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.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Peavey's wellness program honored after workers drop 1,000 pounds
- Group, lesbian couples look to overturn state's ban on same-sex marriages
- Pickering lists concerns over Mississippi Adequate Education Program formula
- Mississippi Film Studios signs contract with New Orleans company
- Watkins says JRA out to block him from Farish by repaying HUD $1.5M
- Mars Food expanding Delta plant; investing $31M and adding jobs
- State renews battle over water use with city of Memphis
- DAVID DALLAS: You say “Obama”, I say “Ebola”
- Biloxi baseball project still alive but may be held for 2015