Actions conclude methodology-related reviews
NOTE: On July 29, 2015, the list of affected credit ratings accessible via hyperlink from this press release was corrected as follows: the Popular, Inc.’s New Rating Outlook and New Issuer Outlook rating was changed to Negative from Stable.
New York, May 14, 2015 -- Moody's Investors Service has concluded its rating reviews on 60
US regional banks and three custodian banks. These reviews were
initiated on 17 March 2015 (see press release at https://www.moodys.com/research/Moodys-reviews-global-bank-ratings--PR_321005),
following the publication of Moody's new bank rating methodology.
(Moody's has not concluded its reviews on five large US global investment
banks -- Bank of America Corporation, Citigroup Inc.,
JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs
Group, Inc. Moody's expects to conclude the reviews
on these and other non-US global investment banks in the first
half of 2015.)
Among the rating actions on the US banking groups that Moody's has
taken are the following:
- 62 long-term bank deposit ratings upgraded, of which
10 remain on review for upgrade
- 31 short-term bank deposit ratings upgraded, 30
affirmed and one confirmed
- 38 bank issuer/senior unsecured debt ratings downgraded,
five affirmed, two upgraded, two confirmed, nine remaining
on review for downgrade and one remaining on review with direction uncertain
- 54 baseline credit assessments (BCAs) affirmed, five downgraded,
one upgraded, one confirmed and one remaining on review for upgrade
In addition, of the 32 banking groups with rated holding company
senior unsecured debt, 24 ratings were affirmed, three were
upgraded, two were downgraded, two were confirmed and one
remains on review for upgrade.
Moody's has also assigned Counterparty Risk (CR) assessments to
the bank subsidiaries of 62 US banking groups, in line with its
new bank methodology.
For its own business reasons, Moody's has withdrawn the outlooks
for all of the junior instrument ratings for the banking groups covered
in this press release. Most of the banks' subordinated debt
ratings were affirmed and most of the holding companies' subordinated
debt and hybrid securities ratings were upgraded as part of this rating
action. For more information, please refer to "Moody's
Investors Service's Policy for Withdrawal of Credit Ratings,"
available at moodys.com.
Outlooks, which provide an opinion on the likely rating direction
over the medium term, are now assigned only to long-term
deposit and issuer/senior unsecured debt ratings. Moody's
has assigned stable outlooks to the long-term deposit ratings of
47 of the affected banks, negative outlooks to three and positive
outlooks to two. Moody's has assigned stable outlooks to
the bank issuer/senior unsecured debt ratings of 43 of the affected banks,
negative outlooks to two and positive outlooks to two.
Please click on this http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181169
for the List of Affected Credit Ratings. This list is an integral
part of this Press Release and identifies each affected issuer.
RATINGS RATIONALE
The new methodology includes a number of elements that Moody's has
developed to help accurately predict bank failures and determine how each
creditor class is likely to be treated when a bank fails and enters resolution.
These new elements capture insights gained from the crisis and the fundamental
shift in the banking industry and its regulation.
In light of the new banking methodology, Moody's rating actions
generally reflect the following considerations: (1) the "Very
Strong -" macro profile of the US; (2) the banks'
strong core financial ratios; (3) the protection offered to depositors
compared to senior creditors, owing to depositor preference and
substantial deposit funding, as captured by Moody's Advanced
Loss Given Failure (LGF) liability analysis; and (4) the likelihood
of government support for these institutions.
1) The "Very Strong -" macro profile of the US
The US banks benefit from operating in an environment with a very high
degree of economic, institutional and government financial strength,
and low susceptibility to event risk. Funding conditions benefit
from the long-established Federal Home Loan Banking system,
which is a proven, stable source of alternative secured funding
for banks even in times of stress. Moody's view of the US
operating environment also considers the high level of consumer debt and
the system's periodic real estate asset bubbles, which weaken
banks' credit conditions. Additionally, the stability
of the banking system is periodically undermined by aggressive underwriting,
as banks compete with a large, well-entrenched shadow banking
system.
