Summary: Zions Bancorporation

Standard & Poors, April 2011

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
Standard & Poor's Ratings Services' ratings on Zions Bancorporation reflect our view of the company's adequate capital ratios, high core net interest margin (NIM), and good liquidity. However, the ratings also reflect Zions' weak, but improving, loan performance, large net losses in recent years, and significant loan exposures to commercial real estate (CRE), a loan segment that we think could remain challenged in the near term. The company's CRE, and especially its construction, loan exposures have hurt its loan performance, in our opinion, but these exposures have declined materially in recent years. The company also has a significant exposure to illiquid collateralized debt obligations (CDOs), which we view negatively in our overall ratings assessment, even though the company has already...

Companies mentioned in this report are: Zions Bancorporation
Action: Review

Zions Bancorporation

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