Fitch: First Niagara outlook negative

Fitch Ratings said it affirmed the ratings of First Niagara Financial Group, Inc. and its main subsidiary, First Niagara Bank, at BBB-/F3.

In addition, the agency assigned the holding company a negative outlook from its previous Rating Watch Negative.

For First Niagara Bank, the outlook was revised to negative from stable.

Fitch said the negative outlook reflects the company's lower than peer capital position which has remained the case for longer than the agency expected and, in Fitch's view, provides little support should challenges arise. Additionally, Fitch believes First Niagara Financial’s risk profile has grown and is greater than other mid-tier Regional peers.

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