Moody’s Downgrades CalFed: Moody’s Investors Service, citing...
From Times Staff and Wire reports
Moody’s Downgrades CalFed: Moody’s Investors Service, citing a wide variety of factors, said it downgraded several ratings for CalFed and its California Federal Bank subsidiary, the nation’s third-largest thrift. Moody’s said the ratings actions, which affect about $875 million of long-term debt, stem from California Federal’s weak capital and earnings, its large commercial real estate portfolio and increased uncertainty regarding the outlook for California commercial real estate. Moody’s said it had downgraded ratings on the thrift’s senior debt and long-term deposits and on the Los Angeles parent’s subordinated debt.
