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Article: First Union Real Estate & Mortgage Investments Downgraded by DCR
- Article from:
- PR Newswire
- Article date:
- August 30, 1996
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Copyright informationCOPYRIGHT 1996 PR Newswire Association, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Aug. 30 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has downgraded its long term debt rating of First Union Real Estate & Mortgage Investments` $100 million 8.875 percent senior unsecured notes due 2003. The DCR rating on these notes is lowered from 'BB' (Double-B) to 'BB-' (Double-B- Minus). DCR has also withdrawn its 'BB' (Double-B) rating for First Union's 8.6 percent senior notes due July 1, 1996. These notes were repaid on their maturity date.
The DCR rating action is in response to First Union's decreasing interest coverage, higher levels of mortgage debt and continued asset growth on a modest capital base. While First Union has made ...
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