New York, December 03, 2009 -- Moody's Investors Service placed on review for possible downgrade
the ratings on 72 cumulative junior subordinated debt securities (primarily
trust preferred securities) issued by 26 US banks or their holding companies.
The reviews are part of the implementation of Moody's revised bank
hybrid rating methodology ("Moody's Guidelines for Rating
Bank Hybrid Securities and Subordinated Debt," dated November
2009) and add to the reviews announced on November 18. Under the
revised rating methodology, the ratings on these securities could
be lowered by one notch to incorporate coupon deferral risk.
The cumulative junior subordinated debt securities that are being placed
on review were issued by US banks or their holding companies where Moody's
assumption of systemic support (if any) does not impact current ratings
(i.e. -- there is no ratings "lift" for
systemic support). Under the revised rating methodology,
the ratings on these securities could be lowered by one notch.
This would place the ratings for cumulative junior subordinated debt one
notch below the ratings for senior subordinated debt of the same bank
because junior subordinated debt has coupon deferral risk due to its features.
The ratings on cumulative junior subordinated debt issued by banks or
bank holding companies with ratings that do currently benefit from systemic
support were unaffected by this action. In those instances,
the cumulative junior subordinated debt securities are already rated lower
than the bank's senior subordinated debt obligations or they are
already on review for possible downgrade.
Moody's expects to complete the reviews of individual cumulative
junior subordinated debt ratings over the next three months and will announce
the outcome of each review as it is completed. For banks with other
ratings already under review, any changes to their junior subordinated
debt ratings will be made at the same time the reviews of their other
ratings are resolved.
The following US bank families have at least one security affected by
today's rating action:
AMERICAN EXPRESS COMPANY
ASSOCIATED BANC-CORP
ASTORIA FINANCIAL CORPORATION
BANCORPSOUTH, INC.
BB&T CORPORATION
CAPITAL ONE FINANCIAL CORPORATION
CHARLES SCHWAB CORPORATION (THE)
COMERICA INCORPORATED
CULLEN/FROST BANKERS, INC.
FIFTH THIRD BANCORP
FIRST CITIZENS BANCSHARES, INC.
FIRST HORIZON NATIONAL CORPORATION
FULTON FINANCIAL CORPORATION
HSBC USA INC.
HUNTINGTON BANCSHARES INCORPORATED
KEYCORP
M&T BANK CORPORATION
NEW YORK COMMUNITY BANCORP, INC.
NORTHERN TRUST CORPORATION
OLD NATIONAL BANCORP
PNC FINANCIAL SERVICES GROUP, INC.
RAYMOND JAMES FINANCIAL, INC.
SOVEREIGN BANCORP INC.
STATE STREET CORPORATION
SVB FINANCIAL GROUP
U.S. BANCORP
A detailed list of ratings affected is available on the company's website
at http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBC_121571.
On Review for Possible Downgrade:
..Issuer: ASBC Capital I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A3
..Issuer: ASBC Capital II
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A3
..Issuer: ASBC Capital III
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A3
..Issuer: Allfirst Preferred Asset Trust
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: Allfirst Preferred Capital Trust
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: American Express Company Capital Trust II
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa1
..Issuer: Associated Banc-Corp
....Junior Subordinated Shelf, Placed
on Review for Possible Downgrade, currently (P)A3
..Issuer: Astoria Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: BB&T Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: BB&T Capital Trust II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Issuer: BB&T Capital Trust IV
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Issuer: BB&T Capital Trust V
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: BB&T Capital Trust VI
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: BB&T Capital Trust VII
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: BB&T Capital Trust VIII
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: BB&T Corporation
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)A2
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)A2
..Issuer: BancorpSouth Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: Capital One Capital II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: Capital One Capital III
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: Capital One Capital IV
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: Capital One Capital V
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: Capital One Capital VI
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: Capital One Financial Corporation
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)Baa2
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)Baa2
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)Baa2
..Issuer: Charles Schwab Corporation (The)
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)A3
..Issuer: Comerica Capital Trust I
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A3
..Issuer: Comerica Capital Trust II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A3
..Issuer: Cullen/Frost Capital Trust II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Issuer: FCB/NC Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: Fifth Third Bancorp
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)Baa2
..Issuer: Fifth Third Capital Trust II
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: Fifth Third Capital Trust IV
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: Fifth Third Capital Trust V
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: Fifth Third Capital Trust VI
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: Fifth Third Capital Trust VII
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: First Maryland Capital I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: First Maryland Capital II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: First Tennessee Capital I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: First Tennessee Capital II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: First Tennessee Capital III
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: First Tennessee Capital IV
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: Fulton Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: HSBC USA Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Issuer: HSBC USA Capital Trust III
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Issuer: HSBC USA Capital Trust V
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: HSBC USA Capital Trust VI
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: HSBC USA Inc.
