The ratings on Fifth Third Bancorp (Fifth Third) reflect the bank's still strong financial performance. Despite deterioration in several categories, specifically profitability and capitalization, Fifth Third's financial performance continues to compare favorably with that of its similarly rated regional bank peers. Fifth Third's historical superior profitability relative to peers has narrowed, but has not altogether vanished. Similarly, tangible capital levels, which were once a source of significant strength relative to peers, are now in line with that of peers. By most metrics, Fifth Third's profitability compares well with that of its peers. Nevertheless, the past few years were difficult for the company, as the recent interest rate environment exposed a mismatch in the duration of Fifth Third's assets and liabilities,
