S&P cuts Riggs National ratings

Standard & Poor's said it lowered its long-term counterparty credit rating on Washington, D.C.-based Riggs National Corp to BB from BB+. The long-term counterparty credit rating at Riggs' commercial banking subsidiary, Riggs Bank NA, was affirmed at BBB-.

Both Riggs and Riggs Bank NA's outlooks were revised to stable from negative.

"The rating actions reflect Riggs' continued poor profitability, lack of growth, and the consent order in place involving the Bank Secrecy Act," said S&P credit analyst Michael Driscoll. "These concerns are mitigated by excellent asset quality and adequate capital metrics."

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