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Related Issuers
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Rating Action:

Moody's downgrades U.S. regional banks' supported ratings

01 Nov 2010

New York, November 01, 2010 -- Moody's Investors Service today announced that it has downgraded the ratings of 10 large U.S. regional banks after reducing its government support assumptions for these entities. The affected entities, whose ratings were placed on review for possible downgrade on July 27, 2010, had benefited from Moody's support assumptions since 2009.

The banks affected by this action are subsidiaries of the following 10 holding companies, listed alphabetically. The list below includes the current bank-level deposit ratings following the removal of support. A detailed list of rating actions is provided at the end of this release.

BB&T Corporation -- bank deposits to Aa3 from Aa2

Capital One Financial Corporation -- bank deposits to A3 from A2

Fifth Third Bancorp -- bank deposits to A3 from A2

KeyCorp -- bank deposits to A3 from A2

PNC Financial Services Group, Inc. -- bank deposits to A2 from A1

Popular, Inc. -- bank deposits to Baa3 from Baa2

Regions Financial Corporation -- bank deposits to Baa3 from Baa1

SunTrust Banks, Inc. -- bank deposits to A3 from A2

U.S. Bancorp -- bank deposits to Aa2 from Aa1

Zions Bancorporation -- bank deposits to Ba3 from Ba2

Additionally, as a result of the reduced support assumptions, the ratings outlook on the subsidiaries of American Express Company was changed.

These issuers' guaranteed debt obligations issued under the FDIC's TLGP program were unaffected by today's actions and remain Aaa.

Rating Rationale

"The downgrades reflect our view that the likelihood of government support for these 10 institutions is lower now that the U.S. banking system has moved beyond the depths of the financial crisis," said Robert Young, Managing Director for Moody's North American Bank Ratings. "The failure of any one of these banks therefore would be unlikely to trigger contagion and systemic risk."

In passing the Dodd-Frank Wall Street Reform and Consumer Protection Act this summer, the government signaled its intent to limit support for individual banks. This contrasts with its stance in early 2009, when it stated that support would be forthcoming for large regional banks that could not raise sufficient capital to satisfy government requirements under the Supervisory Capital Assessment Program (SCAP).

In reviewing its support assumptions, Moody's took into account the government's existing TARP investments in six large regional banks (Fifth Third, KeyCorp, Popular, Regions, SunTrust, and Zions). "Although the TARP investments are significant, all of these banks are currently devising plans to repay the government and are unlikely to keep the TARP in place over the long term," Young noted. The probability that the government would support any one of these institutions through a TARP conversion is therefore limited.

Specific Bank Actions Differ

BB&T: Moody's removed its assumption of support and placed BB&T's long-term ratings on review for further downgrade. During its review of BB&T's stand-alone credit strength, Moody's will focus on BB&T's ability to maintain its core pre-provision, pre-tax earnings in a still-challenging environment for U.S. banks, while assessing the risks associated with its above-average loan growth outside of commercial real estate as it shifts its portfolio away from that troubled asset class. Moody's will also consider the likely pace of further reductions in BB&T's sizable portfolio of foreclosed properties.

In the event of a downgrade, a one-notch reduction is most likely. Were this to occur, BB&T's ratings would remain comparatively high, particularly among its Southeastern and large regional bank peers. Its senior holding company obligations are currently rated A1 and its long-term bank deposits (after the removal of systemic support) are rated Aa3. BB&T's Prime-1 short-term ratings, at both the bank and the holding company, are affirmed and are not on review.

SunTrust: The downgrade resulting from the removal of systemic support assumptions was tempered by Moody's upgrade of SunTrust's stand-alone bank financial strength rating (BFSR) to C from C-. The combination of these two actions resulted in most of the holding company's ratings being confirmed (senior debt, Baa1), except for the preferred stock ratings, which were notched off the BFSR and were therefore upgraded with the BFSR (non-cumulative preferred to Ba1 from Ba2). However, the combination of the removal of systemic support assumptions and the upgrade of the BFSR did lead to a one-notch downgrade of the ratings on SunTrust Bank (long-term deposit rating to A3 from A2; short-term rating to Prime-2 from Prime-1). Following these rating actions, the outlook on all of SunTrust's ratings is stable.

