NEW YORK - Moody's Investors Service raised the long-term credit rating on Citicorp as well as the ratings on the banking company's long- term deposits and other senior obligations.
About $28 billion of securities were affected. The ratings had been placed on review for possible upgrade on June 21.
Ratings on the long-term deposits and other senior obligations at the bank were raised to Aa3 from A1. The subordinated debt ratings were raised to A2 from A3.
Senior debt of the corporation was raised to A1 from A2, and its subordinated debt rating was raised to A2 from A3.
Moody's said the upgrades reflect Citicorp's prospects for continued strong core profitability, its narrower strategic focus, and a balanced business mix with strong and diverse franchises.
Moody's expressed some concern about Citicorp's exposure to turbulence in the emerging markets, but said that its asset quality, stronger reserve position, and improved risk profile leave the company better positioned to manage any regional problems.