Standard & Poor's downgraded First Interstate.

The rating agency cited an increase in the Los Angeles banking company's problems with bad loans, particularly in real estate, energy and consumer lending. But S&P; also said: "First Interstate continues to enjoy high liquidity, strong funding and an extensive interstate presence. . . . The firm is significantly less vulnerable to Latin American credits than its peers." The action, which dropped ratings on several issues one notch, affects about $1.3 billion of First Interstate securities.

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