Reason for the Upgrade in Outlook Improvement in profitability supported by rise in interest rates, cost control efforts and strong credit quality led Moody's to upgrade Associated Banc-Corp's outlook. Per the rating agency, no change in the company's liquidity or capital positions is expected in the near term. Moody's projects loan loss provisions to remain at low levels, mainly driven by an improved performance of Associated Banc-Corp's energy loan portfolio, given the stable oil prices and a reduced exposure to energy sector loans.