S&P; Downgrades CalFed Debt: Standard & Poor’s...
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From Times Staff and Wire Reports
S&P; Downgrades CalFed Debt: Standard & Poor’s said the downgrade, affecting about $125 million of debt at CalFed and $165 million at its California Federal Bank unit, stemmed from cumulative losses over the past two quarters that have significantly pressured CalFed’s tangible capital position. S&P; also cited the company’s moderately high exposure to softening commercial real estate markets.
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