DBRS affirms, changes Citizens Financial trend to stable

DBRS said it confirmed the ratings of Citizens Financial Group, Inc., including the company’s long-term issuer rating of A (low) and of its primary banking subsidiary, Citizens Bank, NA.

DBRS revised the trend for all long-term ratings at the company and the bank to stable from positive.

“The revision of the trend from positive to stable reflects the wide and growing scale of the economic disruption resulting from the coronavirus disease (Covid-19) pandemic, which has pressured the operating environment and will negatively impact the company’s earnings and asset quality. Nevertheless, unprecedented support measures have been put in place through monetary and fiscal stimulus, as well as relaxed criteria from regulators, which will mitigate some of the negative impact of the crisis,” DBRS said in a press release.

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