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Rating Action:

Moody's Reviews Zions for Downgrade (Holdco Snr at A2)

20 Nov 2007
Moody's Reviews Zions for Downgrade (Holdco Snr at A2)

New York, November 20, 2007 -- Moody's Investors Service placed the ratings of Zions Bancorporation (senior at A2) and its affiliates, including its lead bank, Zions First National Bank (financial strength at B- and long term bank deposits at A1) under review for possible downgrade. The Prime-1 ratings at Zions' subsidiary banks were affirmed by Moody's.

Moody's said the review will focus on the extent to which a further downturn in Zions' commercial real estate (CRE) portfolio would impact the Company's profitability and capital metrics. The action reflects the deteriorating trend in Zions' asset quality indicators coupled with the bank's sizable concentration in CRE, residential construction and land loans in particular. Although nonperforming assets as a percentage of tangible common equity plus reserves remain a manageable 7.4%, Zions faces a challenging residential housing market, particularly given its presence in some of the more troubled Western markets.

Zions' third quarter results were negatively affected by a tripling of the provision from the second quarter of 2007 to $55 million. The increased provision reflects continued weakening in residential construction and development sectors in Arizona, Southern California and Nevada, which in total account for 16% of Zions' CRE portfolio. Net charge-offs and nonperforming assets also doubled in the third quarter, again reflecting the continued weakening in residential construction and land values in the Southwest.

These events underscore Moody's previously noted concern that Zions has a significant CRE exposure that accounts for over 4.5 times tangible common equity, with construction lending comprising nearly 2/3 of CRE (absent owner-occupied). A lower rating could result from the view that the company could suffer disproportionately higher losses in a severe market correction than those like-rated entities with lower exposures.

On Review for Possible Downgrade:

..Issuer: Amegy Bank National Association

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B-

....Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Amegy Corporation

....Issuer Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: California Bank & Trust

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B-

....Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Nevada State Bank

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B-

....Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Zions Bancorporation

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: Zions Capital Trust B

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

..Issuer: Zions Capital Trust C

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A3

..Issuer: Zions Capital Trust D

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A3

..Issuer: Zions First National Bank

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B-

....Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Zions Institutional Capital Trust A

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

Outlook Actions:

..Issuer: Amegy Bank National Association

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Amegy Corporation

....Outlook, Changed To Rating Under Review From Stable

..Issuer: California Bank & Trust

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Nevada State Bank

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Zions Bancorporation

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Zions Capital Trust B

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Zions Capital Trust C

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Zions Capital Trust D

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Zions First National Bank

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Zions Institutional Capital Trust A

....Outlook, Changed To Rating Under Review From Stable

Zions, headquartered in Salt Lake City, UT, had assets of $50 billion as of September 30, 2007.

New York
Gregory W. Bauer
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Gregory Frank
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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