Tags: US | Sterling | Bancshares | Debt | Rating

Fitch Downgrades Sterling Bancshares Over Loans

Thursday, 25 Feb 2010 03:04 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Fitch Ratings said Thursday it downgraded its rating on Sterling Bancshares Inc. because of concerns about the Texas bank holding company's exposure to commercial real estate.

Fitch said 62 percent of Sterling's loan portfolio consisted of commercial real estate loans as of Dec. 31, an amount higher than its peers. It downgraded its rating to 'C' from 'B/C' and revised its ratings outlook to negative from stable.

Fitch affirmed Sterling's long- and short-term issuer default ratings at 'BBB'-, the lowest investment-grade rating. The agency said that partly reflects the company's ability to increase capital through its recent offering of $80 million common shares.

Sterling shares declined 16 cents, or 3.2 percent, to $4.77 in afternoon trading.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Arrest Made in Attempted Bombing of Rep. Cleaver's Office

Thursday, 18 Sep 2014 19:44 PM

Authorities in Kansas City, Mo. have charged a man after he allegedly threw molotov cocktails at Rep. Emanuel Cleaver's  . . .

Doctor: Global Response to Ebola Underway, but US Must Lead

Thursday, 18 Sep 2014 18:34 PM

Doctors and medical missionaries from around the world are already at work in west African countries besieged by Ebola,  . . .

Chuck Todd's 'Meet The Press' Sags in Ratings After Initial Spike

Thursday, 18 Sep 2014 17:51 PM

Chuck Todd's highly successful premier on NBC "Meet the Press" with President Barack Obama as the featured guest garnere . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved