NEW YORK (Standard&Poor's) March 29, 2007--Standard&Poor's Ratings Services views the pending trust preferred securities issue of Fifth Third Bancorp (Fifth Third; A+/Stable/A-1), being issued through Fifth Third Capital Trust IV, as warranting our "intermediate-strong" equity credit designation. The issue will be included in capital measures up to 15% of adjusted total equity, potentially for up to 20 years (beyond which it would warrant our "minimal" equity credit designation). Also, in accordance with our hybrid rating criteria, this issue has been rated 'A-'–-which is two notches below the counterparty credit rating on Fifth Third--reflecting the issue's deep subordination and the risk that interest payments could be deferred. The equity credit derives from the following: -- The securities
