DBRS on Dec. 11 upgraded most of its ratings on Citizens Financial Group Inc. and its subsidiary banks. The rating agency raised the Providence, R.I.-based company's long-term issuer rating and long-term senior debt to A (low), its short-term issuer rating to R-1 (low) and its subordinated debt to BBB (high).
Citizens Bank NA and Citizens Bank of Pennsylvania had their long-term issuer ratings upgraded to A and their short-term issuer ratings confirmed at R-1 (low). Citizens Bank NA also had its intrinsic assessment raised to A from A (low).
The upgrades reflect the company's "ongoing [post-IPO] progress," DBRS said, having "effectively achieved its medium-term targets" and benefited from the affluent markets in its footprint and from its national retail, auto and education finance lending platforms.
DBRS further revised the trend on all ratings to stable.