Moody's drops Citizens

Moody's Investors Service said it downgraded the bank financial strength ratings and long-term deposit and debt ratings of RBS Citizens NA and Citizens Bank of Pennsylvania, the operating bank subsidiaries of Citizens Financial Group, Inc.

The bank strength ratings of the two bank subsidiaries were lowered to C+ from B-, and the long-term deposit ratings, to A2 from A1, the agency added.

According to Moody's, the short-term deposit and debt ratings of these bank subsidiaries were affirmed at Prime-1. Following the downgrade, the outlook on the two operating bank subsidiaries is negative.

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