Moody's Investors Service has downgraded the servicer quality rating of First Tennessee Bank NA as a primary servicer of second-lien loans from SQ2-plus to SQ2 and removed it from review for possible downgrade. Moody's said the downgrade was prompted by "the high level of volatility" in the U.S. residential mortgage market, as well as the rating agency's downgrade of the long-term, senior unsecured debt rating of First Tennessee's ultimate parent, First Horizon National Corp., from A3 to Baa1 and of First Tennessee Bank's long-term deposits from A2 to A3. Both ratings have been assigned a negative outlook.
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