Moody's Investors Service Thursday placed the long-term debt ratings of Norwest Corp. under review for possible upgrade, affecting $7.3 billion of securities.
Moody's also placed the long-term deposits and other senior obligations of Norwest's subsidiary banks under review for possible upgrade.
The agency cited improvement in the Minneapolis-based company's earnings and asset quality and internal growth in the company's capital. The ratings agency also pointed to the company's strong share of deposits in the markets where it does business.
The review will assess the company's ability to maintain its strong profit margins while managing its growth objectives.
Placed on review for possible upgrade are:
* Norwest Corp.: the A1 senior debt rating, the A2 subordinated debt rating, and the "a1" rating of its preferred stock.
* Norwest Bank Minnesota: the Aa3 ratings for long-term deposits and for other senior and counterparty obligations. The bank's Prime-1 ratings for short-term deposits and other senior obligations are confirmed.
* Norwest Bank Denver: the A1 ratings for long-term deposits and for other senior and counterparty obligations.
