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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 92 345 2,680
MORTGAGES 74 340 3,234
FORECLOSURE NOTICES 33 78 555
BUILDING PERMITS 188 810 5,813
BANKRUPTCIES 41 234 2,013
BUSINESS LICENSES 25 116 1,012
UTILITY CONNECTIONS 33 129 1,141
MARRIAGE LICENSES 14 66 409

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