First Interstate Ratings Lowered: Duff & Phelps,...

First Interstate Ratings Lowered: Duff & Phelps, a Chicago investment research firm, said it lowered its ratings on First Interstate Bancorp amid new problems at the banking company’s Texas unit. The ratings affect about $3 billion in First Interstate’s senior debt, subordinated debt and preferred stock. Duff & Phelps said that although First Interstate’s operations are strong in California, Oregon, Washington and Nevada, the banking firm’s problem assets will continue to hurt profits.