S&P lifts Zions Bancorporation

S&P said it raised its rating on Zions Bancorporation's senior unsecured debt to BBB+ from BBB and raised the rating on the subordinated debt to BBB from BBB- and the preferred stock to BB+ from BB.

At the same time, S&P withdrew its BBB/A-2 issuer credit ratings on Zions Bancorporation.

The issuer credit rating on the bank subsidiary, ZB NA, which has been renamed Zions Bancorporation NA, is unchanged at BBB+/A-2. The outlook remains stable.

“Our one-notch upgrade of Zions' holding company issues follows the merger of the holding company (Zions Bancorporation) into the higher-rated bank subsidiary (Zions Bancorporation NA), which was effective on Sept. 30, 2018,” S&P said in a news release.

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