DBRS upgrades E*Trade

DBRS said it upgraded the ratings for E*Trade Financial Corp. and E*Trade Bank.

The upgraded ratings include E*Trade's issuer and senior debt to BB (low) from B (high) and its deposits and senior debt to BB (high) from BB.

The short-term instrument ratings at the parent company were confirmed.

The trend remains stable.

The upgrades reflect the company's continued strong performance of its core direct brokerage franchise, continued underlying earnings generation, reduced risk profile, improving funding and liquidity profile and increasing capitalization, DBRS said.

Pursuing its focused strategy, the company is driving growth by building on its active trader franchise and expanding its customer relationships with long-term investors, the agency said.

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