Moody’s Investors Service affirmed the credit ratings of First Union Corporation (senior at A1) and its subsidiaries (Aa3 at the bank for deposits). Moody’s also maintained its stable rating outlook on First Union (FTU). The affirmation follows the announcement that FTU intends to noticeably improve its capital ratios by cutting its dividend in half. Moody’s noted that this step would not only improve FTU’s capital ratios company-wide but also underpin FTU’s liquidity position at the bank holding company. The dividend cut expands FTU’s financial flexibility, as the industry enters what could be a more challenging economic environment, said Moody’s. First Union is headquartered in Charlotte, NC. As of September 30, 2000 its assets were $247 billion.
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