S&P upgrades Citigroup

Standard & Poor's said it affirmed the A and A-1 long- and short-term issuer ratings on Citigroup Inc.'s operating subsidiaries.

The agency also said it raised the stand-alone credit profile at the operating company level to BBB+ from BBB. As a result, S&P also raised the ratings on the company's hybrid instruments to BB+ from BB because those instruments are rated based on the stand-alone credit profile.

The agency also affirmed the A- and A-2 long- and short-term issuer credit ratings on the holding company.

The outlook on the operating company remains stable, S&P said and the outlook on the holding company remains negative.

The upgrades reflect the progress that Citigroup has made in enhancing its risk culture and controls and reducing the risk in the holding company, said Stuart Plesser, an S&P analyst.

"Citi has implemented a centralized risk control process and instilled a more conservative risk culture with more focus on the risk-reward assessment," Plesser said in a press release.

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