FITBFifth Third Bancorp (stock symbol)
FITBFill In The Blank
FITBFuture Income Tax Benefit
FITBFalkland Islands Tourist Board
FITBFédération Internationale de Tchoukball (International Tchoukball Federation)
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In addition, FITB continues to report improving asset quality trends.
FITB will likely seek to repay the government-preferred stock investment in the near term.
The Stable Outlook reflects Fitch's belief that FITB has sufficient financial resources, in terms of capital, reserves, and pre-provision net revenue, relative to its current ratings, to absorb the elevated loss rates in the loan portfolio over the near to intermediate term.
FITB has been battling significant ongoing asset quality issues since late 2007 due to extremely challenging residential housing markets in its footprint, most notably in Florida and Michigan.
Within the past year, FITB has also cut its quarterly common dividend from $0.
Fitch downgraded the long-term IDRs of FITB to 'A' from 'A+'.
Note that on June 18, Fitch downgraded the IDRs of FITB to 'A+' and 'F1'.
FITB has taken positive steps to address its challenges such as augmenting its capital base and exiting problematic lending sectors.
FITB has been battling asset quality issues over the past year due to an increasingly difficult operating environment and challenging residential housing markets in its footprint which includes Florida and Michigan.
The statements made in the Company's Prospectus contained material omissions because, at the time of the Offering, FITB was already suffering from several adverse factors that were not revealed and/or adequately addressed in the document.