DBRS Finalizes AAA Rating of SunTrust Bank’s FDIC Guaranteed Notes Issuance

DBRS has today finalized the AAA rating of the $3.0 billion of Senior Bank Notes issued in two tranches by SunTrust Bank: the $2.25 billion 3.00% Senior Bank Notes Due November 16, 2011, and the $750 million Three-Month LIBOR Senior Bank Notes Due December 16, 2010 (collectively, the Notes). The $2.25 billion in 3.00% Senior Bank Notes were issued pursuant to an Offering Circular dated November 20, 2007, and a Pricing Supplement dated December 11, 2008. The $750 million in Three-Month LIBOR Senior Bank Notes were issued pursuant to an Offering Circular dated November 20, 2007, and a Pricing Supplement dated December 9, 2008.

Both AAA ratings are based on the explicit guarantee provided by the Federal Deposit Insurance Corporation (FDIC) Temporary Liquidity Guarantee Program (TLGP), which is backed by the full faith and credit of the United States. Under the TLGP, the FDIC guarantees payment of qualifying debt issued by eligible U.S. bank holding companies and banks, such as SunTrust Banks, Inc. and SunTrust Bank.

The AAA ratings reflect DBRS’s opinion as to the guarantor’s ability to honor the guarantee as determined by internal assessment of the sovereign. All other debt ratings, including SunTrust Bank’s AA (low) Deposits & Senior Debt rating, remain at their current levels. All long-term non-guaranteed ratings have a Stable trend.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Banks and Bank Holding Companies Operating in the United States, which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.