Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Sie sind im Begriff, von der lokalen Website für Deutschland auf die globale Website in englischer Sprache zu wechseln. Möchten Sie fortfahren?
Diesen Hinweis nicht wieder anzeigen.
Ja
Nein
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], 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 inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

Moody's downgrades Zions (Senior to B2), outlook negative

20 Apr 2009

New York, April 20, 2009 -- Moody's Investors Service downgraded the ratings of Zions Bancorporation (senior to B2) and its affiliates, including its lead bank, Zions First National Bank (financial strength to D- from C+, and long term deposits to Ba2 from A2). Following the rating action, the outlook is negative. This rating action concludes the review that began on March 12, 2009.

The magnitude of the downgrade and negative outlook reflects Moody's view that Zions' capital position will come under significant pressure in the short-term because of its large commercial real estate (CRE) lending concentration and CDO portfolio, consisting primarily of bank trust preferreds. Zions enters this challenging period with relatively sound capital ratios, at March 31, 2009, Tier 1 risk-based was 9.33% and Moody's tangible common equity ratio (TCE) was 5.96%. Nevertheless, Moody's expects that future credit costs in Zions' residential construction book and CDO portfolio cause a significant risk of the firm becoming undercapitalized.

Zions' CRE portfolio represents more than four times TCE, with approximately 60% comprised of construction and land. These categories typically have relatively high loss content. Continuing deterioration in Zions' residential construction and development portfolio in the Southwest, where residential land values continue to decline, drove the firm's eighth straight quarter of increased provisioning. Although Moody's had previously incorporated this concentration into its ratings, in line with Moody's Structured Finance Rating Methodology dated February 5, 2009, which states that commercial property values declined sharply in 2008 and are expected to continue falling over the next 12 to 24 months, we have considerably increased our loss expectations for CRE. The increase in expected loss is especially sharp for both construction and land, which is a large concentration risk for Zions. Moody's expects further deterioration in this portfolio as the credit cycle continues to unfold.

Moody's notes that Zions' trust preferred CDO portfolio, which accounts for approximately three-fourths of TCE, consists largely of non investment grade securities. Moody's notes the correlation between CRE and bank trust preferred CDOs, and expects the further deterioration in the residential construction sector will result in continued writedowns of its CDO portfolio. Moody's analysis of the loss content of this portfolio also incorporates Moody's recent downgrade of these securities. On March 27, 2009, Moody's Structured Finance Group concluded its review of all bank and insurance trust preferred CDOs at which time most of the super senior Aaa notes were downgraded to A/Baa and most of the junior Aaa notes were downgraded to below investment grade.

The concern that 2009 credit costs will impact Zions' capital ratios holds increased rating pertinence as Moody's is making some recalibration to the weights and relative importance attached to certain rating factors within its current rating methodologies. Capital adequacy, in particular, is taking on increased importance in determining financial strength ratings. (Please see Moody's Special Comment of February 2009 titled, "Calibrating Bank Ratings in the Context of the Global Financial Crisis.")

Although, historically, Moody's has not ascribed any level of systemic support to the bank in the event of financial distress, we now incorporate the view that the probability of systemic support for U.S. banks has increased. In Moody's judgment, given Zions dominant share of deposits in its home state of Utah coupled with its moderate shares in the ten Western and Southwestern states where it operates, the bank would benefit from a low level of systemic support in a period of financial distress, which results in a one-notch lift to the bank's debt and deposit ratings above that implied by the bank's standalone financial strength rating. Systemic support is less beneficial for holding company creditors, in Moody's view, and therefore the holding company's long-term ratings are now two notches lower than those of the bank subsidiaries.

Moody's last rating action on Zions was on March 12, 2009, when the ratings were placed on review for possible downgrade.

The principal methodologies used in rating this issuer were "Bank Financial Strength Ratings: Global Methodology" (February 2007) and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Downgrades:

..Issuer: Amegy Bank National Association

....Bank Financial Strength Rating, Downgraded to D- from C+

....Issuer Rating, Downgraded to Ba3 from A2

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

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

....OSO Senior Unsecured OSO Rating, Downgraded to Ba3 from A2

....Senior Unsecured Deposit Rating, Downgraded to Ba2 from A2

..Issuer: Amegy Corporation

....Issuer Rating, Downgraded to B2 from A3

..Issuer: California Bank & Trust

....Bank Financial Strength Rating, Downgraded to D- from C+

....Issuer Rating, Downgraded to Ba3 from A2

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

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

....OSO Senior Unsecured OSO Rating, Downgraded to Ba3 from A2

....Senior Unsecured Deposit Rating, Downgraded to Ba2 from A2

..Issuer: Nevada State Bank

....Bank Financial Strength Rating, Downgraded to D- from C+

....Issuer Rating, Downgraded to Ba3 from A2

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

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

....OSO Senior Unsecured OSO Rating, Downgraded to Ba3 from A2

....Senior Unsecured Deposit Rating, Downgraded to Ba2 from A2

..Issuer: Zions Bancorporation

....Multiple Seniority Shelf, Downgraded to a range of (P)B3 to (P)B2 from a range of (P)Baa1 to (P)A3

....Preferred Stock Preferred Stock, Downgraded to Caa3 from Baa2

....Subordinate Regular Bond/Debenture, Downgraded to B3 from Baa1

....Senior Unsecured Commercial Paper, Downgraded to NP from P-2

....Senior Unsecured Medium-Term Note Program, Downgraded to a range of B2 to NP from a range of A3 to P-2

....Senior Unsecured Regular Bond/Debenture, Downgraded to B2 from A3

..Issuer: Zions Capital Trust B

....Preferred Stock Preferred Stock, Downgraded to Caa1 from Baa1

..Issuer: Zions Capital Trust C

....Preferred Stock Shelf, Downgraded to (P)Caa1 from (P)Baa1

..Issuer: Zions Capital Trust D

....Preferred Stock Shelf, Downgraded to (P)Caa1 from (P)Baa1

..Issuer: Zions First National Bank

....Bank Financial Strength Rating, Downgraded to D- from C+

....Issuer Rating, Downgraded to Ba3 from A2

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

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

....OSO Senior Unsecured OSO Rating, Downgraded to Ba3 from A2

....Senior Unsecured Deposit Rating, Downgraded to Ba2 from A2

Outlook Actions:

..Issuer: Amegy Bank National Association

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

..Issuer: Amegy Corporation

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

..Issuer: California Bank & Trust

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

..Issuer: Nevada State Bank

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

..Issuer: Zions Bancorporation

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

..Issuer: Zions Capital Trust B

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

..Issuer: Zions Capital Trust C

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

..Issuer: Zions Capital Trust D

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

..Issuer: Zions First National Bank

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

New York
Robert Young
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

Moody's downgrades Zions (Senior to B2), outlook negative
No Related Data.
© 2020 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 INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE 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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. 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 or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

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 $2,700,000. 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 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 — 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.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 JPY125,000 to approximately JPY250,000,000.

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

​​​​​​​​