Moody's Investors Service has downgraded its credit rating on First Niagara Financial Group (FNFG), citing concerns about the Buffalo banking company's asset quality, profitability and capital levels.

Moody's lowered its rating on the $37.6 billion-asset company and its subsidiaries from Baa2 to Ba1. Companies rated Ba by Moody's are judged to be "speculative" and are subject to "substantial credit risk."

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