DBRS rates Pacific Capital B

DBRS said it commented on the Q3 2009 earnings of Pacific Capital Bancorp, adding that it rates the company's issuer and senior debt at B and all ratings are under review with negative implications.

DBRS noted that failure to raise significant capital or to execute upon its strategic options in Q4 2009 would likely lead to a multiple notch downgrade.

According to the agency, Pacific reported another sizeable net loss available to common shareholders of $40.7 million, compared to net losses of $362.6 million in the second quarter and $47.5 million a year ago.

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