Moody's upgrades Citigroup

Moody's Investors Service said it upgraded Citigroup Inc.'s long-term debt to A3 from Baa1, along with certain subsidiaries as well as the baseline credit assessment of its principal bank subsidiary Citibank, NA.

Moody's also said it affirmed all of the short-term ratings and assessments of Citigroup and those subsidiaries.

The outlook is stable.

This concludes a review that began in November 2018, the agency said.

The upgrades reflect the successful execution of management's multi-year strategy to simplify Citigroup's operations, reduce its global consumer footprint, enhance its safety and soundness and pursue sustainable growth, Moody's explained.

Citigroup's sweeping re-engineering since the global financial crisis places the bank on a sounder strategic footing with a more cogent business model and more targeted base of institutional and consumer customers, the agency said.

Although Citigroup's footprint is smaller in a number of businesses, it retains strong economies of scale in its global cards and institutional businesses, Moody's said.

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