Fitch revises Whitney’s ratings after Hancock merger
by For the MBJ
Published: June 7,2011
GULFPORT — With the closing of Hancock Holding Company’s (HBHC’s) purchase of Whitney Holding Corp (WTNY) June 4, Fitch Ratings has revised the “Rating Watch” on Whitney Bank (previously Whitney National Bank) to “positive” from “evolving.”
Concurrent with this action, Fitch has withdrawn the ratings of Whitney Holding Corporation following the closing of the transaction and the retirement of WTNY’s $300 million of preferred shares issued to the U.S. Treasury as the entity will no longer exist.
Fitch wrote: “In revising the ‘Rating Watch’ to ‘positive’ from ‘evolving,’ it is Fitch’s opinion that the combined entity would result in long- and short-term IDR ratings that are no lower than Whitney Bank’s current IDRs of ‘BBB/F2′ and could be as high as ‘A-/F1′. Fitch will update its ratings for Whitney Bank and the combined entity following a comprehensive review of HBHC.”
Source: Fitch Ratings
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- The Dan Jones-IHL saga: Is this the story that started it all?
- Email from Nash to Delta Council’s Morgan included in DHA court file
- Dan Jones rejects IHL offer, won't publicly apologize
- DAVID DALLAS — From Dan and Dixie with love
- Delta Health Alliance CEO Karen Fox under investigation for possible misuse of funds
- BREAKING NEWS: Trustees offer new deal to Ole Miss chancellor Dan Jones
- Suit against Kemper employee Brett Wingo is dismissed
- Ole Miss chancellor: Talks continue over job status
- Man charged in noose left on integration statue at Ole Miss