Moody’s Downgrades Chase Debt: Moody’s Investors Service...

Moody’s Downgrades Chase Debt: Moody’s Investors Service downgraded about $8.4 billion in long-term debt of Chase Manhattan Corp., citing concern about the deterioration of the bank’s real estate loan portfolio, the slumping Northeast economy and the bank’s exposure to Third World debt and loans that went to high-debt corporate buyouts. Moody’s added that the bank’s basic financial structure remained sound. “We are disappointed in the downgrade,” said Chase spokesman Fraser Seitel. “We don’t think it’s justified.”