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)A2
..Issuer: Haven Capital Trust II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: Huntington Bancshares Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa3
..Issuer: Huntington Bancshares Incorporated
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)Baa3
..Issuer: Huntington Capital II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa3
..Issuer: Huntington Capital III
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa3
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa3
..Issuer: Huntington Capital IV
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa3
..Issuer: Huntington Capital V
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa3
..Issuer: Huntington Capital VI
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa3
..Issuer: KeyCorp
....Junior Subordinated Shelf, Placed
on Review for Possible Downgrade, currently (P)Baa2
..Issuer: KeyCorp Capital I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: KeyCorp Capital II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: KeyCorp Capital III
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: KeyCorp Capital V
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: KeyCorp Capital VI
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: KeyCorp Capital VII
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: KeyCorp Capital VIII
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: KeyCorp Capital X
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: Keycorp Capital IX
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
..Issuer: M&T Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: M&T Capital Trust II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: M&T Capital Trust III
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: M&T Capital Trust IV
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa1
..Issuer: M&T Capital Trust V
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa1
..Issuer: M&T Capital Trust VI
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa1
..Issuer: NTC Capital I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Issuer: NTC Capital II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Issuer: NTC Capital III
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: NTC Capital IV
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: NTC Capital V
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: National City Capital Trust II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: National City Capital Trust III
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: National City Capital Trust IV
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: New York Community Capital Trust V
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: ONB Capital Trust II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A3
..Issuer: PNC Capital Trust C
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: PNC Capital Trust D
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa1
..Issuer: PNC Capital Trust E
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa1
..Issuer: PNC Capital Trust F
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa1
..Issuer: PNC Capital Trust G
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa1
..Issuer: PNC Capital Trust H
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa1
..Issuer: PNC Financial Services Group, Inc.
....Junior Subordinated Shelf, Placed
on Review for Possible Downgrade, currently (P)Baa1
..Issuer: RJF Capital Trust I
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa3
..Issuer: RJF Capital Trust II
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa3
..Issuer: RJF Capital Trust III
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa3
..Issuer: Raymond James Financial, Inc.
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)Baa3
..Issuer: SVB Capital II
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa1
..Issuer: Schwab Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A3
..Issuer: Schwab Capital Trust II
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A3
..Issuer: Schwab Capital Trust III
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A3
..Issuer: Sky Financial Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa3
..Issuer: Sovereign Bancorp, Inc.
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)Baa2
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)Baa2
..Issuer: Sovereign Capital Trust IV
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: Sovereign Capital Trust V
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: Sovereign Capital Trust VI
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently Baa2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)Baa2
..Issuer: State Street Capital Trust I
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Issuer: State Street Capital Trust IV
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Issuer: State Street Capital Trust V
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: State Street Capital Trust VI
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A2
..Issuer: U.S. Bancorp
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)A1
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital IX
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital VI
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital VII
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital VIII
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital X
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital XI
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital XII
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital XIII
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital XIV
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital XV
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Issuer: USB Capital XVI
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
New York
Robert Young
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Barbara J. Havlicek
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's reviews US bank trust preferreds for downgrade
