Downey’s rating is downgraded
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times wire reports
Downey Financial Corp., the California lender that says it might not survive the year, was downgraded by Moody’s Investors Service because of “acute liquidity constraints.”
Downey’s senior unsecured rating was cut four levels to Ca, the second-lowest grade, from B3, Moody’s said in a statement. The bank’s financial strength was reduced to E from E-plus.
