New York, July 14, 2014 -- Moody's Investors Service downgraded all long-term ratings of People's United Financial, Inc. (PBCT) and its subsidiaries. PBCT's issuer rating was downgraded to Baa1 from A3. The standalone bank financial strength rating of the company's lead bank, People's United Bank, was downgraded to C from C+. The bank's standalone baseline credit assessment is now a3. The bank's long-term deposit rating was downgraded to A3 from A2, its subordinated note rating was downgraded to Baa1 from A3, and its short-term deposit was downgraded to Prime-2 from Prime-1. Following the rating action, PBCT's rating outlook is stable.

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