NEW YORK - Standard & Poor's Corp. has raised its ratings on the subordinated debt of Riggs National Corp. and on the certificates of deposit of its main subsidiary, Riggs National Bank, citing cost savings and improved revenues.
About $200 million of long-term debt is affected.
S&P lifted its ratings on Riggs subordinated debt to BB-minus from B. The rating on the certificates of deposit were raised to BBB-minus/A-3 from BB-plus/B.
The agency also raised Riggs' long-term counterparty rating to BBB-minus from BB and its short-term counterparty rating to A-3 from B.