Fitch leaves City National ratings unchanged

AP News
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Posted: Dec 22, 2009 3:50 PM

Fitch Ratings said Tuesday that City National Corp.'s ratings were unaffected by its recently announced acquisition of Imperial Capital Bank.

Fitch said City National's FDIC-assisted acquisition of Imperial is of "manageable size."

City National has a loss-sharing deal with the FDIC on $2.6 billion in loans, and Fitch said it provides "sufficient loss mitigation."

Fitch also said it does not anticipate considerable customer attrition and that City National should be able to retain Imperial's loyal customer base.

Shares of City National, based in Los Angeles, fell $1.45, or 3 percent, to $45.89 in afternoon trading Tuesday.