Fitch Rates Zions Bancorporation's Series F Preferred Stock 'B'

Fitch Ratings has assigned a 'B' rating to the $141.6 million Series F non-cumulative perpetual preferred stock issuance by Zions Bancorporation (ZION).

Proceeds of the offering are intended to be used to redeem all outstanding shares of ZIONs series E fixed rate resettable non-cumulative perpetual preferred stock.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

In addition to the source(s) of information identified in the Master Criteria, this action was additionally informed by information provided by the company.

Applicable Criteria and Related Research:

--Global Financial Institutions Rating Criteria, Aug. 16, 2011;

--Bank Holding Companies Criteria, Aug. 16, 2011;

--Rating Bank Regulatory Capital and Similar Securities, Dec. 15, 2011.

Applicable Criteria and Related Research:

Rating Bank Regulatory Capital and Similar Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656371

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=649171

Bank Holding Companies

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648612

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