Fitch Rates Cullen/Frost Bankers, Inc. Series A Preferred Stock 'BB+'

  Fitch Rates Cullen/Frost Bankers, Inc. Series A Preferred Stock 'BB+'

Business Wire

CHICAGO -- February 15, 2013

Fitch Ratings has assigned a 'BB+' rating to the $150 million Series A
non-cumulative perpetual preferred stock issuance by Cullen/Frost Bankers,
Inc. (CFR).

CFR intends to use the net proceeds from the offering to repurchase $144
million of common stock.

Additional information is available at www.fitchratings.com. The ratings above
were unsolicited and have been provided by Fitch as a service to investors.
The issuer did not participate in the rating process, or provide additional
information, beyond the issuer's available public disclosure.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 15, 2012);

--'Assessing and Rating Bank Subordinated and Hybrid Securities' (Dec. 5,
2012).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

Assessing and Rating Bank Subordinated and Hybrid Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695542

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Contact:

Fitch Ratings
Primary Analyst
Julie Solar, +1-312-368-5472
Senior Director
Fitch Ratings, Inc.
70 West Madison
Chicago, IL 60602
or
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Associate Director
or
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Managing Director
or
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brian.bertsch@fitchratings.com
 
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