Citizens Banking Corporation Receives Counterparty Ratings From Standard & Poor's.FLINT, Mich.--(BUSINESS WIRE)--Sept. 22, 1999-- Citizens Banking Corporation (Nasdaq:CBCF CBCF Canadian Breast Cancer Foundation CBCF Congressional Black Caucus Foundation CBCF Community Based Corrections Facilities CBCF Commander, Base Communications Facility ) announces that the Corporation and its banking subsidiaries, Citizens Bank and Citizens Bank-Illinois N.A., have requested and received counterparty ratings from Standard & Poor's. Both banks are rated A- (long term) and A-2 (short term), and the Corporation's long and short term ratings are BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. + and A-2, respectively. John W. Ennest, Vice Chairman and Chief Financial Officer, commented that the designation of investment grade counterparty ratings will serve to underscore for each of the three entities the capacity to meet its financial commitments. This independent, third party opinion of the creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. of the Corporation and its banks should give both existing and prospective clients additional confidence in their dealings with Citizens. Citizens Banking Corporation is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company providing a full range of commercial, consumer, mortgage banking, trust and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against services to a broad client base. Citizens operates 123 branch, private banking, and financial center locations throughout Michigan and in suburban Chicago, Illinois. Visit our Website at http://www.cbclientsfirst.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion