The ratings reflect Fifth Third Bancorp's stable core deposit funding, consistently outstanding financial performance, high-quality earnings, and strong capitalization. The company's funding profile is solid, with core deposit growth unmatched by peers and with limited dependence on wholesale, short-term money. Double-digit revenue growth, supported by a powerful fee-generating capability, has led to an industry-leading efficiency ratio consistently below 50%. Capital levels are and have been consistently strong through all phases of the economic cycle. With experience at buying underperforming entities and converting them into more profitable shops, Fifth Third has succeeded in building a deposit rich, low-cost network of banks across five states in the Midwest plus Florida and West Virginia. At Dec. 31, 2001, low-cost transactions, money market, and
