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Fitch Downgrades Associated Banc-Corp's Long-term IDR to 'BBB'; Outlook Negative.

Publication: Business Wire
Publication Date: 29-JUL-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
CHICAGO -- Fitch Ratings has downgraded the long-term Issuer Default Rating (IDR) for Associated Banc-Corp (ASBC) to 'BBB' from 'BBB+' and its principal bank subsidiaries to 'BBB' from 'A-'. Fitch has also downgraded ASBC's Individual Rating to 'C' from 'B/C' and the principal subsidiaries' Individual Rating to 'C' from 'B'. The Rating Outlook remains Negative. A complete list of ratings follows at the end of this release.

Today's rating downgrades follow ASBC's reported 56% increase in nonperforming assets (NPAs) in the second quarter of 2009 after a 31% increase in the first quarter of the year. NPAs now represent 5% of loans and foreclosed real estate. Net charge-offs (NCOs) were...

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