2) The banks' strong core financial ratios
The US banks' BCAs (median a3) also take into account their strong
core financial ratios, including aggregate low problem loan ratios,
respectable profitability ratios and strong liquidity metrics.
The differences in BCAs reflect long-term execution in business
plans, which has resulted in differences in performance volatility
and in the banks' geographic reach, and sector and single
name concentrations. (See below for the analytical considerations
for some of the individual banks covered in this press release.)
3) Protection offered to depositors compared to senior and other creditors,
as captured by Moody's Advanced LGF liability analysis
Because of the US operational resolution regime, Moody's applies
its Advanced LGF analysis to US banks' liability structures under
its new methodology. This analysis results in a "very low"
loss given failure for US long-term deposits, in light of
depositor preference and substantial deposit funding, as well as
the protection offered by the amount of debt subordinated to deposits
within banking groups, and has led to deposit rating upgrades for
all of the US banks covered in this press release.
In contrast, banks' senior debt ratings were generally downgraded
because of low volumes of senior debt and limited amounts of securities
subordinated to it, reflecting a high expected loss severity in
the event of resolution.
For more information on Moody's LGF analysis, please see Moody's
"Banking -- Global How Resolution Frameworks Drive Our Creditor
Hierarchies" at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1003760
(in addition to the methodology itself).
4) Low likelihood of government support
Generally, US bank ratings do not benefit from Moody's assumption
of government support. Of the banks covered by today's announcement,
the deposit ratings of three banking groups and the senior debt ratings
of one bank were the only ratings positively affected by Moody's
government support assumptions.
THE MOST COMMON RATING OUTCOME
Moody's affirmed the adjusted BCAs of the following 37 banking groups
and upgraded their deposit ratings by two notches, but downgraded
their rated bank issuer/senior unsecured debt ratings by one notch.
Moody's also affirmed the rated senior bank holding company debt
of the institutions in this group.
Moody's LGF analysis, which drove these rating actions,
resulted in a "very low" loss given failure for long-term
deposits, given depositor preference and substantial deposit funding,
as well as the protection offered by the amount of debt subordinated to
deposits in the banking group. In contrast, banks'
senior debt ratings were generally downgraded because of low volumes of
senior debt and limited amounts of securities subordinated to it,
reflecting high expected loss severity in the event of resolution.
Bank senior debt ratings are now generally aligned with bank holding company
senior debt ratings, the latter of which were largely unaffected.
Amarillo National Bancorp, Incorporated
American Savings Bank, FSB
Associated Banc-Corp
Banco Santander Puerto Rico
BancWest Corporation
BankUnited, Inc.
BBVA Compass Bancshares, Inc.
BMO Financial Corp.
BMW Bank of North America
BOK Financial Corporation
Citizens Financial Group, Inc.
City National Corporation
Comerica Incorporated
F.N.B. Corporation
First Horizon National Corporation
First Midwest Bancorp, Inc.
First National of Nebraska, Inc.
First Niagara Financial Group, Inc.
First Republic Bank
First-Citizens Bank & Trust Company
FirstMerit Corporation
Fulton Financial Corporation
Hancock Holding Company
INTRUST Financial Corporation
Northern Trust Corporation
Old National Bancorp
People's United Financial Inc.
Santander Holdings USA, Inc.
SunTrust Banks, Inc.
SVB Financial Group
TCF Financial Corporation
TD Bank US Holding Company
Texas Capital Bancshares, Inc.
U.S. Bancorp
United Bankshares, Inc.
Webster Financial Corporation
Zions Bancorporation
OTHER RATING OUTCOMES
- Ten banking groups whose bank deposit and senior debt ratings
were kept on review
American Express Company
Capital One Financial Corporation
Discover Financial Services
Fifth Third Bancorp
Huntington Bancshares Incorporated
KeyCorp
M&T Bank Corporation
MUFG Americas Holdings Corporation
PNC Financial Services Group Inc.
Susquehanna Bancshares Inc.
