Zions Bancorporation: Rating Report

Ratings

• Amegy Trust I

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Dec-16	Trust Preferred Securities	BBB (low)	Stb	Upgraded	US

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• Amegy Trust II

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Dec-16	Trust Preferred Securities	BBB (low)	Stb	Upgraded	US

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• Amegy Trust III

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Dec-16	Trust Preferred Securities	BBB (low)	Stb	Upgraded	US

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• Intercontinental Statutory Trust

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Dec-16	Trust Preferred Securities	BBB (low)	Stb	Upgraded	US

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• Stockmen's Trust II

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Dec-16	Trust Preferred Securities	BBB (low)	Stb	Upgraded	US

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• Stockmen's Trust III

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Dec-16	Trust Preferred Securities	BBB (low)	Stb	Upgraded	US

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• ZB, N.A.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Dec-16	Deposits & Senior Debt	BBB (high)	Stb	Upgraded	US
  20-Dec-16	Short-Term Instruments	R-1 (low)	Stb	Upgraded	US

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• Zions Bancorporation

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Dec-16	Issuer & Senior Debt	BBB	Stb	Upgraded	US
  20-Dec-16	Commercial Paper & Short-Term Instruments	R-2 (middle)	Stb	Upgraded	US
  20-Dec-16	Subordinated Debt	BBB (low)	Stb	Upgraded	US
  20-Dec-16	Preferred Stock	BB	Stb	Upgraded	US

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