Standard&Poor's Ratings Services' ratings on Fifth Third Bancorp reflect its proven access to capital and wholesale funding in difficult markets; an earnings platform that shows fundamental strength; and a solid deposit funding base due to its strong market position as a major Midwest U.S. bank. Recent asset quality deterioration, partly reflecting Fifth Third's exposure to troubled Midwestern and Florida markets, offset these strengths. Because of its substantial credit costs, the company has had to take large provisions, affecting its earnings performance. Fifth Third is the nation's 13th largest bank and the largest regional bank based in the Midwest. Because Ohio, Illinois, and Michigan are its largest concentrations, Fifth Third has been challenged by the recessionary conditions in those
