|
|
Article: Chevy Chase Savings Bank Reports Profit; Standard & Poor's Downgrades Rating on $128 Million in Bonds
- Article from:
- The Washington Post
- Article date:
- January 18, 1992
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
|
Chevy Chase Savings Bank, the Washington area's largest savings
and loan, yesterday announced earnings of $11.6 million for the last
three months of 1991, rebounding from a $10.3 million loss during
the fiscal year that ended last Sept. 30.
The rebound was not enough to impress Standard & Poor's Corp.,
one of the nation's financial rating services, which downgraded $128
million of Chevy Chase bonds, saying the risk to investors had
grown. Standard & Poor's changed its rating of the bonds to
"double-C" from "triple-C-plus."
"Chevy Chase's large burden of nonperforming assets and its
large exposure to a depressed real estate market will represent a
continuing strain on the thrift's ...