Moody's ups Provident Financial

Moody's Investors Service said it upgraded the ratings of Provident Financial Group Inc. (senior debt to A1 from Ba1) and its subsidiaries, including Provident Bank (long-term deposits to Aa3 from Baa2 and short-term deposits to Prime-1 from Prime-2).

Moody's said the upgrades follow the acquisition of Provident Financial Group Inc. by National City Corp. on July 1. National City Corp.'s senior debt is rated A1 and its banks are rated Aa3 for deposits, and the outlook on National City Corp. is stable.

Moody's said the upgrade of Provident Financial Group's ratings was based on it being part of a larger National City Corp. which has a stronger credit profile. That profile is a product of greater geographic diversification in retail and commercial banking, strong profitability and sound asset quality.

Ratings upgraded include Provident Financial Group Inc.'s senior debt to A1 from Ba1, and Provident Bank's rating for deposits to Aa3 from Baa2, the senior debt rating to Aa3 from Baa3, the issuer rating to Aa3 from Baa3, the subordinated debt rating to A1 from Ba1, the bank financial strength rating to B from C-; and the short-term rating to Prime-1 from Prime-2.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.