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Rating Action:

Moody's reviews Huntington for downgrade on Franklin announcement

16 Nov 2007
Moody's reviews Huntington for downgrade on Franklin announcement

Toronto, November 16, 2007 -- Moody's Investors Service placed the ratings of Huntington Bancshares Incorporated (Huntington) and subsidiaries on review for downgrade following the announcement that it would take a $300 million charge for its exposure to Franklin Credit Management Corporation (Franklin). Huntington is rated A3 for long-term debt and P-2 for short-term obligations. Huntington's lead bank, Huntington National Bank, is rated C+ for financial strength, A2 for long-term deposits, and P-1 for short-term deposits.

Moody's placed Huntington's ratings on review for several reasons. First, the size of the remaining net exposure to Franklin -- in excess of $1 billion -- is substantial and additional write-downs are a possibility, in Moody's view. Second, the write-down will result in a sizable net loss in 4Q07 and, combined with a large quarterly dividend, will result in a material deterioration in Huntington's capital ratios. Finally, Huntington is also at risk of a further deterioration in the credit quality of its loan portfolio, particularly in its Commercial Real Estate (CRE) exposures. A substantial portion of Huntington's CRE footprint is in Eastern Michigan and Northern Ohio -- a region of the United States where this asset class has come under significant strain.

Franklin is a national consumer finance company that specializes in the acquisition of scratch and dent loans -- that is, residential mortgages that are currently delinquent or have had a history of delinquency -- and in the origination of sub-prime residential mortgages. Its balance sheet assets were approximately $2 billion at June 30, 2007. With $1.5 billion in gross loans outstanding, Huntington provides the vast majority of Franklin's funding.

On November 15, 2007, Franklin announced that it expected a substantial increase in provisions for loan losses in the third quarter of 2007 resulting in substantial negative shareholders' equity. Consequently, the company will delay the filing of its quarterly results. Huntington has suspended its funding for Franklin's loan acquisition and origination activities.

The review will focus on the potential for further write-downs on the Franklin exposure, Huntington's plan for strengthening its capital base, and the near- and medium-term outlook of its CRE portfolio.

Below are the rating actions taken on Huntington by Moody's:

Issuer: Huntington Bancshares Capital Trust I

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

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

Issuer: Huntington Bancshares Incorporated

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Baa1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

....Subordinate Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3

..Outlook Actions:

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

Issuer: Huntington Capital II

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

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

Issuer: Huntington Capital III

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Outlook Actions:

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

Issuer: Huntington Capital IV

..On Review for Possible Downgrade:

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Outlook Actions:

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

Issuer: Huntington Capital V

..On Review for Possible Downgrade:

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Outlook Actions:

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

Issuer: Huntington Capital VI

..On Review for Possible Downgrade:

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Outlook Actions:

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

Issuer: Huntington National Bank

..On Review for Possible Downgrade:

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

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

.... OSO Rating, Placed on Review for Possible Downgrade, currently P-1

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A2

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently A3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently A2

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

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

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

Issuer: Huntington Preferred Capital, Inc.

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

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

Issuer: Sky Bank

..On Review for Possible Downgrade:

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

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

.... OSO Rating, Placed on Review for Possible Downgrade, currently P-1

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

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

Issuer: Sky Financial Capital Trust I

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

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

Issuer: Sky Financial Group, Inc.

..On Review for Possible Downgrade:

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

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

Headquartered in Columbus, OH, Huntington Bancshares Incorporated had reported assets of $55.3 billion as of September 30,2007.

New York
Gregory W. Bauer
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Toronto
Peter Routledge
VP - Senior Credit Officer
Financial Institutions Group
Moody's Canada Inc.
(416) 214-1635

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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​

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