S&P lifts SVB Financial

Standard & Poor's said it raised the long-term counterparty credit rating on SVB Financial Group to BBB+ from BBB, and on SVB Silicon Valley Bank to A- from BBB+.

The outlook is stable.

The upgrade reflects a view that the bank's strong asset quality and robust capital are more representative of a peer group rated one-notch higher, S&P said.

The agency said it believes the bank's performance at the new rating level is sustainable in all rating facets.

During the most recent downturn, while many banks suffered in terms of earnings and profitability, SVB demonstrated consistently better performance than its similarly rated peers, S&P said.

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