Moody's: People's United view negative

Moody's Investors Service said it changed the outlook on People's United Financial, Inc. and its operating subsidiary, People's United Bank, to negative from stable.

People's United Financial's long-term issuer rating is A3 and People's United Bank is rated C+ for standalone bank financial strength, which maps to a baseline credit assessment of A2.

The bank's long-term and short-term deposit ratings are A2 and Prime-1, respectively.

Moody's said the change in outlook follows the announcement of an increase in People's share repurchase program to 10% of outstanding shares, or 33.6 million shares (roughly $400 million based on the recent stock price).

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