred Stock (domestic currency) ratings of Baa3 (hyb)

SunTrust Capital VIII

BACKED Preferred Stock (domestic currency) ratings of Baa3 (hyb)

SunTrust Capital IX

BACKED Preferred Stock (domestic currency) ratings of Baa3 (hyb)

SunTrust Capital X

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3

SunTrust Capital XI

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3

SunTrust Capital XII

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3

SunTrust Capital XIII

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3

SunTrust Capital XIV

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3

SunTrust Capital XV

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3

SunTrust Capital XVI

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3

SunTrust Capital XVII

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3

SunTrust Preferred Capital I

BACKED Preferred Stock (domestic currency) ratings of Ba1 (hyb)

SunTrust Real Estate Investment Corporation

Preferred Stock Non-cumulative (domestic currency) ratings of Baa3 (hyb)

RATING RATIONALE

We assign a bank financial strength rating (BFSR) of C to SunTrust's lead bank, SunTrust Bank. This rating continues to be supported by SunTrust's broad direct banking franchise in the Southeastern and Mid-Atlantic regions of the U.S. as well as by its diversified revenue base, healthy capital position and strong bank and bank holding company liquidity profile.

However, SunTrust's performance, particularly its earnings profile, has been weak, weighed down by its significant residential real estate concentration. That concentration has also resulted in an elevated level of nonperforming assets, though the bank's recent credit quality metrics have improved.

SunTrust's ratings also incorporate our expectation of moderate core pre-provision profitability, relative to its risk-weighted assets. This metric has been negatively impacted by credit-related expenses, such as OREO costs and mortgage repurchase expenses that continue to be material. These expenses will continue in 2012 and prevent SunTrust's earnings from reaching the levels enjoyed by similarly-rated peers that are not as concentrated in residential real estate. However, these expenses should not be of a magnitude that they would dent SunTrust's healthy capital position.

SunTrust's C BFSR translates into an A3 long-term deposit and senior debt rating at the bank and a Prime-2 short-term rating.

The holding company is rated Baa1 for senior debt.

- A valuable direct banking franchise in the Southeastern and Mid-Atlantic U.S. provides significant rating support

- Sizable, low-cost commercial and retail core deposit base

- Large residential real estate portfolio, a notable part of which is in Florida and other stressed Southeastern markets

- Risk-adjusted pre-provision profitability indicators, and the efficiency ratio, are modest compared with those of many regional

peers

Rating Outlook

The rating outlook is stable.

What Could Change the Rating -- Up

Sustained improvement in SunTrust's pre-provision profitability, likely driven by meaningful declines in its credit-related costs

and repurchase expenses, as well as a lasting reduction in nonperforming assets, including TDRs, could result in future upward

rating pressure.

What Could Change the Rating -- Down

Since SunTrust's primary credit challenge remains its exposure to U.S. residential real estate, a scenario where housing values remain under pressure would raise its costs and weaken its earnings. To the extent that SunTrust's capital position would also weaken in that environment, negative rating pressure could result.

The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methdology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Allen H. Tischler
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Franklyn Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Disclosures on Credit Rating of SunTrust Banks, Inc.
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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