Moody's may drop Citizens

Moody's Investors Service said it placed the bank financial strength and long-term deposit and debt ratings of RBS Citizens Bank NA and Citizens Bank of Pennsylvania on review for possible downgrade.

Both banks (Citizens) are rated B for bank financial strength and Aa2 for deposits and are subsidiaries of Citizens Financial Group, Inc. Citizens Financial Group, Inc. is unrated and it is a fully owned subsidiary of the Royal Bank of Scotland Group plc, the agency said.

Moody's said this rating action was driven by its decision to place the ratings of RBS Group on review for possible downgrade.

Moody's said it said the Aa2 deposit ratings incorporate a one-notch lift for the support the rating agency expects would be forthcoming from RBS Group for Citizens in the event such support becomes necessary.

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