The long-term debt ratings of First Interstate Bancorp were upgraded one notch by Thomson BankWatch.

The Los Angeles-based bank company's senior debt was lifted from A to A-plus, its subordinated debt from A-minus to A, and its preferred stock from Triple B-plus to A-minus.

About $2 billion of debt and preferred stock is affected by the change.

The rating agency said it was influenced by the company's "strong capital and reserve position, improved asset quality and core earnings, and reduction in parent company debt obligations."

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