NEW YORK (Standard&Poor's) Sept. 16, 2009--Standard&Poor's Ratings Services said today that its rating on Fifth Third Bancorp (BBB/Negative/A-2) remains unchanged with the company's update of higher credit costs and nonperforming assets (NPAs) for third-quarter 2009. Management disclosed expectations for $775 million of net charge-offs (NCOs) (versus $626 million sequentially) and $3.4 billion of NPAs (versus $2.8 billion sequentially). Assuming a flat $82 billion loan portfolio, these equate to 3.78% annualized NCOs and 4.15% NPAs. Approximately $110 million of the NCO increase and $150 million of the NPA increase expected in third-quarter 2009 are attributable to the regulatory review of the $7 billion Shared National Credit portfolio. Our latest rating action (June 17, 2009) considered sequential asset-quality
