Fitch Rates Whitney National Bank's $150MM Sub Debt Issuance 'BBB'

Business Wire, June 20, 2006

NEW YORK -- Fitch Ratings has assigned a debt rating of 'BBB' to the $150 million subordinated debt issuance of Whitney National Bank (WNB). All other ratings of its parent company, Whitney Holding Corporation (WTNY), and Whitney National Bank have been affirmed. The long-term Issuer Default Rating (IDR) is 'BBB ' and the Rating Outlook is Stable. (A complete list is provided at the end of this release.)

Following the devastating impact of last year's hurricanes, WTNY has performed well, despite a modest up-tick in non-performing assets (NPAs). Reflecting its position in the New Orleans market, WTNY should benefit from loan growth driven by the hurricane-related rebuilding efforts. Additionally, insurance payouts and their related deposits have caused additional balance sheet growth as well as a boost to the net interest margin (NIM). While still heavily exposed to the New Orleans area, the company's previous acquisitions have provided a certain degree of geographic diversity.

Fitch rates the following, with a Stable Outlook:

Whitney National Bank

-- Subordinated debt 'BBB'.

Fitch affirms the following, with a Stable Outlook:

Whitney Holding Corporation

-- Long-term Issuer Default Rating (IDR) 'BBB '

-- Short-term Rating 'F2'

-- Individual tating 'B/C'

-- Support '5'.

Whitney National Bank

-- Long-term IDR 'BBB ';

-- Long-term Deposits 'A-';

-- Short-Term Rating 'F2';

-- Short-Term Deposits 'F2';

-- Individual Rating 'B/C';

-- Support '5'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.