Fitch Downgrades Amcore Financial Inc.'s Ratings Following ReceivershipLast update: 4/26/2010 12:33:00 PMCHICAGO, Apr 26, 2010 (BUSINESS WIRE) -- Subsequent to the Federal Deposit Insurance Corporation's (FDIC) action of placing Amcore Financial Inc's (AMFI) banking subsidiary, AMCORE Bank, N.A., into receivership, Fitch Ratings has downgraded their Issuer Default Ratings (IDR) to 'D' from 'C'. A complete list of all ratings follows at the end of this release. Following the bank closure, the FDIC will sell AMCORE Bank, N.A.'s deposits, excluding brokered deposits, to Harris, National Association. It is assumed that AMFI will file for bankruptcy in the very near future. Fitch has downgraded the long-term and short-terms IDRs of both AMFI and AMCORE Bank, N.A. to 'D,' which indicates an issuer that in Fitch's' opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, or which has otherwise ceased business. Subsequent to the bank's closure, AMFI no longer exists as a bank holding company, and therefore, has ceased business. In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice. Fitch will maintain these ratings for 30 days at which point they will be withdrawn. The rating action reflects the application of Fitch's current criteria which is available on Fitch's website at ' and specifically includes: --Master Global Financial Institutions Criteria (Dec. 29, 2009) --Bank Holding Companies Criteria (Dec. 30, 2009) --Recovery Ratings for Financial Institutions (Dec. 30, 2009) Fitch has downgraded the following ratings: AMFI --Long-term IDR to 'D' from 'C'; --Short-term IDR to 'D' from 'C'; --Individual to 'F' from 'E'. AMCORE Bank, N.A. --Long-term IDR to 'D' from 'C'; --Short-term IDR to 'D' from 'C'; --Individual to 'F' from 'E'. The following ratings remain unchanged: AMFI --Support '5'; --Support Floor 'NF'. AMCORE Bank, N.A. --Long-term deposits 'CC/RR3'; --Short-term deposits 'C'; --Support '5'; --Support Floor 'NF'. Additional information is available at '. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. SOURCE: Fitch Ratings
Fitch Ratings Julie Solar, 312-368-5472, Chicago Christopher Wolfe, 212-908-0771, New York or Media Relations: Brian Bertsch, 212-908-0549, New York Email: brian.bertsch@fitchratings.comCopyright Business Wire 2010
