Whitney hit by Fitch Ratings downgrade

By Associated Press
June 30, 2009 | Comments (0)

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Fitch Ratings has cut its rating on regional banker Whitney Holding Corp. citing its nonperforming assets, much of them related to Florida real estate.

The ratings house said Tuesday that Whitney's long-term issuer default rating had been dropped to BBB from BBB-plus, still considered to be investment grade.

Fitch said Whitney's nonperforming assets have reached 4.5 percent of the company's loans and real estate it owns.

Whitney was one of 18 banking companies hit by ratings downgrades by Standard & Poor's on June 17 amid concerns about further weakening in the financial sector. Other banks hit by S&P downgrades included Capital One Financial Corp., Regions Financial Corp. and Wells Fargo & Co.

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