The long-term deposit ratings of these banking groups were upgraded
by two notches and kept on review for upgrade. Except for Susquehanna,
the banks' senior debt ratings were kept on review for downgrade.
Susquehanna's bank senior debt rating was kept on review with direction
uncertain pending the announced acquisition by BB&T Corporation.
The reviews on the other nine banks will focus on the evolution of their
balance sheets over the next few months, to see whether any changes
in liability structures lead to an above-average uplift to the
banks' deposit and senior debt ratings under Moody's Advanced
LGF framework. Moody's expects to conclude these extended
reviews by mid-September 2015.
- Three banking groups that benefit from Moody's government
support assumptions
Wells Fargo & Company
The Bank of New York Mellon Corporation
State Street Corporation
For these three banking groups, Moody's assumes a going-concern
resolution under which their bank subsidiaries would continue to operate
while their holding companies would be placed into receivership by the
Federal Deposit Insurance Corporation. This emerging framework,
known as Single Point of Entry, is the Federal Deposit Insurance
Corporation's approach to implementing Title II of the Dodd Frank
Act. As such, Moody's advanced LGF framework assumes
losses post-failure of 8% of tangible banking assets for
those firms given the lower expected losses associated with a going-concern
resolution, as opposed to 13% of tangible banking assets
for the other US regional and custody banks assuming a liquidation,
which results in different rating notching compared with a typical regional
bank.
In addition, Moody's ascribes various levels of government
support to all three banks. Specifically, Moody's expects
a moderate probability of government support for deposits, bank-level
senior debt and operating obligations at both Wells Fargo and Bank of
New York Mellon. On the other hand, Moody's ascribes
a moderate probability of support for State Street's operating obligations,
but a low probability of support for State Street's deposits and
bank-level senior debt, with the difference between the two
large global custodians being Bank of New York Mellon's prominence
in the tri-party repo market.
Based on these assumptions, Wells Fargo's bank deposit rating
was upgraded to Aa1, which is four notches above its a2 BCA.
Its senior bank debt was upgraded to Aa2, or three notches above
its BCA. Wells Fargo's A2 holding company senior debt rating
was affirmed, as were the Prime-1 short-term obligation
ratings at both the bank and holding company. The outlook on Wells
Fargo's ratings is stable.
Bank of New York Mellon's bank deposit rating was upgraded to Aa1,
which is three notches above its a1 BCA. Its senior bank debt was
affirmed at Aa2, or two notches above its BCA. Bank of New
York Mellon's A1 holding company senior debt rating was also affirmed,
as were the Prime-1 short-term obligation ratings at both
the bank and holding company. However, Moody's review
for upgrade on the Aa2 long-term deposit ratings at Bank of New
York Mellon's European subsidiaries, The Bank of New York
Mellon SA/NV and The Bank of New York Mellon (Lux.) S.A.,
continues, pending the receipt and analysis of the entities'
audited year-end 2014 financial statements. In addition,
the Aa2 issuer ratings of The Bank of New York Mellon (Lux.) S.A.
and its Italian branch were placed on review for downgrade, as Moody's
considers whether the severity of loss for non-deposit creditors
under a European resolution will be greater than implied by the current
ratings. If the ratings are downgraded, the downgrade will
likely be limited to one notch. Moody's outlook on the ratings
of all other entities in the Bank of New York Mellon family is stable.
State Street's bank deposit rating was upgraded to Aa2, which
is two notches above its a1 BCA. However, its senior bank
debt rating was downgraded to A1, which matches its BCA, and
its holding company senior debt rating was downgraded to A2, one
notch below its BCA. State Street's Prime-1 short-term
obligation ratings at both the bank and holding company were affirmed.
The outlook on State Street's ratings is stable.
- One banking group whose adjusted BCA was lowered
HSBC USA Inc.
