DBRS upgraded the issuer and senior debt rating for Salt Lake City-based Zions Bancorp. to BBB from BBB (low), and subordinated debt rating to BBB (low), among other ratings.
The trend for all ratings is stable.
The agency said the ratings reflect the company's reduced risk profile, better earnings, solid funding and capital position. The agency also acknowledged the company's efforts to reduce its commercial real estate exposure and noted that the company is well-positioned to derive benefits from the rate hikes.
The agency also upgraded the unit ZB NA's deposits and senior debt rating to BBB (high), among others.