The rating outlook for First Horizon National Corp., Memphis, has been revised from stable to negative by Fitch Ratings because of mortgage-related circumstances.Fitch also affirmed the ratings on First Horizon and its rated subsidiaries: First Tennessee Bank, First Tennessee Capital I, and First Tennessee Capital II. The rating agency said the outlook revision stemmed from "increased pressure in the mortgage banking segment, which has significantly reduced operating profitability overall." Profitability has declined to a level that is below average for the company's A rated peers, Fitch said, adding that sustained underperformance or significant erosion in capital ratios or liquidity measures could put downward pressure on First Horizon's ratings. Fitch also Fitch can be found online at http://www.fitchratings.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry