...Fitch Upgrades Rating: In October 2024, Fitch Ratings upgraded the Long-Term (LT) Issuer Default Ratings (IDR) of First Horizon Corporation (FHN) and its operating subsidiary, First Horizon Bank (FHNB), to `BBB+' and `BBB', respectively, with a Stable Rating Outlook. The rating upgrade reflects FHN's maintenance of its franchise strength following the deal termination with The Toronto-Dominion Bank (TD; AA¡/Negative), as reflected in FHN's profitability levels and asset quality metrics. Top Core Market Deposit Share: As of June 2024, FHN holds the top deposit market share in Tennessee, where it is headquartered. In addition, it has a presence across the Southeast and ranks in the top 10 for deposit market share in Louisiana and North Carolina. Previous acquisitions have helped FHN grow, but Fitch expects additional growth to be organic. Countercyclical Business Mix: While FHN's balance sheet is more asset sensitive due to its higher proportion of floating-rate loans, in Fitch's view, FHN's...
