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Moody's upgrades Discover
Moody's Investors Service said it upgraded all the long-term ratings of Discover Financial Services, including its long-term senior unsecured to Baa2 from Baa3 and its bank subsidiary, Discover Bank to long-term unsecured debt to Baa1 from Baa2.
These actions conclude the review for upgrade initiated on Dec. 7. The outlook changed to stable from rating under review.
“The rating action reflects DFS' solid market position in the U.S. general-purpose credit card and private student loan markets which, together with its prudent underwriting and conservative risk management, help drive its very strong profitability. In addition, DFS' capitalization, and anticipated resilience to a severe economic downturn, including a prolonged stagflation environment, is solid compared to its U.S. regional peers. Lastly, the bank benefits from good asset quality and balance sheet management,” Moody’s said in a statement.
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