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Fitch may lower City National
Fitch Ratings said it placed the A- long-term issuer default rating on City National Corp. on Rating Watch negative.
The watch reflects expectation of further asset quality deterioration, particularly in the company's construction and land development portfolio, as well as other portions of the commercial real estate book and the commercial and industrial loan portfolio, according to the agency.
The company's earnings diversity has been able to absorb higher credit costs and net charge-offs remain below most peers, and its affluent private banking clientele as well as its conservative underwriting have produced better asset quality in the consumer loan book, the agency noted.
The California and Nevada housing markets and unemployment rates, however, continue to pressure consumer spending and will likely result in further asset quality weakness in other parts of the commercial loan book, Fitch said.
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