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S&P lifts SunTrust Bank
Standard & Poor’s said it raised the long-term issuer credit rating on SunTrust Banks Inc. to BBB+ from BBB.
S&P also said it raised the long-term rating on SunTrust Bank, its primary banking subsidiary, to A- from BBB+. Both companies’ short-term ratings were affirmed at A-2.
The outlook is stable.
The upgrade is primarily based on the company’s substantially improved loan performance, rising capital ratios and increased profitability over the past several years, S&P said.
SunTrust’s loan performance has improved substantially in recent years, as reflected by much lower non-accrual loans and lower net charge-offs, the agency said.
Economic conditions and real estate prices have improved, the banks’ management has reduced higher risk loan portfolios and its restructured loan portfolio has less potential losses than initially expected, the agency said.
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