WINSTON-SALEM, N.C. — Moody’s Investors Service upgraded BB&T Corp. and its subsidiary banks Friday.

BB&T’s issuer rating was upgraded to A1, and the long-term deposits and financial strength ratings of BB&T’s subsidiary banks were upgraded to Aa3 and B, respectively.

In a press release Moody’s said the upgrade reflects the company’s “successful core franchise that centers on relationship banking in core sound markets, one that results in strong profitability.”

Moody’s also commended BB&T’s merger-integration track record but warned that the fast pace of its acquisitions “brings added risks.”

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