Fitch Rates First Tennessee Bank's Preferred Stock a Long-Term 'A-'

CHICAGO -- Fitch Ratings has assigned a long-term rating of 'A-' to a preferred stock issuance by First Tennessee Bank, N.A., the main operating subsidiary of First Horizon Corporation (FHN). The Rating Outlook is Stable. First Tennessee Bank is issuing 300,000 shares of class A perpetual noncumulative preferred stock, for a total issuance of approximately $300 million. This issue will pay a dividend based on LIBOR plus 0.85%, with a floor of 3.75%. Proceeds will be used for general corporate purposes.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.