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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 74 360 18,823
MORTGAGES 96 570 24,194
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 142 808 40,603
BANKRUPTCIES 68 229 14,122
BUSINESS LICENSES 27 78 5,820
UTILITY CONNECTIONS 0 281 21,803
MARRIAGE LICENSES 11 31 5,062

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