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By clicking “I AGREE”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

Moody's reviews Zions for upgrade

03 Oct 2012

NOTE: On October 18, 2012, the press release was revised as follows: Added a hybrid (hyb) indicator to the non-cumulative preferred stock of Zions Bancorporation and to the preferred stock of Zions Capital Trust B in the press release’s debt list. Revised release follows.

New York, October 03, 2012 -- Moody's Investors Service placed the long-term ratings of Zions Bancorporation and its subsidiaries on review for upgrade. Zions Bancorporation is rated B1 for subordinated debt and its lead operating bank, Zions First National Bank, has a standalone bank financial strength rating of D+, which maps to a baseline credit assessment of ba1. The bank's long-term deposit rating is Ba1. The short-term Not-Prime ratings of Zions First National Bank and other bank affiliates were also placed on review. The short-term Not-Prime ratings of Zions Bancorporation were affirmed and are not on review. The bank financial strength rating of D+ was affirmed, but its baseline credit assessment of ba1 was placed on review for upgrade.

RATINGS RATIONALE

Moody's review for possible upgrade follows Zions' successful steps to reduce its asset concentrations, which has lead to lower credit costs and improved profitability. This was a product of the bank both reducing the construction lending portion of its commercial real estate (CRE) portfolio and enhancing its capital base. Its CRE exposure is approximately 2.3 times its Moody's adjusted tangible common equity (TCE) as of June 30, 2012, incorporating Zions' recent TARP repayment. Combined with its portfolio of trust preferred CDOs, which Moody's believes have a high correlation of performance with CRE, the CRE and CDO exposure equals 2.7 times TCE, which is a high level, but well down from 5 times TCE in 2008.

The review will focus on Zions' comparative expected long-term performance given its franchise positioning. In particular, Moody's will consider tactical and strategic efforts that Zions may undertake in an effort to avoid the rebuilding of asset concentrations in its portfolio. As well, Moody's will focus on the risks that emanate from Zions' high reliance on net interest income to generate total earnings.

The last rating action on Zions was on December 8, 2011 when long-term ratings were upgraded.

The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Zions Bancorporation headquartered in Salt Lake City Utah reported total assets of $53.4 billion as of June 30, 2012.

On Review for Possible Upgrade:

..Issuer: Amegy Bank National Association

.... Issuer Rating, Placed on Review for Possible Upgrade, currently Ba2

.... OSO Rating, Placed on Review for Possible Upgrade, currently NP

.... Deposit Rating, Placed on Review for Possible Upgrade, currently NP

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Upgrade, currently Ba2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Upgrade, currently Ba1

..Issuer: Amegy Corporation

.... Issuer Rating, Placed on Review for Possible Upgrade, currently Ba3

..Issuer: California Bank & Trust

.... Issuer Rating, Placed on Review for Possible Upgrade, currently Ba2

.... OSO Rating, Placed on Review for Possible Upgrade, currently NP

.... Deposit Rating, Placed on Review for Possible Upgrade, currently NP

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Upgrade, currently Ba2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Upgrade, currently Ba1

..Issuer: Nevada State Bank

.... Issuer Rating, Placed on Review for Possible Upgrade, currently Ba2

.... OSO Rating, Placed on Review for Possible Upgrade, currently NP

.... Deposit Rating, Placed on Review for Possible Upgrade, currently NP

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Upgrade, currently Ba2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Upgrade, currently Ba1

..Issuer: Zions Bancorporation

....Pref. Stock Non-cumulative Preferred Stock, Placed on Review for Possible Upgrade, currently B3(hyb)

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently B1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Upgrade, currently (P)Ba3

..Issuer: Zions Capital Trust B

....Pref. Stock Preferred Stock, Placed on Review for Possible Upgrade, currently B2(hyb)

..Issuer: Zions First National Bank

.... Issuer Rating, Placed on Review for Possible Upgrade, currently Ba2

.... OSO Rating, Placed on Review for Possible Upgrade, currently NP

.... Deposit Rating, Placed on Review for Possible Upgrade, currently NP

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Upgrade, currently Ba2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Upgrade, currently Ba1

Outlook Actions:

..Issuer: Amegy Bank National Association

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

..Issuer: Amegy Corporation

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

..Issuer: California Bank & Trust

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

..Issuer: Nevada State Bank

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

..Issuer: Zions Bancorporation

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

..Issuer: Zions Capital Trust B

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

..Issuer: Zions First National Bank

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

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a 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 Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's 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 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.

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 reviews Zions for upgrade
No Related Data.
© 2023 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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.

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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 $5,000,000. 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, Inc. 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 — Charter Documents - 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 JPY100,000 to approximately JPY550,000,000.

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

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