BANKING

Countrywide Ratings Raised: Countrywide Credit Industries Inc. of Pasadena, the nation’s largest independent mortgage banker, said Standard & Poor’s upgraded credit ratings on its preferred stock and senior debt and on the commercial paper of its principal subsidiary. S&P; raised its rating on Countrywide Credit Industries’ senior debt to BBB+ from BBB- and its rating on the company’s preferred stock to BBB from BB. The New York company raised the rating on Countrywide Funding Corp.’s commercial paper to A2 from A3. S&P; indicated that the upgrade reflects Countrywide’s strengthened overall capitalization, its improved profitability and its strengthened market position in residential mortgage lending.