SAN ANTONIO, Dec. 7, 2011 /PRNewswire/ -- Standard &
Poor's has raised its long-term rating on Frost Bank to A+, making
the Texas-based financial
institution one of the highest-rated banks in the country. S&P
cited Frost's "strong capital, excellent liquidity, consistent
profitability, and solid credit performance relative to peers'"
reinforced by the company's "conservative strategy and solid market
position in Texas."
(Logo: http://photos.prnewswire.com/prnh/20080728/LAM010LOGO)
The A+ rating is the highest ever received by Frost Bank and
places it in an elite group of financial institutions with an A+
rating. S&P also raised its long-term issuer credit on
Cullen/Frost Bankers, Inc. (NYSE: CFR), the holding company of
Frost Bank, to "A" and affirmed its "A-1" short-term rating on
Frost Bank with a stable outlook on both the holding company and
the bank.
S&P attributed Frost's "track record of stable, consistent
earnings through the economic cycles" to "the company's
relationship-oriented strategy, which focuses on long-time
customers in local markets."
S&P acknowledged Frost's long-tenured management for
maintaining the company's "strong" and "conservative" lending
standards during the recent recession. The agency said that
"Cullen/Frost's profitability and asset quality will remain
superior to peers' and that its 'strong' capital and liquidity will
continue to provide added protection against tough economic
conditions."
"We are grateful to our Frost customers and employees for making
the A+ rating possible," said Cullen/Frost Bankers Chairman and CEO
Dick Evans. "The A+ rating is a
validation of our culture, our people, and our way of doing
business."
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding
company, headquartered in San
Antonio, with $19.5 billion in
assets at September 30, 2011 and more
than 115 financial centers throughout Texas. One of 24 U.S. banks included in the
KBW Bank Index, Frost provides a wide range of banking, investments
and insurance services to businesses and individuals in the
Austin, Corpus Christi, Dallas, Fort
Worth, Houston, Rio Grande
Valley and San Antonio regions.
Founded in 1868, Frost has helped clients with their financial
needs during three centuries. Additional information is available
at frostbank.com.
Contact:
Renee Sabel
210.220.5416
SOURCE Frost Bank