Banks Overlook Citi's Downgrade Despite Intense Credit Concerns
BANKS
Despite a downgrade from rating agencies of Citicorp's long and short-term debt, the bank's huge foreign exchange dealing operations remain largely unaffected, according to Citibank officials and other market executives.
When Citi posted a $885 million loss for the third quarter last week, Standard & Poors cut the bank's commercial paper rating from A-1 to A-2, its long-term debt rating from A+ to A- and its short-term deposit rating from the highest, A-1+ to A-1. IBCA Ltd., the London-based
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