About $1 billion worth of debt and...
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About $1 billion worth of debt and preferred and subordinated stock issued by First Interstate Bancorp has been downgraded one level by Standard & Poor’s. The debt remains at investment grade. S&P; said the acquisition of Allied Bancshares of Houston in March and its 1987 loss have drained First Interstate’s capital and limited its ability to respond to unexpected problems. S&P; said, however, that the Los Angeles-based company is expected to rebuild capital through its broad banking base and benefits from cutting unprofitable operations.
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