DBRS confirmed Providence, R.I.-based Citizens Financial Group Inc.'s A (low) long-term issuer and long-term senior debt ratings, R-1 (low) short-term issuer and short-term instruments ratings, and BBB (high) subordinated debt rating.
The rating agency also confirmed Citizens Financial unit Citizens Bank NA's A long-term issuer, long-term senior debt and long-term deposits ratings; R-1 (low) short-term issuer and short-term instruments ratings; and A (low) subordinated debt rating.
The trend for all ratings is stable.
The ratings confirmation reflects Citizens Financial's progress in growing its franchise and the rise in its earnings since its initial public offering. The ratings are also based on the company's solid regional banking franchise, with competitive positions in well-to-do and economically diverse markets across New England, the mid-Atlantic and Upper Midwest.