DBRS Withdraws CBG’s Pref Stock rating and Assigns Colonial’s, Pref Stock at “C”; Trend UR Neg

DBRS has today withdrawn the preferred stock rating of CBG Florida REIT Corp. (CBG) and has assigned a “C” rating to Colonial BancGroup, Inc’s (Colonial) preferred stock. The rating actions follow Colonial’s disclosure in an 8-K filing of an exchange of CBG’s preferred stock for Colonial’s preferred stock. Concurrently, DBRS has placed Colonial’s preferred stock rating Under Review with Negative Implications.

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

The applicable methodologies are Rating Banks and Bank Holding Companies Operating in the United States, and Enhanced Methodology for Bank Ratings – Intrinsic and Support Assessments which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.