Security Pacific Ratings Lowered: Chicago-based Duff &...
From Times Staff and Wire Reports
Security Pacific Ratings Lowered: Chicago-based Duff & Phelps lowered its ratings on about $8 billion of the Los Angeles banking firm’s securities, citing its increasing number of problem loans and the need for the bank to build capital. It lowered Security Pacific’s senior debt rating to A- from AA-, its subordinated debt rating to BBB+ from A+ and its ratings on preferred stock to BBB from A. But Duff & Phelps did praise the bank’s fundamental business, such as its consumer banking network.
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