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EARNINGS UPDATE: Comerica Inc. Ratings Unaffected By Fourth-Quarter Results Jan 12
Standard & Poors, January 2012
NEW YORK (Standard & Poor's) Jan. 20, 2012--Standard & Poor's Ratings Services today said its ratings and outlook on Comerica Inc. (A-/Stable/A-2) are not affected by Comerica's fourth-quarter results, which were consistent with our expectations. Net income eased slightly to $96 million from $98 million in the third quarter, hurt by lower non-interest income (lower securities gains) and higher non-interest expenses (including one additional month of Sterling expenses), but aided by lower provisions for loan losses, which were significantly less than net charge-offs. Credit quality continued to improve, as highlighted by the sequential declines in nonperforming loans, watch list loans, loans 90 days or more past due, and net charge-offs. Loan balances rose from the third quarter, and we think...
Companies mentioned in this report are: Comerica Inc.
Action: General Comment
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.