BANKING & FINANCE - June 10, 1993
From Times Staff and Wire Reports
Moody’s Downgrades Credit Lyonnais: The debt-rating agency said profitability and capital for the French bank, which owns the Metro-Goldwyn-Mayer studio, will continue to be hurt by loan problems. Moody’s added that it sees weakness in several businesses where Credit Lyonnais is a major lender, including the entertainment and real estate industries. About $9.1 billion in long-term debt is affected. The French government is planning to spin off the state-controlled bank to the private sector.
