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Fitch commented on Oct. 20, 2009 (see press release of that date for additional commentary) of its expectation of affirming MI's ratings following the successful completion of the equity raise. MI announced that it had priced a public offering of $782 million in common stock, slightly above the announced offering of $775 million with net proceeds to the company expected to be approximately $750 million. The underwriters have a right to purchase an additional 20.4 million shares. The capital raise provides a significant boost to capital levels.
Fitch has affirmed the following ratings:
Marshall & Ilsley Corporation
--Long-term IDR at 'BBB+';
--Senior Debt at 'BBB+';
--Preferred Stock at 'BBB-'
--Short-term IDR at 'F2';
--Commercial Paper at 'F2';
--Individual at 'C';
--Support at '5';
--Support Floor at 'NF'.
M&I Marshall & Ilsley Bank
--Long-term IDR at 'BBB+';
--Long-term Deposits at 'A-'
--Senior Debt at 'BBB+';
--Subordinated Debt at 'BBB';
--Short-term Deposits at 'F1';
--Short-term IDR at 'F2';
--Individual at 'C';
--Support at '5';
--Support Floor at 'NF'.
M&I Bank FSB
--Long-term IDR at 'BBB+';
--Long-term Deposits at 'A-'
--Individual at 'C';
--Short-term IDR at 'F2';
--Commercial Paper at 'F2';
--Short-term Deposits at 'F1';
--Support at '5';
--Support Floor at 'NF'.
Southwest Bank of St. Louis
--Long-term IDR at 'BBB+';
--Long-term Deposits at 'A-'
--Individual at 'C';
--Short-term IDR at 'F2';
--Short-term Deposits at 'F1';
--Support at '5';
--Support Floor at 'NF'.
The Rating Outlook is Negative.
Additional information is available at 'www.fitchratings.com'.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
SOURCE: Fitch Ratings
Fitch Ratings John Mackerey, +1-212-908-0366 (New York) Julie Solar, +1-312-368-5472 (Chicago) Media Relations: Brian Bertsch, +1-212-908-0549 (New York) brian.bertsch@fitchratings.com
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