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Article: Signet Banking Corp. senior debt lowered to 'A-' by Fitch Investors Service.
- Article from:
- PR Newswire
- Article date:
- April 26, 1990
CopyrightCOPYRIGHT 1990 PR Newswire Association LLC. 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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SIGNET BANKING CORP. SENIOR DEBT LOWERED TO `A-' BY FITCH
NEW YORK, April 26 /PRNewswire/ -- Signet Banking Corp.'s (NYSE: SBK) 7.75 percent senior debentures due 1997 are lowered to `A-' from `A' by Fitch Investors Service, reflecting greater risk associated with Signet's commercial real estate loan portfolio. Approximately $12 million in long-term debt outstanding is affected.
A continuing slowdown in the mid-Atlantic area's commercial real estate markets has hurt Signet's asset quality, particularly in commercial real estate construction loans. At March 31, 1990, these credits comprised 17 percent of Signet's $7.2 billion total loan portfolio and ...