...Affirmation on Merger Announcement: Fitch Ratings affirmed BBT's Long-Term Issuer Default Rating (LT IDR) at `A+' with a Stable Rating Outlook following the Feb. 7, 2019 announcement of a proposed merger of equals (MOE) between BB&T Corporation (BBT) and SunTrust Banks, Inc. (STI). The action reflects Fitch's view that the financial and strategic benefits associated with the proposed MOE are compelling enough to offset the deal's significant integration risks. M&A Track Record: Fitch views BBT's track record in successfully integrating bank acquisitions as mitigating some of the risks associated with the merger. While the current transaction is of a different scale and complexity than former acquisitions, acquisition-related growth has been a core part of BBT's strategy over many years and the bank is in part the result of the agglomeration of smaller community banks in surrounding markets. Attractive Deal Economics: From a financial perspective, Fitch views the proposed deal as reasonable...
