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Moody's assigns shelf ratings and Ba2 (hyb) non-cumulative preferred stock rating to First Horizon.

Summary: Moody's Investors Service assigned shelf ratings and a non-cumulative preferred stock rating to First Horizon National Corporation

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). The

following shelf ratings were assigned: senior unsecured of (P)B2,

junior subordinate of (P)Ba1, cumulative preferred stock of (P)Ba1, and

non-cumulative preferred stock of (P)Ba2. Moody's assigned a rating of

Ba2 (hyb) to FHN's non-cumulative perpetual preferred stock. The outlook

on the preferred stock rating is negative, consistent with the outlook on

the debt ratings of FHN and its lead bank, First Tennessee Bank

(standalone bank financial strength rating/baseline credit assessment of

C-/b1, deposit ratings of B1/Prime-2).

RATINGS RATIONALE

Moody's said that FHN's shelf and non-cumulative perpetual preferred

stock ratings reflect the rating agency's normal notching practices for

hybrid instruments.

FHN is headquartered in Memphis, Tennessee and reported assets of $26

billion at 31 December 2012.

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Publication:EMBIN (Emerging Markets Business Information News)
Date:Jan 27, 2013
Words:179
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