Summary: Moody's assigned shelf ratings and a non-cumulative preferred stock rating
to Commerce Bancshares
Summary: Moody's Investors Service assigned shelf ratings and a non-cumulative preferred stock rating
to Cullen/Frost Bankers, Inc.
NEW YORK & CHICAGO -- Fitch Ratings has downgraded Freddie Mac's (NYSE: FRE) preferred stock rating
to 'A+' from 'AA-' and removed it from Rating Watch Negative.
Moody's Investors Service assigned shelf ratings and a non-cumulative preferred stock rating
to First Horizon National Corporation (FHN; senior unsecured of B2 negative).
Also, the preferred stock rating
could be further notched from the senior unsecured debt.
The upgrade of the preferred stock rating
aligns the rating with that assigned to Fannie Mae's subordinated debt, which is typical for companies with strong investment grade ratings.
In the coming weeks we intend to build in the ability for our users to purchase complete stock rating
reports from these pages.
Subordinated debt would be notched off the senior debt rating with the preferred stock rating
being notched off of the subordinated debt.
NEW YORK -- Fitch Ratings has downgraded the preferred stock rating
for Fannie Mae to 'A+' from 'AA-'.
Repayment is from cash acquired by the parent from the sale, therefore the preferred stock rating
is deemed to be equivalent to those of TXU Corp.
Wall Street is equally skeptical of the firm, with three of the six analysts following the stock rating
it a "hold" and three rating it a "sell.
At the same time Fitch is withdrawing the ratings on Banco Santander Puerto Rico's series A 'A' preferred stock rating
due to their redemption.