NEW YORK - Moody's Investors Service placed the long-term debt ratings of Midlantic Corp. under review for a possible upgrading.
Moody's also put the long-term and short-term ratings of Midlantic National Bank under review for possible upgrading. About $370 million of debt is affected.
The review followed the New Jersey company's announcement of its first- quarter results. Moody's views Midlantic's profits, capital, and asset- quality trends positively.
The review will focus on the sustainability of the bank's earnings, its strategy to expand its franchise, and its capital plans.