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Article: Fitch Expects to Affirm Marshall & Ilsley's Ratings Pending Completed Equity Raise.
- Article from:
- Investment Weekly News
- Article date:
- November 7, 2009
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Fitch Ratings expects to affirm the Issuer Default Rating (IDR) and debt ratings of Marshall & Ilsley Corporation (MI) and its subsidiary banks, including M&I Marshall & Ilsley Bank, upon the successful completion of MI's capital raise. Today, MI announced that it had commenced a public offering of approximately $775 million in common stock. Additionally, Fitch expects to remove the ratings from Rating Watch Negative and assign a Negative Outlook. The long-term and short-term IDRs of MI and its subsidiary banks are 'BBB+' and 'F2', respectively, and were placed on Rating Watch Negative on Sept. 1, 2009.
MI has shown some progress in reducing problem assets, ...