BANKING / FINANCE

Standard & Poor’s Corp., a national securities rating firm, has upgraded its evaluation of certificates of deposit at Downey Savings & Loan and two industrial revenue bonds totaling $6 million that are secured by loan agreements with the Newport Beach institution.

The higher rating reflects Downey’s “conservative asset mix, excellent asset quality, strong capital levels and good profitability,” S & P said.

The bonds are issued by two Arizona counties.

Downey has been an active construction lender and real estate investor, primarily in neighborhood shopping centers in California and Arizona. Those activities have raised its risk profile but also have contributed increasingly to its net income.