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Article: Fitch Affirms Synovus Financial Corporation's Ratings; Outlook Remains Negative.
- Article from:
- Business Wire
- Article date:
- September 16, 2009
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NEW YORK -- Fitch Ratings has affirmed the ratings of Synovus Financial Corporation (SNV) and its subsidiary banks, following the company's announcement on Sept. 14, 2009, describing multiple capital raising initiatives. The Rating Outlook remains Negative.
The affirmation anticipates that SNV will successfully execute on its announced $500 million capital raising plan, which includes a $350 million common stock issuance, a conditional exchange offer for subordinated debt, and various balance sheet refinements. Fitch views these capital enhancements as both prudent and necessary, given the company's ongoing asset quality challenges and significant exposure to ...