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VOL. 127 | NO. 246 | Tuesday, December 18, 2012

Fitch Ratings Downgrades First Horizon National Corp.

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Fitch Ratings has made a downward revision to a rating assigned to the largest bank based in Tennessee.

Fitch downgraded the long-term Issuer Default Ratings of Memphis-based First Horizon National Corp. and its banking subsidiary First Tennessee Bank N.A. to “BBB-” from “BBB.” However, Fitch also assigned a “stable rating outlook” to the ratings.

According to Fitch, the downgrade reflects Fitch’s view of First Horizon’s ongoing future performance amidst a challenging economic environment, including a low interest rate environment. Fitch noted that First Horizon has made progress in shifting its overall strategy but that progress toward returning to stronger profitability has been delayed, due in part to the economy.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 66 153 14,870
MORTGAGES 64 144 19,474
FORECLOSURE NOTICES 0 22 3,817
BUILDING PERMITS 217 359 35,689
BANKRUPTCIES 59 121 14,155
BUSINESS LICENSES 24 86 5,077
UTILITY CONNECTIONS 71 170 21,603
MARRIAGE LICENSES 22 59 4,616

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