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Synovus Financial Corp. -- Moody's upgrades Synovus Bank's long-term deposit rating to A3 with outlook stable

Moody's Investors Service ("Moody's") has upgraded the ratings and assessments of Synovus Bank, the operating bank subsidiary of unrated Synovus Financial Corp. The bank's standalone baseline credit assessment (BCA) was upgraded to baa2 from baa3, its long-term deposit rating was upgraded to A3 from Baa1 and its issuer rating was upgraded to Baa3 from Ba1. The bank's long-term counterparty risk rating was upgraded to Baa2 from Baa3 and its long-term counterparty risk assessment was upgraded to Baa1(cr) from Baa2(cr). Moody's has also upgraded Synovus Bank's short-term counterparty risk rating to Prime-2 from Prime-3 while its short-term deposit rating and short-term counterparty risk assessment were affirmed at Prime-2 and Prime-2(cr), respectively.