NEW YORK - Moody's Investors Service Inc. said it placed the long-term ratings of Banc One Corp., as well as those of its rated bank subsidiaries, under review for possible upgrade. The rating agency said that about $1.8 billion of debt is affected.
Moody's said: "The review recognizes the company's success at expanding its banking franchise via acquisitions, while continuing to produce consistently strong financial results. The review will focus on the sustainability of the company's excellent performance, and on discipline and control and control issues relating to the company's acquisition strategy. Material improvement in the long-term outlook for the U.S. banking industry has also contributed to the favorable outlook for Banc One Corp."