Hancock’s ratings downgraded following merger
Published: June 8,2011
GULFPORT — Moody’s Investors Service has downgraded the long- and short-term financial ratings of Hancock Holding Co. following its acquisition of Whitney Holding Corp.
Moody’s said June 7 the ratings outlook for Gulfport-based Hancock is stable. Hancock was put under review when it announced the deal to acquire Whitney Dec. 22.
Moody’s says it took the action because Whitney is a “comparatively large and troubled bank” that has lost money over the past two years. Moody’s also said Hancock may find it difficult to manage the integration of the two companies, particularly in bringing its credit culture into the Whitney franchise.
But Moody’s also says that Hancock’s capital position should be sufficient to absorb any credit losses.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- Half century of memories — Christmas on Deer Creek to celebrate 50th anniversary
- Analyst: KiOR Columbus plant may end up sold as scrap
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Ex-MDEQ leader Fisher joins Butler Snow
- Former MDEQ Executive Director Trudy Fisher joins Butler Snow
- Gulf oil rig explosion kills one worker, injures three
- Federal appeals court: State's abortion law is unconstitutional
- Can Metrocenter rise from the ashes? Again
- Court hits David Watkins with $600,000 order over Retro Metro issues