(The following statement was released by the rating agency)
NEW YORK, November 01 (Fitch) Fitch Ratings assigns a 'BB'
rating to City
National Corporations $100 million non-cumulative perpetual
The coupon is set at 6.75% for 10 years. After 10 years, the
issue is callable.
If the issue is not called, it converts to a floating rate of
LIBOR plus 4.052%
KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID
City National Corporation's preferred stock is rated five
notches below its
viability rating in accordance with Fitch Ratings criteria
'Assessing and Rating
Bank Subordinated and Hybrid Securities' dated Dec. 5, 2012.
This reflects the
loss-absorbing nature of the preferred stock as well as its
RATING SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID
City National Corporation's preferred stock rating is sensitive
to changes to
the company's viability rating. Any change to the viability
rating will impact
the preferred stock rating.
The rating actions are as follows:
City National Corporation
--Non-cumulative preferred at 'BB'
Jaymin Berg, CPA
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549,
Additional information is available at 'www.fitchratings.com.'
Applicable Criteria and Related Research:
--'City National Corporation' (Oct. 21, 2013);
--'U.S. Banking Quarterly Comment: 3Q13' (Oct 23, 2013)
--'U.S. Banks: Liquidity and Deposit Funding' (Aug. 08, 2013)
--'U.S. Banks: Interest Rate Risk (What Happens When Rates Rise)
--'Global Financial Institutions Rating Criteria'
--'Assessing and Rating Bank Subordinated and Hybrid Securities'
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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS
here. IN ADDITION,
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