Security Pacific Ratings Lowered: Standard & Poor’s...
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From Times Staff and Wire Reports
Security Pacific Ratings Lowered: Standard & Poor’s downgraded $9.8 billion of the Los Angeles banking firm’s debt and preferred stock, and Moody’s Investors Service downgraded $8 billion of its securities. The New York-based raters’ shifts came after Security Pacific said it will lose $320 million to $360 million in the fourth quarter and earn $160 million to $200 million for the year. Security Pacific Chief Executive Robert H. Smith said the downgradings are unjustified.
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