Fitch Downgrades Citicorp Debt: Another credit rating...
From Times Staff and Wire Reports
Fitch Downgrades Citicorp Debt: Another credit rating firm downgraded the debt, indicating its concern about the health of the nation’s largest banking company. Fitch Investors Service Inc. said it downgraded by two notches its ratings of the senior debt, commercial paper, subordinated debt and preferred stock of Citicorp and several subsidiaries. Long-term letters of credit were lowered by one notch. Fitch said it was concerned about Citicorp’s ability to raise new capital during the first half of this year, but it praised the firm’s recent announcements that it will cut costs and reduce its dividend. Moody’s Investors Service Inc. lowered its ratings of Citicorp debt last month.
