Moody's upgraded Salt Lake City, Utah-based Zions Bancorp. NA's long-term deposit rating to A2 from A3, its short-term deposit rating to Prime-1 from Prime-2 and its issuer rating to Baa2 from Baa3.

Zions' long-term counterparty risk assessment was upgraded to A3(cr) from Baa1(cr) and its counterparty risk rating was upgraded to Baa1 from Baa2.

The company's short-term counterparty risk assessment of Prime-2(cr) and its short-term counterparty risk rating of Prime-2 were affirmed.

The outlook on Zions was changed to stable from positive.

Moody's said the upgrades reflect the company's stronger credit profile and its expectation of better sustainability of Zions' financial performance through the economic cycle as a result of its strengthened risk management capabilities.