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S&P cuts Downey
Standard & Poor's said it lowered its counterparty credit rating on Downey Financial Corp. to BB+/B from BBB-/A-3.
The agency said that the rating will remain on CreditWatch negative where it was placed on June 3.
The agency said that this action was taken in response to its increasing concerns about the substantial negative effect California's deteriorating housing market is having on Downey's credit performance, financial profile and capitalization.
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