First State Bank Parent Synovus Financial Corp. Rating Raised To 'B+'; Outlook Is Positive
Press release from the issuing company
Monday, March 4th, 2013
Georgia-based regional banking company Synovus Financial has seen an improvement in both its financial performance and business position in recent quarters, in our opinion. We are raising our long-term counterparty credit rating on Synovus Financial to 'B+' from 'B' and on Synovus Bank to 'BB' from 'BB-'. The outlook on the ratings is positive. We expect that loan performance will improve further in 2013 and that the company could redeem its TARP preferred shares in the second half of 2013, which we would likely view favorably.
First State Bank is a division of Synovus Bank, serving the Greater Valdosta Area.
