Fitch ups People's United

Fitch Ratings said it upgraded People's United Financial, Inc. and its subsidiary People's United Bank's long-term issuer default rating to BBB+ from BBB, short-term issuer default rating to F1 from F2 and individual rating to B from B/C, and affirmed the support ratings at 5 and at no floor.

Fitch also upgraded People's United Bank's subordinated debt rating to BBB from BBB- and short-term deposits to F1 from F2.

The ratings of the former Chittenden Corp. subsidiaries were removed from Rating Watch negative and aligned with those of People's United Bank.

The outlook is positive.

The upgrade reflects improved profitability and solid balance sheet fundamentals as well as the prudent deployment of capital demonstrated in the Chittenden acquisition, according to the agency.

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