SAN ANTONIO, Dec. 7, 2011 /PRNewswire/ -- Standard & Poor's has raised its long-term rating on Frost Bank to A+, making the Texas-based financial institution one of the highest-rated banks in the country. S&P cited Frost's "strong capital, excellent liquidity, consistent profitability, and solid credit performance relative to peers'" reinforced by the company's "conservative strategy and solid market position in Texas."
The A+ rating is the highest ever received by Frost Bank and places it in an elite group of financial institutions with an A+ rating. S&P also raised its long-term issuer credit on Cullen/Frost Bankers, Inc. (NYSE: CFR), the holding company of Frost Bank, to "A" and affirmed its "A-1" short-term rating on Frost Bank with a stable outlook on both the holding company and the bank.
S&P attributed Frost's "track record of stable, consistent earnings through the economic cycles" to "the company's relationship-oriented strategy, which focuses on long-time customers in local markets."S&P acknowledged Frost's long-tenured management for maintaining the company's "strong" and "conservative" lending standards during the recent recession. The agency said that "Cullen/Frost's profitability and asset quality will remain superior to peers' and that its 'strong' capital and liquidity will continue to provide added protection against tough economic conditions." "We are grateful to our Frost customers and employees for making the A+ rating possible," said Cullen/Frost Bankers Chairman and CEO Dick Evans. "The A+ rating is a validation of our culture, our people, and our way of doing business." Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $19.5 billion in assets at September 30, 2011 and more than 115 financial centers throughout Texas. One of 24 U.S. banks included in the KBW Bank Index, Frost provides a wide range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com. Contact: Renee Sabel210.220.5416 SOURCE Frost Bank