Fitch talking better about First Niagara - Earnings will get FNFG Strong Buys/Higher Targets
Fitch has affirmed the IDRs of Associated Banc-Corp (ASBC), BOK Financial Corporation (BOKF), Cullen/Frost Bankers, Inc. (CFR), East West Bancorp, Inc. (EWBC), First Horizon National Corporation (FHN), First Niagara Financial Group Inc. (FNFG), Hancock Holding Company (HBHC), People's United Financial Inc. (PBCT), Synovus Financial Corporation (SNV), Webster Financial Corp. (WBS), UMB Financial Corporation (UMBF) and Bank of Hawaii Corporation (BOH). Sufficient capital levels, robust earnings and funding profile of these companies, along with strong asset quality, prompted the rating agency to affirm the ratings.
Hey goldilocks, perhaps you should actually read the Fitch release. Here's a sampling: "Fitch Ratings has affirmed the less-than-stellar long- and short-term ratings it issued last fall for First Niagara Financial Group Inc., saying it may take the parent of First Niagara Bank longer than expected to build capital and warning that future earnings may be adversely affected due to poor economic and interest rate conditions.
The worldwide ratings agency held First Niagara’s rating at “BBB-” and maintained the bank’s “negative” outlook because it does not think there is enough capital on hand to handle potential financial challenges that the bank might encounter."