After completing its review of its U.S. midtier regional bank peer group — which generally covers banks with assets between $10 billion and $50 billion — Fitch Ratings downgraded UMB Financial Corp. and revised the rating outlook to stable from negative.
Specifically, the rating agency downgraded UMB Financial's long-term issuer default rating to A from A+, and the viability rating to "a" from "a+". The rating agency affirmed the Kansas City, Mo.-based company's short-term issuer default rating at F1.
Fitch also affirmed the long-term and short-term issuer default ratings of BOK Financial Corp., at A/F1, and First Horizon National Corp., at BBB-/F3. Fitch revised the outlook for BOK Financial to stable from negative and First Horizon National to positive from stable.
Fitch also affirmed Cathay General Bancorp's BB+ long-term issuer default rating and "bb+" viability rating, and First National of Nebraska Inc.'s BBB- long-term issuer default rating and F3 short-term issuer default rating. Fitch kept positive outlooks for each.
Fitch also affirmed the long-term and short-term issuer default ratings and maintained stable outlooks for nine other banks within the midtier regional peer group — BankUnited Inc., at BBB/F2; East West Bancorp Inc., at BBB/F2; First Republic Bank, at A-/F1; Fulton Financial Corp., at BBB+/F2; Hilltop Holdings Inc., at BBB/F2; Synovus Financial Corp., at BBB-/F3; TCF Financial Corp., at BBB-/F3; Trustmark Corp., at BBB+/F2; and Wintrust Financial Corp., at BBB/F2.