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
- Host families prepare for Mississippi Braves’ season
- JOSH MABUS — Mississippi’s Healthcare: Not a quality problem, a marketing problem
- PHIL HARDWICK: When will Mississippi change its culture?
- (VIDEO) ALAN TURNER: Wilson says he’s ready for elected office
- Ridgeland property rights tussle is expected to have wide impact
- Choctaws' new hospital nearing completion
- Mississippi takes an incentives licking, keeps on ticking
- Plan would give up to $1.5M to music recording, concerts
- Mississippi furniture makers on rebound with more exports