Moody's ups Pacific Capital

Moody's Investors Service said it upgraded the ratings of Pacific Capital Bancorp and its subsidiaries following the completion of its acquisition by UnionBanCal Corp.

Pacific Capital's operating bank, Santa Barbara Bank & Trust, NA, was upgraded to A2 from Ba3 for long-term deposits, to C+ from D- for bank financial strength and to Prime-1 from Non-prime for short-term deposits.

The holding company issuer rating was changed to A3 from B2.

The outlook is stable.

Moody's said the upgrade is the result of the acquisition, in which the higher rated UnionBanCal assumed all of Pacific Capital's assets and liabilities.

The upgraded ratings and stable outlook match those of UnionBanCal, the agency said.

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