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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 68 214 11,334
MORTGAGES 67 237 14,140
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 0 549 24,583
BANKRUPTCIES 49 184 8,616
BUSINESS LICENSES 31 82 3,853
UTILITY CONNECTIONS 135 374 13,831
MARRIAGE LICENSES 12 61 3,092

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