Moody’s ups BBVA Compass to Baa2

Moody's Investors Service said it upgraded BBVA Compass Bancshares, Inc.’s long-term ratings and assessments to Baa2 from Baa3 and bank subsidiary Compass Bank’s long-term issuer rating to Baa2 from Baa3 and long-term deposit rating to A2 from A3.

The agency also upgraded Compass Bank's short-term deposit rating to Prime-1 from Prime-2 and its short-term bank note program to provisional Prime-2 from provisional Prime-3. The short-term counterparty risk assessment was affirmed at Prime-2(cr).

“Improvement in a number of BBVA Compass' key credit metrics drove the upgrade,” Moody’s said in a news release.

More specifically, the agency noted BBVA Compass' improved asset risk, capital and core funding positions.

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