DBRS revises E*Trade to positive

DBRS said it revised the trend for E*Trade Financial Corp. and E*Trade Bank to positive from stable, except the short-term instruments rating at E*Trade Financial, where the trend remains stable.

At the same time, the agency confirmed E*Trade’s issuer and senior debt rating at BB and short-term instruments rating at R-4, along with the bank’s deposits and senior debt rating at BB (high) and short-term instruments rating at R-3.

DRBS said the trend change reflects the company’s continued momentum in its core retail brokerage franchise, while delivering generally stable revenues and growing earnings. E*Trade’s risk profile has been reduced, funding and liquidity profile improved, and capitalization remains solid.

E*Trade Bank’s rating of BB (high) is positioned a standard one-notch above E*Trade Financial’s rating, following DBRS’ upgrade of the E*Trade Financial’s long-term ratings in March 2015 reflecting the continued strengthening of its position, the agency said.

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