Regions: The removal of support assumptions resulted in a two-notch downgrade of Regions' bank-level debt and deposit ratings (long-term deposit rating to Baa3 from Baa1; short-term rating to Prime-3 from Prime-2) and a one-notch downgrade of the holding company's ratings (senior debt to Ba1 from Baa3; short-term rating to Not-Prime from Prime-3). Following these actions, the outlook on all of Regions' ratings remains negative.

Capital One, Fifth Third, KeyCorp, Zions: The removal of support assumptions resulted in a one-notch downgrade of these four banks' bank-level debt and deposit ratings, but did not affect any of the holding companies' ratings, which were not on review.

PNC, Popular, U.S. Bancorp: Moody's continues to ascribe support in the case of these three banks, but at a reduced level. The reduction in the support assumption resulted in a one-notch downgrade of these banks' bank-level debt and deposit ratings. The ratings of these entities' holding companies were not on review and were affirmed at their current level. While the lower probability of support does not provide any lift to their current stand-alone ratings, at a lower stand-alone rating some ratings lift might result. The ongoing assumption of support for US Bancorp and PNC is due primarily to their importance in the payment system and their significant national deposit share. The support assumption for Popular reflects its dominant position in Puerto Rico, together with that island's physical isolation and political importance.

Rating Outlooks

The rating outlook on four of these banks did not change. The outlook on Regions, Popular, and U.S. Bancorp remains negative, while that on Zions remains positive.

However, the ratings outlook on six of the banks did change. On Capital One, Fifth Third, and KeyCorp it was changed to stable from negative; on PNC it was changed to positive from stable; and on SunTrust it was changed to stable after the upgrade discussed above. "These outlook changes reflect the banks' improving credit metrics and strengthened capital profiles relative to our previous expectations, particularly at PNC and SunTrust," said Allen Tischler, Moody's Vice President and Lead Analyst for Fifth Third, KeyCorp, SunTrust, and PNC.

Finally, the rating outlook on American Express Company's subsidiaries was changed to negative from stable as a result of the removal of the support assumption.

The last rating action on BB&T Corporation, Capital One Financial Corporation, Fifth Third Bancorp, KeyCorp, PNC Financial Services Group, Inc., Popular, Inc., Regions Financial Corporation, SunTrust Banks, Inc., and U.S. Bancorp was on July 27, 2010, when Moody's placed on review for possible downgrade all the ratings that had benefited from systemic support at these banks.

The last rating action on Zions Bancorporation and its subsidiaries was on August 3, 2010, when Moody's changed the rating outlook on the unsupported ratings of Zions Bancorporation and its subsidiaries to positive from negative, including those of its lead bank, Zions First National Bank.

The last rating action on American Express Company was on February 17, 2010, when Moody's downgraded the ratings on certain U.S. banks' hybrid securities, in line with its revised Guidelines for Rating Bank Hybrids and Subordinated Debt, published in November 2009.

Downgrades:

..Issuer: BB&T Financial, FSB

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

..Issuer: Banco Popular de Puerto Rico

....Issuer Rating, Downgraded to Baa3 from Baa2

....OSO Rating, Downgraded to P-3 from P-2

....Deposit Rating, Downgraded to P-3 from P-2

....OSO Senior Unsecured OSO Rating, Downgraded to Baa3 from Baa2

....Senior Unsecured Deposit Rating, Downgraded to Baa3 from Baa2

..Issuer: Branch Banking and Trust Company

....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 Rating, Downgraded to Aa3 from Aa2

..Issuer: SunTrust Bank

....Issuer Rating, Downgraded to A3 from A2

....OSO Rating, Downgraded to P-2 from P-1

....Deposit Rating, Downgraded to P-2 from P-1

....OSO Senior Unsecured OSO Rating, Downgraded to A3 from A2

....Multiple Seniority Bank Note Program, Downgraded to a range of Baa1 to P-2 from a range of A3 to P-1

