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Rating Action:

Moody's downgrades SunTrust (sr to A1 from Aa3); outlook is stable

03 Sep 2008
Moody's downgrades SunTrust (sr to A1 from Aa3); outlook is stable

New York, September 03, 2008 -- Moody's Investors Service downgraded the ratings of SunTrust Banks, Inc. and its subsidiaries. SunTrust was lowered to A1 from Aa3 for senior debt. The lead bank, SunTrust Bank, was lowered to B from B+ for bank financial strength and to Aa3 from Aa2 for long-term deposits. The Prime-1 short-term rating at both the bank and the holding company were affirmed. Following the rating action, the outlook on SunTrust and its subsidiaries is stable. This concludes Moody's review for possible downgrade that began on July 30, 2008.

Historically, Moody's considered SunTrust's business model to be relatively low risk. This helped offset SunTrust's low risk-adjusted profitability metrics, which have not compared favorably with U.S. banks rated B+ for financial strength for some time. The downgrade reflects recent asset quality deterioration, combined with Moody's expectation of further credit quality challenges, which reveal a credit profile more consistent with a B bank financial strength rating.

Notwithstanding the downgrade, Moody's noted that SunTrust has a strong direct banking franchise in the Southeastern U.S. and a good liquidity profile at both the bank and bank holding company levels, attributes that help support SunTrust's rating.

SunTrust's business mix, and its geographic concentrations, particularly in Florida, have influenced its asset quality issues. Specifically, SunTrust has sizable residential mortgage, home equity and commercial real estate exposures, asset classes that have been impacted by the downturn in housing. That downturn has been most pronounced in formerly 'hot' markets such as Florida where SunTrust has a large presence. Moody's notes that SunTrust has reduced its Florida exposures over the past two years, but its Florida portfolio, particularly in housing-related credits, remains large and will result in further losses, in Moody's view.

Moody's has evaluated SunTrust's capital position in the context of these loss expectations. Given the recent Coca-Cola (KO) stock transactions, and Moody's consideration of SunTrust's future earnings, the rating agency anticipates that SunTrust's capital position is unlikely to be significantly strained in the near-term. That conclusion assumes management would reduce its fairly heavy dividend burden, or otherwise enhance its capital, in an environment where credit losses materially climb from their current elevated levels. This view supports the stable rating outlook.

Downgrades:

..Issuer: Crestar Capital Trust I

....Preferred Stock Preferred Stock, Downgraded to A2 from A1

..Issuer: Crestar Financial Corporation

....Subordinate Regular Bond/Debenture, Downgraded to A2 from A1

..Issuer: National Commerce Capital Trust I

....Preferred Stock Preferred Stock, Downgraded to A2 from A1

..Issuer: National Commerce Capital Trust II

....Preferred Stock Preferred Stock, Downgraded to A2 from A1

..Issuer: National Commerce Financial Corporation

....Issuer Rating, Downgraded to A1 from Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)A3 to (P)A1 from a range of (P)A2 to (P)Aa3

..Issuer: SunTrust Bank

....Bank Financial Strength Rating, Downgraded to B from B+

....Issuer Rating, Downgraded to Aa3 from Aa2

....OSO Senior Unsecured OSO Rating, Downgraded to Aa3 from Aa2

....Multiple Seniority Bank Note Program, Downgraded to a range of A1 to Aa3 from a range of Aa3 to Aa2

....Subordinate Regular Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Deposit Note/Takedown, Downgraded to Aa3 from Aa2

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa3 from Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Unsecured Deposit Rating, Downgraded to Aa3 from Aa2

..Issuer: SunTrust Banks, Inc.

....Issuer Rating, Downgraded to A1 from Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)A3 to (P)A1 from a range of (P)A2 to (P)Aa3

....Preferred Stock Preferred Stock, Downgraded to A3 from A2

....Subordinate Regular Bond/Debenture, Downgraded to A2 from A1

....Subordinate Shelf, Downgraded to (P)A2 from (P)A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: SunTrust Capital I

....Preferred Stock Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

..Issuer: SunTrust Capital III

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

..Issuer: SunTrust Capital IX

....Preferred Stock Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

..Issuer: SunTrust Capital V

....Preferred Stock Preferred Stock, Downgraded to A2 from A1

..Issuer: SunTrust Capital VI

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

..Issuer: SunTrust Capital VIII

....Preferred Stock Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: SunTrust Capital X

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

..Issuer: SunTrust Capital XI

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

..Issuer: SunTrust Capital XII

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

..Issuer: SunTrust Capital XIII

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

..Issuer: SunTrust Capital XIV

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

..Issuer: SunTrust Capital XV

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

..Issuer: SunTrust Preferred Capital I

....Preferred Stock Preferred Stock, Downgraded to A3 from A2

..Issuer: SunTrust Real Estate Investment Corporation

....Preferred Stock Preferred Stock, Downgraded to A1 from Aa3

Outlook Actions:

..Issuer: Crestar Capital Trust I

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

..Issuer: Crestar Financial Corporation

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

..Issuer: National Commerce Capital Trust I

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

..Issuer: National Commerce Capital Trust II

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

..Issuer: National Commerce Financial Corporation

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

..Issuer: SunTrust Bank

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

..Issuer: SunTrust Banks, Inc.

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

..Issuer: SunTrust Capital I

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

..Issuer: SunTrust Capital III

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

..Issuer: SunTrust Capital IX

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

..Issuer: SunTrust Capital V

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

..Issuer: SunTrust Capital VI

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

..Issuer: SunTrust Capital VIII

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

..Issuer: SunTrust Capital X

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

..Issuer: SunTrust Capital XI

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

..Issuer: SunTrust Capital XII

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

..Issuer: SunTrust Capital XIII

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

..Issuer: SunTrust Capital XIV

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

..Issuer: SunTrust Capital XV

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

..Issuer: SunTrust Real Estate Investment Corporation

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

SunTrust Banks, headquartered in Atlanta, GA reported assets of $177 billion as of June 30, 2008.

New York
Robert Young
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Allen H. Tischler
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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