DBRS Discontinues and Withdraws Ratings of Citizens Bank of Pennsylvania Following Consolidation

DBRS, Inc. (DBRS) discontinued and withdrew the ratings of Citizens Bank of Pennsylvania (CBPA), a subsidiary of Citizens Financial Group, Inc. The rating action follows the internal consolidation of CBPA’s banking charter into Citizens’ primary bank, Citizens Bank, National Association (CBNA), effective January 2, 2019. The consolidation does not affect the ratings of CBNA (Long-Term Issuer Rating of A with a Stable trend).

Notes:

Lead Analyst: John Mackerey, Senior Vice President – Global FIG
Rating Committee Chair: Michael Driscoll, Managing Director, Head of NA FIG – Global FIG
Initial Rating Date: 11 October 2005
Last Rating Date: 17 December 2018

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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