....Subordinate Regular Bond/Debenture, Downgraded to Baa1 from A3

....Senior Unsecured Deposit Note/Takedown, Downgraded to A3 from A2

....Senior Unsecured Medium-Term Note Program, Downgraded to a range of (P)P-2, (P)A3 from a range of (P)P-1, (P)A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Deposit Rating, Downgraded to A3 from A2

..Issuer: Fifth Third Bank, Ohio

....Issuer Rating, Downgraded to A3 from A2

....OSO Rating, Downgraded to P-2 from P-1

....Deposit Rating, Downgraded to P-2 from P-1

....OSO Senior Unsecured OSO Rating, Downgraded to A3 from A2

....Multiple Seniority Bank Note Program, Downgraded to a range of Baa1 to P-2 from a range of A3 to P-1

....Subordinate Regular Bond/Debenture, Downgraded to Baa1 from A3

....Senior Unsecured Bank Note Program, Downgraded to P-2 from P-1

....Senior Unsecured Deposit Program, Downgraded to A3 from A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Deposit Rating, Downgraded to A3 from A2

..Issuer: KeyBank National Association

....Issuer Rating, Downgraded to A3 from A2

....OSO Rating, Downgraded to P-2 from P-1

....Deposit Rating, Downgraded to P-2 from P-1

....OSO Senior Unsecured OSO Rating, Downgraded to A3 from A2

....Multiple Seniority Bank Note Program, Downgraded to a range of Baa1 to P-2 from a range of A3 to P-1

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of (P)P-2, (P)A3, (P)Baa1 from a range of (P)P-1, (P)A2, (P)A3

....Subordinate Regular Bond/Debenture, Downgraded to Baa1 from A3

....Senior Unsecured Bank Note Program, Downgraded to a range of A3 to P-2 from a range of A2 to P-1

....Senior Unsecured Deposit Program, Downgraded to P-2, A3 from P-1, A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Deposit Rating, Downgraded to A3 from A2

..Issuer: National City Bank

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from A1

..Issuer: National City Bank of Indiana

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: National City Bank of Kentucky

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: National City Bank of Pennsylvania

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: PNC Bank, N.A.

....Issuer Rating, Downgraded to A2 from A1

....OSO Senior Unsecured OSO Rating, Downgraded to A2 from A1

....Multiple Seniority Bank Note Program, Downgraded to a range of A2, A3 from a range of A1, A2

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Bank Note Program, Downgraded to A2 from A1

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A2 from (P)A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from A1

....Senior Unsecured Deposit Rating, Downgraded to A2 from A1

..Issuer: Provident Bank

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: U.S. Bank National Association

....Issuer Rating, Downgraded to Aa2 from Aa1

....OSO Senior Unsecured OSO Rating, Downgraded to Aa2 from Aa1

....Multiple Seniority Bank Note Program, Downgraded to a range of Aa2, Aa3 from a range of Aa1, Aa2

....Subordinate Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

....Senior Unsecured Deposit Rating, Downgraded to Aa2 from Aa1

..Issuer: U.S. Bank National Association ND

....Issuer Rating, Downgraded to Aa2 from Aa1

....OSO Senior Unsecured OSO Rating, Downgraded to Aa2 from Aa1

....Senior Unsecured Deposit Rating, Downgraded to Aa2 from Aa1

..Issuer: Capital One Bank

....Issuer Rating, Downgraded to A3 from A2

....OSO Rating, Downgraded to P-2 from P-1

....Deposit Rating, Downgraded to P-2 from P-1

....OSO Senior Unsecured OSO Rating, Downgraded to A3 from A2

....Multiple Seniority Bank Note Program, Downgraded to a range of P-2, A3, Baa1 from a range of P-1, A2, A3

....Subordinate Regular Bond/Debenture, Downgraded to Baa1 from A3

....Senior Unsecured Deposit Note/Takedown, Downgraded to A3 from A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Deposit Rating, Downgraded to A3 from A2

..Issuer: Capital One, N.A.