Moody's affirmed the baa2 BCA of HSBC USA Inc.'s bank
subsidiary, HSBC Bank USA, N.A., but lowered
the adjusted BCA to a2 from a1. Moody's reduced the rating
benefit that HSBC Bank USA receives from its ultimate parent, HSBC
Holdings plc (Aa3 on review for downgrade). Moody's did not
reduce its very high parental support assumption, but believes that
a three-notch lift, as opposed to the previous very high
four-notch lift, better represents this support assumption.
This support assumption is based on HSBC USA's key role in the delivery
of products and services to the HSBC group's global clients, as
well as the parent's demonstrated willingness to support HSBC USA
in recent years, in the form of periodic capital contributions.
As a result of its LGF analysis, Moody's upgraded the bank's
long-term deposit rating to Aa2 (three notches above the adjusted
BCA) and its senior unsecured debt rating to Aa3 (two notches above the
adjusted BCA). The outlook on the ratings is stable.
- One banking group whose BCA was confirmed
BB&T Corporation
Moody's confirmed BB&T Corporation's a1 BCA. The
confirmation reflects BB&T's longstanding and embedded risk
discipline, which manifests itself in (1) a very granular loan portfolio,
(2) minimal leveraged lending exposure, (3) an avoidance of overheated
markets and (4) a healthy level of recurring profitability. The
confirmation of the BCA, combined with a wholesale funding structure
weighted towards long-term unsecured debt, results in above-average
uplift to BB&T's bank deposit and senior debt ratings under
Moody's Advanced LGF framework. BB&T's bank deposit
rating was upgraded to Aa1, which is three notches above its a1
BCA, and its senior bank debt was confirmed at A1, which matches
its BCA. BB&T's holding company senior debt was confirmed
at A2, one notch below its BCA. BB&T's Prime-1
short-term rating at the bank was affirmed and its holding company
Prime-1 short-term rating was confirmed..
The outlook on all of the ratings is stable.
- One banking group whose BCA was upgraded
Regions Financial Corporation
Moody's raised to baa2 from baa3 the standalone BCA of Regions Bank
in light of the bank's enhanced risk management infrastructure and
a decline in asset concentrations. Regions has strengthened its
risk management personnel and reorganized and enhanced its committee structures
over the past several years, with the aim of improving its long-term
risk profile by successfully lowering its asset concentrations.
Nonetheless, Regions still faces earnings pressure because of the
protracted low interest rate environment. The effectiveness of
Regions' risk management in containing a rebuilding of asset risk will
be a key driver of any future positive rating actions. Conversely,
signs of weakening in underwriting discipline, such as loan growth
that outpaces market opportunities or an increase in risk appetite for
high-risk assets, could lead to negative rating actions.
Regions' long-term deposit rating is A3 (two notches above
its BCA), its short-term deposit rating is P-2,
and its long-term issuer rating is Baa3 (one notch below the BCA),
which is the standard rating configuration for a core deposit-funded
US regional bank. Regions Financial Corporation's senior
debt and long-term issuer ratings are Baa3 (one notch below the
BCA). The outlook on all of the ratings is stable.
- Five banking groups whose BCAs were downgraded
Astoria Financial Corporation
Moody's lowered to baa2 from baa1 the standalone BCA of Astoria
Bank, in light of the bank's inferior profitability,
which is due to protracted low interest rates and a shrinking balance
sheet, the latter being driven by its diminishing residential mortgage
portfolio (primarily jumbo hybrid ARMs). This portfolio will continue
to dwindle, given that a meaningful increase in interest rates is
unlikely. Moreover, execution risk remains, as the
company continues to build its commercial banking franchise (especially
in multifamily lending). These risks are partially offset by the
company's high capitalization and sound asset quality. Astoria
Bank's long-term deposit rating is A3 (two notches above
its BCA) and its issuer rating is Baa3 (one notch below the BCA),
which is the standard rating configuration for a core deposit-funded
US regional bank. The bank's short-term rating is
Prime-2. The outlook on all of the ratings is stable.
Bank of Hawaii Corporation
Moody's lowered to a1 from aa3 the standalone BCA of Bank of Hawaii
because of the bank's nearly total business concentration in Hawaii.
