Moody's Investors Service Inc. said Tuesday it may upgrade Barnett Banks Inc., citing stronger capital and asset quality.

Moody's said it will review Barnett's strength and future profitability as well as its prospects for improved efficiency in light of the company's in-market acquisition of First Florida Banks.

Under review are the Jacksonville, Fla.-based company's Baa 1 senior debt grade and Baa2 subordinated debt and preferred stock ratings.

The A2 long-term deposit ratings of Barnett's bank subsidiaries are also being reviewed. But their short-term deposit ratings were confirmed at Prime-1.

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