....Issuer Rating, Downgraded to A3 from A2

....OSO Rating, Downgraded to P-2 from P-1

....Deposit Rating, Downgraded to P-2 from P-1

....OSO Senior Unsecured OSO Rating, Downgraded to A3 from A2

....Senior Unsecured Deposit Program, Downgraded to A3 from A2

....Senior Unsecured Deposit Rating, Downgraded to A3 from A2

..Issuer: AmSouth Bancorporation

....Subordinate Regular Bond/Debenture, Downgraded to Ba2 from Ba1

..Issuer: AmSouth Bank

....Subordinate Regular Bond/Debenture, Downgraded to Ba1 from Baa2

..Issuer: Regions Bank

....Issuer Rating, Downgraded to Baa3 from Baa1

....OSO Rating, Downgraded to P-3 from P-2

....Deposit Rating, Downgraded to P-3 from P-2

....OSO Senior Unsecured OSO Rating, Downgraded to Baa3 from Baa1

....Multiple Seniority Bank Note Program, Downgraded to a range of Ba1 to P-3 from a range of Baa2 to P-2

....Subordinate Regular Bond/Debenture, Downgraded to Ba1 from Baa2

....Senior Unsecured Deposit Rating, Downgraded to Baa3 from Baa1

..Issuer: Regions Financial Corporation

....Issuer Rating, Downgraded to a range of NP, Ba1 from a range of P-3, Baa3

....Multiple Seniority Shelf, Downgraded to a range of (P)Ba3 to (P)Ba1 from a range of (P)Ba2 to (P)Baa3

....Subordinate Regular Bond/Debenture, Downgraded to Ba2 from Ba1

....Subordinate Shelf, Downgraded to (P)Ba2 from (P)Ba1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 from Baa3

..Issuer: Regions Financing Trust II

....Preferred Stock Preferred Stock, Downgraded to Ba3 from Ba2

....Preferred Stock Shelf, Downgraded to (P)Ba3 from (P)Ba2

..Issuer: Regions Financing Trust III

....Preferred Stock Preferred Stock, Downgraded to Ba3 from Ba2

..Issuer: Union Planters Bank, National Association

....Subordinate Regular Bond/Debenture, Downgraded to Ba1 from Baa2

..Issuer: Union Planters Corporation

....Subordinate Regular Bond/Debenture, Downgraded to Ba2 from Ba1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 from Baa3

..Issuer: Amegy Bank National Association

....Issuer Rating, Downgraded to B1 from Ba3

....OSO Senior Unsecured OSO Rating, Downgraded to B1 from Ba3

....Senior Unsecured Deposit Rating, Downgraded to Ba3 from Ba2

..Issuer: California Bank & Trust

....Issuer Rating, Downgraded to B1 from Ba3

....OSO Senior Unsecured OSO Rating, Downgraded to B1 from Ba3

....Senior Unsecured Deposit Rating, Downgraded to Ba3 from Ba2

..Issuer: Nevada State Bank

....Issuer Rating, Downgraded to B1 from Ba3

....OSO Senior Unsecured OSO Rating, Downgraded to B1 from Ba3

....Senior Unsecured Deposit Rating, Downgraded to Ba3 from Ba2

..Issuer: Zions First National Bank

....Issuer Rating, Downgraded to B1 from Ba3

....OSO Senior Unsecured OSO Rating, Downgraded to B1 from Ba3

....Senior Unsecured Deposit Rating, Downgraded to Ba3 from Ba2

Upgrades:

..Issuer: SunTrust Bank

....Bank Financial Strength Rating, Upgraded to C from C-

..Issuer: SunTrust Banks, Inc.

....Multiple Seniority Shelf, Upgraded to (P)Baa3 from (P)Ba1

....Preferred Stock Preferred Stock, Upgraded to Ba1 from Ba2

..Issuer: SunTrust Preferred Capital I

....Preferred Stock Preferred Stock, Upgraded to Ba1 from Ba2

..Issuer: SunTrust Real Estate Investment Corporation

....Preferred Stock Preferred Stock, Upgraded to Baa3 from Ba1

On Review for Possible Downgrade:

..Issuer: BB&T Capital Trust I

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

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

..Issuer: BB&T Capital Trust II

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

..Issuer: BB&T Capital Trust IV

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

..Issuer: BB&T Capital Trust V

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

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

..Issuer: BB&T Capital Trust VI

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

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

..Issuer: BB&T Capital Trust VII

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

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

..Issuer: BB&T Capital Trust VIII

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

..Issuer: BB&T Corporation

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

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of (P)A2, (P)A1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)A3 to (P)A1

