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Rating Action:

Moody's places positive outlook on Regions (senior Ba1); affirms ratings

30 Sep 2014

New York, September 30, 2014 -- Moody's Investors Service has changed the rating outlook of Regions Financial Corporation and its subsidiaries, including its lead bank, Regions Bank, to positive from stable. Moody's also affirmed its ratings on Regions. Regions Financial Corporation is rated Ba1 for senior debt and Not-Prime for short-term obligations. Regions Bank has long- and short-term bank deposit ratings of Baa3 and Prime-3, respectively, and a standalone bank financial strength rating of D+, mapping to a standalone baseline credit assessment of baa3.

Affirmations:

..Issuer: AmSouth Bancorporation

....Subordinate Regular Bond/Debenture, Affirmed Ba2/POS

..Issuer: AmSouth Bank

....Subordinate Regular Bond/Debenture, Affirmed Ba1/POS

..Issuer: Regions Bank

.... Adjusted Baseline Credit Assessment, Maintained baa3

.... Baseline Credit Assessment, Maintained baa3

.... Bank Financial Strength Rating, Affirmed D+/POS

.... Issuer Rating, Affirmed Baa3/POS

....OSO Senior Unsecured OSO Rating, Affirmed Baa3/POS

.... ST OSO Rating, Affirmed P-3

....Senior Unsecured Deposit Rating, Affirmed Baa3/POS

.... ST Deposit Rating, Affirmed P-3

....Subordinate Regular Bond/Debenture, Affirmed Ba1/POS

..Issuer: Regions Financial Corporation

.... LT Issuer Rating, Affirmed Ba1/POS

.... ST Issuer Rating, Affirmed NP

....Pref. Stock Non-cumulative Shelf, Affirmed (P)B1

....Pref. Stock Shelf, Affirmed (P)Ba3

....Junior Subordinate Shelf, Affirmed (P)Ba3

....Subordinate Shelf, Affirmed (P)Ba2

....Senior Unsecured Shelf, Affirmed (P)Ba1

....Pref. Stock Non-cumulative Preferred Stock, Affirmed B1 (hyb)/POS

....Subordinate Regular Bond/Debenture, Affirmed Ba2/POS

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba1/POS

..Issuer: Regions Financing Trust IV

....Pref. Stock Shelf, Affirmed (P)Ba3

..Issuer: Regions Financing Trust V

....Pref. Stock Shelf, Affirmed (P)Ba3

..Issuer: Regions Financing Trust VI

....Pref. Stock Shelf, Affirmed (P)Ba3

..Issuer: Union Planters Bank, National Association

....Subordinate Regular Bond/Debenture, Affirmed Ba1/POS

..Issuer: Union Planters Preferred Funding Corp.

....Pref. Stock Non-cumulative Preferred Stock, Affirmed Ba3 (hyb)/POS

Outlook Actions:

..Issuer: AmSouth Bancorporation

....Outlook, Changed To Positive From Stable

..Issuer: AmSouth Bank

....Outlook, Changed To Positive From Stable

..Issuer: Regions Bank

....Outlook, Changed To Positive From Stable

..Issuer: Regions Financial Corporation

....Outlook, Changed To Positive From Stable

..Issuer: Regions Financing Trust IV

....Outlook, Changed To Positive From Stable

..Issuer: Regions Financing Trust V

....Outlook, Changed To Positive From Stable

..Issuer: Regions Financing Trust VI

....Outlook, Changed To Positive From Stable

..Issuer: Union Planters Bank, National Association

....Outlook, Changed To Positive From Stable

..Issuer: Union Planters Preferred Funding Corp.

....Outlook, Changed To Positive From Stable

RATINGS RATIONALE

The change in outlook to positive from stable is based on Moody's view that Regions has continued to improve its asset quality and that management is developing better discipline in avoiding asset concentrations, which in the financial crisis weakened the company's financial profile materially. Moody's said that Regions' capital position has also continued to strengthen.

Regions has achieved a significant reduction in nonperforming assets (NPAs, nonaccrual loans, OREOs, loans past due 90+ days, and accruing TDRs). Its NPAs have declined 51% from $5.5 billion in third quarter 2012 to $2.7 billion in second quarter 2014. Relative to loans and OREO, its NPA ratio improved from 7.2% to 3.3% over the same period. Although the bank's NPAs remain relatively elevated, it is not an outlier among its same-rated peers.

Moreover, Regions' higher capital base, coupled with lower commercial real estate (CRE) and home equity (HE) loan balances, have reduced the bank's asset concentrations. Its tangible common equity (TCE) rose 23% while its combined exposure to CRE and HE declined 18% from Q3 2012 to Q2 2014. Consequently, its total concentration to these assets declined from 2.2 times TCE to 1.5 times TCE, which is relatively low among major US regional banks.

A revamped management team has overseen these improvements and implemented more sensitive concentration risk limits. However, Moody's noted that Regions' concentration risk management will be tested because of earnings pressures that have made it difficult for the company to generate a return on equity greater than its cost of equity. For example, in an effort to support earnings, Regions' has grown its commercial and industrial (C&I) loans at an above average rate relative to the economy and other US banks in the first six months of 2014. This C&I loan growth has been significantly driven by Regions' participation in the national syndicated loan markets, where it takes participations in other banks' transactions. These loans typically provide little franchise enhancement for participants like Regions, and can be a source of higher risk. With that said, Moody's noted that Regions' C&I loan asset quality performed relatively well in the financial crisis.

Having actively managed down troubled asset portfolios and historic risk concentrations, Regions' management has turned its attention to growth and providing shareholders with adequate returns. If Regions' risk management maintains discipline in avoiding asset or risk concentrations, the bank's ratings could be upgraded. Key indicators in this regard include concentration data as well as loan growth relative to Regions' market opportunity. Conversely, the most likely source of negative rating pressure would be a rising concern that risk management is not effective in containing a rebuilding of asset concentrations and that underwriting standards have deteriorated in the pursuit of earnings growth. A significant increase in the bank's return of capital to shareholders would also be viewed negatively, said Moody's.

The principal methodology used in these ratings was Global Banks published in July 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGUALTORY DISLCOSURES

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.

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.

Thuy Nguyen
Asst Vice President - Analyst
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 places positive outlook on Regions (senior Ba1); affirms ratings
No Related Data.
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