NEW YORK (Standard&Poor's CreditWire) June 16, 1999--Standard&Poor's today affirmed its ratings on Fifth Third Bancorp (Fifth Third) and related units and placed the ratings of Civitas Bank and CNB Capital I, subsidiaries of CNB Bancshares Inc. (CNB), on CreditWatch with positive implications (see list). The rating actions follow the announcement of Fifth Third's purchase of CNB. After the completion of the acquisition, the ratings of CNB's subsidiaries will be upgraded and equalized with those of Fifth Third. The outlook on Fifth Third and its units is stable. In affirming the ratings on Fifth Third, Standard&Poor's acknowledges the company's commendable track record in acquiring lower-rated entities and quickly bringing them up to its high standards.
