The Boston Globe, August 4th, 1989
Standard & Poor's Corp. yesterday became the third major credit-rating agency to lower Bank of New England's rating on about $425 million worth of debt. The downgrading of the senior debt, subordinated debt and commercial paper will substantially increase the bank's cost of borrowing money and issuing securities. S & P's action follows similar moves by two other rating companies, Moody's and Duff & Phelps, within the past two weeks. S & P said the acclerated deterioration in Bank of New England's real estate loan portfolio has eroded asset quality and lowered near-term earnings prospects. "De...
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