The bank is vulnerable to local economic downturns, especially in
the residential real estate market where it is concentrated. The
a1 BCA reflects the bank's conservative underwriting and growth
strategy in addition to its leading market position, and robust
financial metrics. Bank of Hawaii's long-term deposit
rating is Aa2 (two notches above its BCA) and its issuer rating is A2
(one notch below the BCA), which is the standard rating configuration
for a core deposit-funded US regional bank. The bank's
short-term rating is Prime-1. The outlook on all
of the ratings is stable.
Commerce Bancshares, Inc.
Moody's lowered to a1 from aa3 the standalone BCA of Commerce Bank
because of the bank's loan and deposit concentrations in the Kansas
City and St. Louis metropolitan areas. Commerce Bank's
a1 BCA, which remains one of the highest among Moody's-rated
US banks, reflects its conservative risk culture, longstanding
stable earnings and strong capitalization and liquidity. Its geographic
concentration is partially offset by significant business line diversity
for a bank its size and sizeable non-interest income (which constituted
approximately 39% of total net revenues, on average,
during 2010-14). Commerce Bank's long-term
deposit rating is Aa2 (two notches above its BCA) and its issuer rating
is A2 (one notch below the BCA), which is the standard rating configuration
for a core deposit-funded US regional bank. The bank's
short-term rating is Prime-1. The outlook on all
of the ratings is stable.
Cullen/Frost Bankers, Inc.
Moody's lowered to a1 from aa3 the standalone BCA of Frost Bank,
in response to its business concentration in San Antonio and wholesale
banking in Texas, especially its energy-related exposures.
The a1 BCA reflects Frost Bank's conservative risk culture,
strong credit loss history and strong liquidity profile. However,
its energy exposure constitutes a sizeable 16% of its loan portfolio.
Frost Bank has, throughout numerous cycles, successfully participated
in the energy sector. One of its portfolio's strengths is
that a large portion of the energy exposures consists of reserve-based
loans that are secured by proven, developed and producing reserves.
Frost Bank's long-term deposit rating is Aa2 (two notches
above its BCA) and its issuer rating is A2 (one notch below the BCA),
which is the standard rating configuration for a core deposit-funded
US regional bank. The bank's short-term rating is
Prime-1. The outlook on all of the ratings is stable.
New York Community Bancorp, Inc.
Moody's lowered to baa1 from a3 the standalone BCA of New York Community
Bank (NYCB), because of NYCB's significant commercial real
estate concentration, which constitutes a very high percentage of
its loans, as well as a high reliance on wholesale funding compared
with its regional bank peers. Mitigating factors include the fact
that over half of the portfolio is New York-based multifamily loans,
where the company has an excellent asset quality record given its longstanding
sound underwriting practices for that asset class. Furthermore,
the bank's profitability has been stable because of consistently
low credit losses. NYCB long-term deposit rating is A2 (two
notches above its BCA), which is the standard rating configuration
for a core deposit-funded US regional bank, and its short-term
deposit rating is P-1. New York Community Bancorp's
long-term issuer is Baa2. The outlook is stable.
- Two banking groups whose outlooks were changed to stable from
negative
Citizens Financial Group, Inc.
Moody's affirmed the a3 BCAs of Citizens Financial Group,
Inc.'s bank subsidiaries, Citizens Bank, N.A.
and Citizens Bank of Pennsylvania. As a result of its LGF analysis,
Moody's upgraded the banks' long- and short-term
deposit ratings to A1/P-1 from A3/P-2, but downgraded
the banks' issuer ratings to Baa1 from A3. The rating outlook
was changed to stable. Although the banks' profitability
remains weaker than that of similarly rated peers, Moody's
has observed no material change in their risk profiles as they have become
fully independent from ownership by Royal Bank of Scotland Group plc (Baa2
on review for downgrade) and seek to satisfy their new public shareholders.
The current ratings reflect the banks' high capital ratios and solid asset
quality compared with that of peers.
