S&P; Lowers Citicorp Debt Rating: Standard &...
From Times staff and Wire reports
S&P; Lowers Citicorp Debt Rating: Standard & Poor’s said it lowered ratings on about $22 billion of debt and preferred stock of the nation’s largest bank and various units, a move that analysts say could reignite concern about the financial state of the nation’s banks. Citing Citicorp’s rising credit problems, the rating company downgraded the bank’s senior debt to single A-plus, from double A-minus. S&P; said “the lower rating reflects S&P;’s expectation that asset quality will continue to deteriorate, albeit at a slower pace than that of the past year.”
