DBRS assigns a BBB (low) Preferred Stock Rating to Cullen/Frost Bankers, Inc.; Trend Stable

DBRS, Inc. (DBRS) has today assigned a BBB (low) rating with a Stable trend to Cullen/Frost Bankers, Inc.’s (CFR or the Company) $150 million issuance of non-cumulative perpetual preferred stock. The preferred stock is positioned four notches below the Company’s Issuer & Senior Debt rating of “A”, which carries a Stable trend. This notching is consistent with DBRS’s methodology for preferred shares.

Notes: All figures are in U.S. dollars unless otherwise noted.
The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the DBRS Criteria: Intrinsic and Support Assessments, DBRS Criteria: Rating Bank and Bank Holding Company Trust Preferred Securities, DBRS Criteria: Rating Bank Preferred Shares & Equivalent Hybrids, and DBRS Criteria: Rating Bank Subordinated Debt & Hybrid Instruments with Discretionary Payments. These can be found at: http://www.dbrs.com/about/methodologies

[Amended on August 28, 2014, to reflect actual methodologies used, as well as the insertion of the following into the press release: This rating is endorsed by DBRS Ratings Limited for use in the European Union]

The sources of information used for this rating include the issuer, the Federal Deposit Insurance Corporation and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Mark Nolan
Rating Committee Chair: Alan G. Reid
Initial Rating Date: 17 October 2007
Most Recent Rating Update: 15 February 2013

For additional information on this rating, please see the linking document below.