CHICAGO--(BUSINESS WIRE)-- In accordance with the Fitch Report titled 'U.S. Banks - Sovereign Support: When Does it End' dated Dec. 15, 2011, Fitch has lowered the Support and Support Rating Floor for SunTrust Bank to '5' and 'NF' from '3' and 'BB-', respectively, and removed the Rating Watch Negative.
There are no implications for SunTrust Bank's long- or short-term Issuer Default Rating or issue-level ratings as a result of today's action.
Fitch has downgraded the following ratings, and removed the Rating Watch Negative:
SunTrust Bank
--Support to '5' from '3';
--Support floor to 'NF' from 'BB-'.
Additional information is available at www.fitchratings.com . The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'U.S. Banks - Sovereign Support: When Does it End,' Dec. 15, 2011;
--'Rating Banks in a Changing World: Credit Ratings Reflect Evolving Risk Profiles,' Oct. 13, 2011;
--'ICB Recommendations: A Step Change for UK Banks,' Sept. 14, 2011;
--'Global Financial Institutions Rating Criteria,' Aug. 16, 2011;
--'Global Financial Institutions Snapshot,' Aug. 15, 2011
--'Viability Ratings: An Introductory Primer,' July 20, 2011
--'Resolution Regimes and the Future of Bank Support,' Dec. 14, 2010;
--'U.S. FI Ratings Potentially Impacted by Proposed New FDIC Rules,' Oct. 20, 2010.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
Global Financial Institutions Snapshot
Viability Ratings: An Introductory Primer
Resolution Regimes and the Future of Bank Support
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