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).
Moody's said that FHN's shelf and non-cumulative perpetual preferred
stock ratings reflect the rating agency's normal notching practices for
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|
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