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Buffalo

Ratings agency gives First Niagara poor rating, outlook

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BUFFALO, N.Y. -- The financial position for First Niagara Financial Group remains weak.
That is according to Fitch Ratings, which gave the parent of First Niagara Bank a BBB- rating and negative outlook.
The ratings agency cited the bank's lack of capital to handle financial downswings and its low holdings compared to other banks of similar size.
First Niagara completed the purchase of 195 HSBC branches last year for $1 billion.
Fitch said the rating could drop again if First Niagara were to make another acquisition.
First Niagara shares ended the day Friday down 2 cents to $8.16.

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