DBRS on Feb. 14 confirmed Citigroup Inc.'s ratings, with the long-term issuer rating kept at A and short-term issuer rating at R-1(low).
It also confirmed the company's A long-term senior debt rating and A (low) subordinated debt rating. The preferred shares rating of the New York-based company was confirmed at BBB.
The trend for all Citigroup ratings has been revised to "positive" from "stable."
DBRS also confirmed the ratings of Citigroup's subsidiary, Citibank NA, with long-term senior debt rating, long-term issuer rating and long-term deposits rating each at A (high). The bank's short-term issuer rating was confirmed at R-1 (middle).
Citibank's ratings trend for all ratings has been revised to "positive" from "stable" except for the bank's short-term ratings, which remain "stable."
Citigroup's "improved financial performance and fundamentally stronger balance sheet" put the company in a good position from a creditor perspective, according to the rating agency.
The company's improved credit outlook is a result of its "strong" asset quality and "benign credit environment where credit losses are hovering near historical lows across sectors," DBRS added in the news release.