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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 119 482 10,051
MORTGAGES 119 497 11,811
FORECLOSURE NOTICES 0 53 1,687
BUILDING PERMITS 0 788 21,098
BANKRUPTCIES 47 260 6,697
BUSINESS LICENSES 28 151 3,584
UTILITY CONNECTIONS 0 139 4,122
MARRIAGE LICENSES 20 111 2,290

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