Standard & Poors upgrades rating for Citigroup
Standard & Poors (S&P), one of the world's foremost independent credit ratings providers, announced on Wednesday that it has raised its counterparty credit rating on Citigroup to 'AA/A-1+' from 'AA-/A-1+'. Thus the ratings on Citibank NA were raised to 'AA+', says a press release. Earlier on September 27 last year Moody's Investor Services upgraded the ratings of Citibank NA to Aaa. Announcing the upgrade, S&P cited Citigroup's 'strong earnings generation from an extraordinarily diverse set of businesses' and improvements in its control environment and strategy. It acknowledged Citigroup's investments to stimulate growth and 'very impressive' retail and corporate banking franchises.
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