In recognition of the Intermountain Area's improving economic climate, First Security Corp.'s senior debt ratings has been upgraded by Moody's Investors Service as have the long-term deposits at First Security Bank of Utah, according to Spencer F. Eccles, chairman and chief executive officer.
The corporation's senior debt rating has been upgraded to Baa3 from Ba1 and the subordinated debt rating upgraded to Ba2 from Ba3. Moody's also raised the rating for long-term deposits in the bank to Baa1 and Baa2 and confirmed the bank's short-term deposits rating at Prime-2.In announcing its action, Moody's said the rating changes reflect the corporation's continued strong capitalization and improved asset quality, a result of significant reductions in non-performing assets.
Eccles said the economic climate in the area is improving, especially in the last two or three quarters. "Increases in new job formation, heightened by general business activity and improved commodity prices have complemented First Security's continuing rebound," he said.
"With these improved business conditions, and First Security's continued emphasis on planning and productivity, we expect to further improve the corporation's growth and profitability," Eccles said.