Updated May 22 at 1:22pm

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financial services

S&P upgrades Citizens ratings

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PROVIDENCE – Standard & Poors Ratings Services upgraded its credit ratings for Citizens Financial Group Inc.’s subsidiaries RBS Citizens N.A. and Citizens Bank of Pennsylvania from A-/A2 to A/A/1 on Dec. 1.

S&P also forested a stable outlook for the commercial bank’s holding company’s subsidiaries.

“We are pleased with this upgrade from Standard & Poor’s, which recognizes that we are continuing to maintain a strong capital position and to build on the trend of positive earnings that began last year and has continued through 2011,” said Ellen Alemany, Citizens Financial Group Inc.’s chairman and CEO.

In upgrading its credit ratings for the subsidiaries, S&P noted strong market share in the regional markets where they operate, the strong capital position, and its expectation that asset quality and earnings generation will continue to improve.

S&P also noted that Citizen’s Financial Group’s net income in the first half of 2011 was $249 million, compared with a net loss of $62 million in the first half of 2010.

Standard & Poors Ratings Services, Citizens Financial Group¸ Ellen Alemany, Citizens Financial Group Inc.’s chairman and CEO

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