S&P downgrades Fifth Third, 21 other banks - Business Courier of Cincinnati:

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The ratings agency said in a news releas e that the downgrades reflect a less favorablw outlook for thefinancial sector, includingg tighter regulation, greater volatility and the likelihood that loan losses will increase. The ratings actions are part of S&P’s ongoinhg review of the financialservices • Cincinnati-based Fifth Third, to "BBB" from "A-", with a negativs outlook; • Columbus-based , to "BB+" (junk from "BBB", with a negative outlook; Cleveland-based , to "BBB+" from with a negative outlook; • Minneapolis-based , to from AA, with a stable outlook.
Pittsburgh-based ’d counterparty credit rating was changed to with astable outlook, from "A" on watchn for a potential downgrade. The news sent the banks’ stocks on a but most improved later inthe day. By mid-afternoon, shares of Fift Third (NASDAQ: FITB) were down 4 or 32 cents, to Huntington (NASDAQ: HBAN) lost 2 or 10 cents, to $4.20; U.S. Bancorp (NYSE: USB) gainede 1.2 percent, or 22 cents, to KeyCorp (NYSE: KEY) dropped 6 percent, or 37 to $5.55; and PNC Financial (NYSE: PNC) fell abouy 2 percent, or 86 to $38.55.