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4 years ago
Fitch Rates Huntington Bancshares, Inc. & Huntington National Bank's Senior Debt Issuance 'BBB+'
August 6, 2013 / 9:21 PM / 4 years ago

Fitch Rates Huntington Bancshares, Inc. & Huntington National Bank's Senior Debt Issuance 'BBB+'

(The following statement was released by the rating agency) NEW YORK, August 06 (Fitch) Fitch Ratings has assigned a 'BBB+' rating to Huntington Bancshares, Inc.'s (HBAN) $400 million fixed rate senior notes with a maturity of five years. Fitch has also assigned a 'BBB+' senior debt rating to Huntington National Bank's $350 million fixed rate senior notes expected to mature in three-years. Proceeds from the offering are expected to be used for general corporate purposes. KEY RATING DRIVERS: The 'BBB+' expected rating of these senior notes is aligned to HBAN's 'BBB+' long-term Issuer Default Ratings (IDRs), which reflects that these notes rank pari passu with other senior obligations. RATING SENSITIVITIES: HBAN's VR of 'bbb+' and its long term IDRs of 'BBB+' are supported by the company's solid capital and liquidity position, good core profitability, and stable asset quality performance. Notably, HBAN has improved its risk profile through various actions over the last few years such as disposing of Franklin Credit, reducing transactional lending and improving its capital and liquidity position. The Rating Outlook on the company's IDR is Positive. Fitch has assigned the following ratings: Huntington Bancshares, Inc. --Senior debt 'BBB+'. Huntington National Bank --Senior debt 'BBB+'. Contact: Primary Analyst Doriana Gamboa Director +1-212-908-0865 Fitch Ratings, Inc. One State Street Plaza New York, NY 10004 Secondary Analyst Julie Solar Senior Director +1-312-606-1472 Committee Chairperson Christopher Wolfe Managing Director +1-212-908-0771 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com. Additional information is available at 'www.fitchratings.com'. Applicable Criteria and Related Research: --'Global Financial Institutions Rating Criteria' (Aug. 15, 2012). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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 MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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