M&T Bank Corporation
Moody's changed to stable from negative the outlook on the ratings
on M&T Bank Corporation (MTB) and its subsidiaries. Regardless
of the outcome of the pending acquisition of Hudson City Bancorp,
Inc. (HCBK; unrated), which was announced in August
2012, MTB will maintain its strong credit profile. Execution
risk related to the potential acquisition remains but is partially mitigated
by (1) MTB's proven track record of acquiring and integrating banks,
some of which have been sizeable; (2) HCBK's relatively simple
thrift business model; and (3) MTB's familiarity with the New Jersey
market, where it has been a lender for over 25 years.
In Moody's view, if the acquisition were to fall through,
MTB would maintain its current credit profile. MTB's current ratings
reflect the bank's strong asset quality performance, diversified
regional consumer and commercial banking franchise, and improved
capital and liquidity profiles. Manufacturers and Traders Trust
Company's long-term deposit rating is Aa3 (on review for
upgrade) and its issuer rating is A2 (on review for downgrade).
The bank's short-term deposit rating is Prime-1.
- Four banking groups whose bank issuer ratings were affirmed
E*TRADE Bank
First BanCorp
Popular Inc.
Synovus Financial Corporation
For these four banking groups, Moody's upgraded their deposit
ratings by two notches and affirmed their bank issuer ratings.
Prior to today's rating actions, these issuer ratings were
positioned one notch below the banks' BCAs because they are non-investment
grade. The current rating configuration is based upon the application
of Moody's Advanced LGF liability analysis.
- National Penn Bancshares, Inc.'s Baa2 senior
debt rating was affirmed
- Moody's upgraded SLM Corporation's cumulative preferred
stock rating to B1(hyb) from B3(hyb) and non-cumulative preferred
stock rating to B2(hyb) from Caa1(hyb) based upon the application of Moody's
Advanced LGF liability analysis.
RATIONALE FOR COUNTERPARTY RISK ASSESSMENTS
Moody's has also assigned CR assessments to US banks. CR
assessments are opinions of how counterparty obligations are likely to
be treated if a bank fails, and are distinct from debt and deposit
ratings in that they (1) consider only the risk of default rather than
the likelihood of default and the expected financial loss incurred in
the event of default and (2) apply to counterparty obligations and contractual
commitments rather than debt or deposit instruments. The CR assessment
is an opinion of the counterparty risk related to a bank's covered
bonds, contractual performance obligations (servicing), derivatives
(e.g., swaps), letters of credit, guarantees
and liquidity facilities.
Moody's CR assessments for banks subject to liquidation or receivership
resolution in an operational resolution regime, which includes all
Title I US banks, are positioned one notch above the adjusted BCA.
For banks subject to a going-concern resolution in an operational
resolution regime, which include The Bank of New York Mellon Corporation,
State Street Corporation and Wells Fargo & Company, Moody's
uses an Advanced LGF approach that takes into account the level of subordination
in the bank's liability structure and an assumption of government
support.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Upward rating momentum on any of the 63 banks could develop from (1) a
reduction in concentration risk, (2) a sustained improvement in
profitability and (3) materially stronger capital positions.
Downward rating pressure could emerge if (1) credit underwriting standards
deteriorate noticeably, (2) current revenue and profitability pressures
intensify and (3) macroeconomic environment deteriorates such that unemployment
rises and the US real estate market weakens.
PRINCIPAL METHODOLOGIES
The principal methodology used in these ratings was Banks published in
March 2015. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain 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 certain 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 certain 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.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
The ratings of rated entity National Penn Bancshares, Inc.
were initiated by Moody's and were not requested by this rated entity.
This rated entity (National Penn Bancshares, Inc.) or related
third parties did not participate in the rating process. Moody's
was not provided, for purposes of the rating, access to books,
records and other relevant internal documents of the rated entity or related
third party.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the
lead analyst and the Moody's legal entity that has issued the ratings.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
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.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Joseph B Pucella
VP - Senior Credit Officer
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 concludes reviews on 63 US banks' ratings
