Moody’s upgrades Synovus

Moody's Investors Service said it upgraded its long-term ratings on Synovus Financial Corp. and its bank subsidiary, Synovus Bank.

Synovus Financial’s senior unsecured debt rating was upgraded to Ba3 from B1. The bank's standalone bank financial strength rating was raised to D+ from D, its standalone baseline credit assessment was changed to ba1 from ba, and its long-term deposit rating was upgraded to Ba1 from Ba2. The bank's Not Prime short-term rating was affirmed.

The outlooks are stable.

Moody’s said the upgrade reflects Synovus' improved credit metrics, which the company can better protect now because of its enhanced risk management. Synovus' risk profile has improved as a result of its raising substantial amounts of capital and reducing its commercial real estate concentration and non-performing assets (non-accruing, 90-plus days past due, other real estate-owned, and accruing troubled debt-restructured loans), as well as the improving conditions in its southeastern U.S. market.

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