Moody's Lowers Ratings on Chase Manhattan Debt

THE JOURNAL RECORD, June 12, 1990 | Go to article overview

Moody's Lowers Ratings on Chase Manhattan Debt


NEW YORK (AP) - Concern about Chase Manhattan Corp.'s exposure to the nation's shaky real estate market triggered a downgrading of the credit rating of the nation's second-largest bank Monday.

Moody's Investors Service Inc. said it was lowering its ratings on about $7.6 billion of long-term debt of Chase Manhattan and its banking subsidiaries by one notch.

The downgrade was made as part of a review of all major U.S. banks prompted by concern about their exposure to the real estate market, said Christopher T. Mahoney, an associate director at Moody's.

``The U.S. is facing a cyclical real estate problem similar to what it had in the mid '70s,'' he said, ``and this time we may not be inflated out of it the way we were in the late '70s.''

The move comes on the heels of a similar downgrading of Citicorp, the nation's largest bank, by Moody's and another rating agency, Standard & Poor's Corp.

It also comes at a time when federal regulators have cautioned banks to be prudent in lending, particularly for real estate projects. Some politicians and builders have criticized the regulatory scrutiny, saying it has produced a credit crunch that could tip the economy into recession.

The national real estate market has deteriorated recently, particularly in the Northeast, Mid-Atlantic and Southeast, Mahoney said. ``Chase has a heavy weighting in those areas,'' he said.

Moody's estimates that Chase's $107 billion of assets, second only to Citicorp, includes roughly $9 billion in real estate loans.

The credit agency's concerns were mitigated somewhat by Chase's efforts to bolster its capital and cut unprofitable businesses, Mahoney said. The bank's credit standing continues to be supported by the diversity of its businesses and its holdings of undervalued assets, Moody's said. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Moody's Lowers Ratings on Chase Manhattan Debt
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.