Fitch: First Horizon DOJ Settlement Credit Neutral

April 10, 2015 3:59 PM

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(The following statement was released by the rating agency) CHICAGO, April 10 (Fitch) First Horizon National Corp. (FHN) ratings are unaffected by its recent announcement that it has reached an agreement in principle with the Department of Justice (DOJ) and the Department of Housing and Urban Development (HUD), according to Fitch Ratings.

The agreement relates to FHN's underwriting and origination of FHA-insured mortgage loans from Jan. 1, 2006, through Dec. 31, 2008. Fitch had been expecting the DOJ/HUD settlement to occur in 2015 and that it would not result in capital ratios falling to levels below management's long-term targets. ...

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