Correction: Fitch Dwngrs Fifth Third Bancorp's IDR to 'A-'; Removes from Watch Neg; Outlook Negative

CHICAGO--(Business Wire)--
(This is an amended version of a press release issued earlier today containing
revised information on the preferred stock ratings for Fifth Third Bancorp and
Fifth Third Capital Trust IV-VII.)

Fitch Ratings has downgraded the long-term Issuer Default Rating (IDR) of Fifth
Third Bancorp (FITB) and its subsidiary (see complete list below) to 'A-' from
'A', and removed them from Rating Watch Negative. The Rating Outlook is
Negative.

Fitch downgraded FITB's ratings given current and expected asset quality
deterioration, resulting earnings pressure, as well as continued economic stress
and uncertainty in FITB's markets. FITB's ratings had been placed on Rating
Watch Negative on May 15, 2009 as part of Fitch's U.S. bank review, which was
announced on May 7, 2009. Fitch has since completed its review of FITB. Although
Fitch views FITB's capital raise favorably, Fitch anticipates that FITB will
face elevated levels of credit costs over the next several quarters and
pressured levels of core profitability.

FITB has been battling significant ongoing asset quality issues since late 2007
due to extremely challenging residential housing markets in its footprint, most
notably in Florida and Michigan. FITB's problem loan portfolios include the
homebuilder, brokered home equity, and Florida residential mortgage books, which
represent approximately 9% of loans. FITB has taken positive steps to address
its credit challenges, such as exiting problematic lending sectors, tightening
underwriting criteria, and selling/transferring to sale approximately $1.6
billion in loans. Despite FITB's efforts to deal with its high level of problem
assets, Fitch expects FITB to report continued deterioration in asset quality
which will make it difficult for the company to return to profitability in 2009.

Fitch has also widened the notching on FITB's outstanding hybrid equity, which
includes $3.4 billion of preferred stock issued under the Capital Purchase
Program and $2.5 billion in trust preferred securities. As discussed in Fitch's
press release, 'Expectations for Higher Loan Losses Driving U.S. Bank Ratings
Review', dated May 7, 2009, an analysis of the notching between IDRs and hybrid
equity instruments has been underway, and Fitch has taken similar action on
other issuers.

FITB was found to need an additional $1.1 billion in common equity under the
'more adverse' scenario of the Supervisory Capital Assessment Program (SCAP).
FITB has since issued $1 billion in common stock, and has exchanged
approximately $700 million of its preferred stock for common stock; thereby
allowing FITB to raise an amount in excess of the SCAP capital requirement.
These issuances have strengthened the balance sheet, and have helped fortify the
already good liquidity position of the holding company. In addition, FITB's
ability to access the capital markets helped moderate a more severe rating
action. Bank liquidity is also considered solid given a significant amount of
borrowing capacity, and a good core deposit base.

Providing support to FITB's ratings, the company has taken several steps to
augment its capital base, including the aforementioned capital raise. Within the
past year, FITB has also cut its quarterly common dividend from $0.44 per share
to $0.01 per share, conserving approximately $1 billion in capital per year.
More recently, the company announced the sale of a majority stake of its
payments processing business to private-equity firm Advent International. The
transaction is expected to Tier 1 common equity by approximately $1.2 billion.
FITB will retain 49% ownership in the joint venture, and is providing $1.25
billion in bank loans to fund the new company. Although Fitch acknowledges the
favorable impact on capital from the sale, revenue diversity is somewhat
lessened as a result of the transaction. FITB estimated earnings dilution on
2008 earnings of $100 million on a pro forma basis as a result of the
transaction.

The Rating Outlook for FITB is Negative. Downward pressure on the ratings could
return if asset quality trends worsen beyond Fitch's expectations.

FITB is a $119 billion financial holding company headquartered in Cincinnati,
Ohio. FITB operates 16 affiliates with over approximately 1,300 branches and
2,400 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee,
West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third
operates five main businesses: Commercial Banking, Branch Banking, Consumer
Lending, Investment Advisors and Fifth Third Processing Solutions.

A complete list of affected ratings follows the end of the release.

Fitch has downgraded the following ratings:

Fifth Third Bancorp

--Long-term IDR to 'A-' from 'A';

--Individual to 'C' from 'B/C';

--Preferred stock to 'BBB' from 'A-';

--Senior debt to 'A-' from 'A';

--Subordinated debt to 'BBB+' from 'A-'.

Fifth Third Bank (Ohio)

--Long-term IDR to 'A-' from 'A';

--Individual to 'C' from 'B/C';

--Senior debt to 'A-' from 'A';

--Subordinated debt to 'BBB+' from 'A-';

--Long-term deposits to 'A' from 'A+'.

Fifth Third Bank (Michigan)

--Long-term IDR to 'A-' from 'A';

--Individual to 'C' from 'B/C';

--Long-term deposits to 'A' from 'A+'.

Fifth Third Capital Trust IV, V, VI, VII

--Preferred stock to 'BBB' from 'A-'.

Fitch affirms the following:

Fifth Third Bancorp

--Short-term IDR at 'F1';

--Short-term debt at 'F1'.

--Support at '5';

--Support floor at 'NF'.

Fifth Third Bank (Ohio)

Fifth Third Bank (Michigan)

--Short-term IDR at 'F1';

--Short-term deposits at 'F1';

--Support at '4';

--Support floor at 'B'.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings
Julie Solar, +1-312-368-5472 (Chicago)
Doris Hoffmann, +1-312-368-2057 (Chicago)
Ken Ritz, +1-212-908-0368 (New York)
Brian Bertsch, +1-212-908-0549 (Media Relations, New York)
brian.bertsch@fitchratings.com

Copyright Business Wire 2009