Moody's rates FirstMerit preferreds A3, Baa2

Moody's Investors Service said it A3 assigned subordinate debt and Baa2 (hyb) non-cumulative perpetual preferred stock ratings to FirstMerit Corp.

The subordinate and preferred stock ratings were placed on review for downgrade, consistent with the review on the lead bank's ratings.

Moody's said that FirstMerit's subordinate and non-cumulative perpetual preferred stock ratings reflect the rating agency's normal notching practices for such securities.

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