Standard&Poor's Ratings Services' ratings on Fifth Third Bancorp reflect an earnings platform that continues to demonstrate fundamental strength, solid deposit funding based on a strong market position as a major Midwest bank, and proven access to capital and wholesale funding in difficult markets. Somewhat offsetting these strengths in our view are the bank's weakened, though stabilizing, loan portfolio quality and its exposure to the troubled Southeast and slow-growing Midwest markets. Fifth Third's pretax, preprovision margins compare favorably with those of similarly rated peers, with good efficiency and revenue diversification. However, until recently, outsize provisions it had taken to cover significant asset quality deterioration ahead of net charge-offs embedded in its loan portfolio outran its fundamental earnings capacity. Indeed,
