BB&T Corp., North Carolina’s second-biggest bank, had the outlook on its credit rating cut to negative from stable by Standard & Poor’s after the Federal Reserve objected to the lender’s capital plan.
The Fed’s rejection “reflected unanticipated weaknesses in certain of BB&T’s risk-management processes,” S&P said today in a statement. BB&T, based in Winston-Salem, said last week it will resubmit its plan “as soon as feasible.”
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