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

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: BB&T Financial, FSB

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

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Branch Banking and Trust Company

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

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa3

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa3

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently a range of A1 to Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

Outlook Actions:

..Issuer: American Express Travel Related Svcs Co., Inc

.Outlook, Changed to Negative From Stable

..Issuer: American Express Centurion Bank

.Outlook, Changed to Negative From Stable

..Issuer: American Express Bank, FSB

.Outlook, Changed to Negative From Stable

..Issuer: American Express Credit Corporation

.Outlook, Changed to Negative From Stable

..Issuer: BB&T Capital Trust I

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

..Issuer: BB&T Capital Trust II

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

..Issuer: BB&T Capital Trust IV

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

..Issuer: BB&T Capital Trust V

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

..Issuer: BB&T Capital Trust VI

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

..Issuer: BB&T Capital Trust VII

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

..Issuer: BB&T Capital Trust VIII

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

..Issuer: BB&T Corporation

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

..Issuer: Banco Popular de Puerto Rico

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

..Issuer: Capital One Financial Corporation

.Outlook, Changed to Stable from Negative

..Issuer: Capital One Capital II

.Outlook, Changed to Stable from Negative

..Issuer: Capital One Capital III

.Outlook, Changed to Stable from Negative

..Issuer: Capital One Capital IV

.Outlook, Changed to Stable from Negative

..Issuer: Capital One Capital V

.Outlook, Changed to Stable from Negative

..Issuer: Capital One Capital VI

.Outlook, Changed to Stable from Negative

..Issuer: North Fork Capital Trust II

.Outlook, Changed to Stable from Negative

..Issuer: Hibernia Corporation

.Outlook, Changed to Stable from Negative

..Issuer: National Commerce Capital Trust I

....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 IX

....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 Capital XVI

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

..Issuer: SunTrust Capital XVII

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

..Issuer: SunTrust Preferred Capital I

....Outlook, Changed To Stable From Negative

..Issuer: SunTrust Real Estate Investment Corporation

....Outlook, Changed To Stable From Negative

..Issuer: Fifth Third Bank, Ohio

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

..Issuer: Fifth Third Bancorp

....Outlook, Changed To Stable From Negative

..Issuer: Fifth Third Capital Trust II

....Outlook, Changed To Stable From Negative

..Issuer: Fifth Third Capital Trust IV

....Outlook, Changed To Stable From Negative

..Issuer: Fifth Third Capital Trust V

....Outlook, Changed To Stable From Negative

..Issuer: Fifth Third Capital Trust VI

....Outlook, Changed To Stable From Negative

..Issuer: Fifth Third Capital Trust VII

....Outlook, Changed To Stable From Negative

..Issuer: KeyBank National Association

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

..Issuer: KeyCorp

....Outlook, Changed To Stable From Negative

..Issuer: KeyCorp Capital I

....Outlook, Changed To Stable From Negative

..Issuer: KeyCorp Capital II

....Outlook, Changed To Stable From Negative

..Issuer: KeyCorp Capital III

....Outlook, Changed To Stable From Negative

..Issuer: KeyCorp Capital V

....Outlook, Changed To Stable From Negative

..Issuer: KeyCorp Capital VI

....Outlook, Changed To Stable From Negative

..Issuer: KeyCorp Capital VII

....Outlook, Changed To Stable From Negative

..Issuer: KeyCorp Capital VIII

....Outlook, Changed To Stable From Negative

..Issuer: KeyCorp Capital IX

....Outlook, Changed To Stable From Negative

..Issuer: KeyCorp Capital X

....Outlook, Changed To Stable From Negative

..Issuer: National City Bank

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

..Issuer: National City Bank of Indiana

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

..Issuer: National City Bank of Kentucky

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

..Issuer: National City Bank of Pennsylvania

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

..Issuer: PNC Bank, N.A.

