Fitch Ratings upgraded several ratings on Citigroup Inc. on Monday following the bank's announcement that it will begin repaying bailout money to the federal government.
Earlier Monday, Citi said it would repay $20 billion in loans from the government's Troubled Asset Relief Program. The approval implies the government believes Citi is on strong enough financial footing to stand on its own.
"Fitch views government approval of these transactions as a significant endorsement by the regulators that Citi now possesses adequate financial resources to manage through a still-challenging financial environment," the ratings agency said in a statement.
The credit ratings agency raised Citi's individual rating to C/D from D/E and its trust preferred rating to BB- from B. The ratings are non-investment grade.
Fitch also removed the ratings from Ratings Watch Positive. It kept Citi's long-term issuer default rating at A+, an investment-grade rating.
Citi shares fell 25 cents, or 6.3 percent, to close at $3.70.