Moody's confirms Citizens Republic

Moody's Investors Service said it confirmed the Caa2 trust preferred rating of Citizens Funding Trust I and the ratings of parent company Citizens Republic Bancorp, Inc., including its issuer default rating at B2 and subordinated debt rating at B3. The agency also confirmed Citizens Bank, Michigan's bank financial strength of D-, deposits of Ba3/Not-Prime and other senior obligations at B1.

The outlook is negative.

The confirmation follows news that Citizens will suspend the payment of dividends on its trust preferred securities, Moody's said.

The ratings already incorporate the risk of loss that investors in the trust securities face with the announced deferral, the agency said.

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