Wall Street Credit Rating Firm Lowers Ratings on Six Banks

THE JOURNAL RECORD, March 26, 1987 | Go to article overview

Wall Street Credit Rating Firm Lowers Ratings on Six Banks


NEW YORK (AP) - A major Wall Street credit rating firm on Wednesday lowered its ratings slightly on about $13.3 billion in securities of six of the nation's biggest banking companies, citing concerns over Third World debt and weak financial performances.

At the same time, Standard & Poor's Corp. affirmed the credit ratings for Citicorp, J.P. Morgan & Co. Inc., Bankers Trust New York Corp. and Bank of Boston Corp. because of what the firm called their increasing financial strength in certain areas.

S&P slightly lowered debt ratings for Chase Manhattan Corp., the nation's third-largest bank holding company; No. 5 Manufacturers Hanover Corp., of New York; No. 6 Security Pacific Corp., of Los Angeles; No. 7 Chemical New York Corp.; No. 12 Mellon Bank Corp., of Pittsburgh; and No. 20 Irving Bank Corp., of New York.

The ratings help set the price of credit - interest rates - when the companies borrow money in the credit markets. Securities covered by the ratings change ranged from commercial paper to letters of credit and certificates of deposit.

``The downgrades ... primarily reflect continued vulnerability to lesser developed countries exposures combined with median financial performance,'' S&P said in a news release. …

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