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The agency also slashed the counterparty credit ratings on the company's primary subsidiary, Regions Bank, to BBB+/A-2 from A-/A-2.
The outlook is "negative".
Credit deterioration has spread beyond the bank's residential construction, condominium, and home equity loan portfolios to its commercial and income-producing commercial real estate loan books. As a result, nonperforming assets and delinquencies remained fairly high in the third quarter. The analysts expect further deterioration in credit quality and material net losses in the next quarters as seen in the "negative" outlook.
Region's ratings are underpinned by its good financial flexibility and capital ratios, its recently demonstrated ability to access debt and equity markets and its strong business position in its service area.
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