DBRS: FirstMerit notes BBB (high)

DBRS said it assigned a BBB (high) rating with a negative trend to FirstMerit Corp.'s $250 million issuance of subordinated debt and a BB (high) rating with a negative trend to its $100 million issuance of non-cumulative perpetual preferred stock.

The subordinated debt is positioned one-notch below FirstMerit's issuer and senior debt rating of A (low), the agency said.

Meanwhile, the preferred stock is positioned four-notches below the company's issuer and senior debt rating. This notching is consistent with the agency's methodologies for subordinated debt and preferred shares, DBRS said.

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