Moody's upgrades First Midwest

Moody’s Investors Service said it upgraded First Midwest Bancorp, Inc. and its bank subsidiary, First Midwest Bank to A3 from Baa2 and its non-cumulative preferred stock was upgraded to Baa2(hyb) from Ba1(hyb), following its merger with Old National Bancorp.

Following this upgrade, Moody's said it will withdraw all outstanding First Midwest ratings, except for ratings on debt or preferred stock that remain outstanding, because these entities have been merged into Old National.

Moody's also confirmed Old National Bancorp’s A3 long-term senior unsecured rating. The outlook for Old National Bancorp and Old National Bank is stable.

These actions conclude the reviews on the ratings for Old National Bancorp and First Midwest Bancorp, Inc. that began on June 2, following the announcement of their merger.

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