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

..Issuer: Provident Bank

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

..Issuer: National City Preferred Capital Trust I

....Outlook, Changed To Positive From Stable

..Issuer: Merchants National Corp

....Outlook, Changed To Positive From Stable

..Issuer: National City Corporation

....Outlook, Changed To Positive From Stable

..Issuer: PNC Capital Trust C

....Outlook, Changed To Positive From Stable

..Issuer: PNC Capital Trust D

....Outlook, Changed To Positive From Stable

..Issuer: PNC Capital Trust E

....Outlook, Changed To Positive From Stable

..Issuer: PNC Capital Trust F

....Outlook, Changed To Positive From Stable

..Issuer: PNC Capital Trust G

....Outlook, Changed To Positive From Stable

..Issuer: PNC Capital Trust H

....Outlook, Changed To Positive From Stable

..Issuer: PNC Funding Corporation

....Outlook, Changed To Positive From Stable

..Issuer: Mercantile Bankshares Corporation

....Outlook, Changed To Positive From Stable

..Issuer: National City Capital Trust II

....Outlook, Changed To Positive From Stable

..Issuer: National City Capital Trust III

....Outlook, Changed To Positive From Stable

..Issuer: National City Capital Trust IV

....Outlook, Changed To Positive From Stable

..Issuer: National City Credit Corporation

....Outlook, Changed To Positive From Stable

..Issuer: PNC Financial Services Group, Inc.

....Outlook, Changed To Positive From Stable

..Issuer: PNC Preferred Funding Trust I

....Outlook, Changed To Positive From Stable

..Issuer: PNC Preferred Funding Trust II

....Outlook, Changed To Positive From Stable

..Issuer: PNC Preferred Funding Trust III

....Outlook, Changed To Positive From Stable

..Issuer: U.S. Bank National Association

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

..Issuer: U.S. Bank National Association ND

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

..Issuer: Capital One Bank

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

..Issuer: Capital One, N.A.

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

..Issuer: AmSouth Bancorporation

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

..Issuer: AmSouth Bank

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

..Issuer: Regions Bank

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

..Issuer: Regions Financial Corporation

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

..Issuer: Regions Financing Trust II

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

..Issuer: Regions Financing Trust III

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

..Issuer: Union Planters Bank, National Association

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

..Issuer: Union Planters Corporation

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

..Issuer: Amegy Bank National Association

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

..Issuer: California Bank & Trust

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

..Issuer: Nevada State Bank

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

..Issuer: Zions First National Bank

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

Confirmations:

..Issuer: National Commerce Capital Trust I

....Preferred Stock Preferred Stock, Confirmed at Baa3

..Issuer: SunTrust Banks, Inc.

....Issuer Rating, Confirmed at Baa1

....Multiple Seniority Shelf, Confirmed at (P)Baa3, (P)Baa2, (P)Baa1

....Subordinate Regular Bond/Debenture, Confirmed at Baa2

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa1

..Issuer: SunTrust Capital I

....Preferred Stock Preferred Stock, Confirmed at Baa3

..Issuer: SunTrust Capital IX

....Preferred Stock Preferred Stock, Confirmed at Baa3

..Issuer: SunTrust Capital VIII

....Preferred Stock Preferred Stock, Confirmed at Baa3

..Issuer: SunTrust Capital X

....Preferred Stock Shelf, Confirmed at (P)Baa3

..Issuer: SunTrust Capital XI

....Preferred Stock Shelf, Confirmed at (P)Baa3

..Issuer: SunTrust Capital XII

....Preferred Stock Shelf, Confirmed at (P)Baa3

..Issuer: SunTrust Capital XIII

....Preferred Stock Shelf, Confirmed at (P)Baa3

..Issuer: SunTrust Capital XIV

....Preferred Stock Shelf, Confirmed at (P)Baa3

..Issuer: SunTrust Capital XV

....Preferred Stock Shelf, Confirmed at (P)Baa3

..Issuer: SunTrust Capital XVI

....Preferred Stock Shelf, Confirmed at (P)Baa3

..Issuer: SunTrust Capital XVII

....Preferred Stock Shelf, Confirmed at (P)Baa3

The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuers or obligations satisfactory for the purposes of maintaining a credit rating.

MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating 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 ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Robert Young
MD - Financial Institutions
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

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.

Moody's downgrades U.S. regional banks' supported ratings
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