USA: MOODY'S CHANGES THE OUTLOOK OF CAROLINA FIRST (SENIOR AT BAA1) TO STABLE.

IPR Strategic Business Information Database, May, 2008

Moody's Investors Service affirmed the ratings of Carolina First Bank (bank financial strength C- and long term bank deposits at Baa1) and changed the outlook to stable from negative. Carolina First is the lead bank of The South Financial Group, Inc. (South Financial), an unrated financial services holding company.

Moody's said that the outlook change follows South Financial's issuance of $250 million of mandatorily convertible preferred stock and its intent to issue up to an additional $100 million of bank level subordinated debt which is expected to close by the end of the month. Following shareholder approval, the preferred stock will be mandatorily convertible into common stock no later than three years from the date of issuance. South Financial also...

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