Moody's drops Downey Financial

Moody's Investors Service said it downgraded the senior unsecured ratings of Downey Financial Corp. to B3 from B1.

Downey Saving and Loan Association's bank financial strength rating was downgraded to E+ from D, long term deposit rating to B1 from Ba2 and issuer rating to B2 from Ba2, the agency said, adding that all Downey ratings are under review for downgrade.

Moody's said that its downgrade and review for further downgrade reflect the company's limited financial flexibility.

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