Fitch Ratings cut its credit ratings on Regions Financial Corp. for the second time since late March, citing the Birmingham, Ala., company's exposure to problematic markets, including various types of real estate in Florida. Regions, along with its namesake bank, had its rating cut one notch, to A-minus, four steps above junk territory.
As it did in March's downgrade, Fitch said it does not expect Regions to be profitable this year, because of higher credit costs. The rating outlook is negative.
