S&P cuts Riggs

Standard & Poor's said it lowered its ratings on Riggs National Corp., including Riggs' long-term counterparty rating, which was lowered to B- from B+. The ratings on Riggs' banking subsidiary, Riggs Bank NA, were also lowered.

At the same time, the long-term counterparty credit ratings of both entities were placed on CreditWatch developing.

S&P downgraded Riggs National Corp.'s subordinate debt to CCC from B-, Riggs Bank NA's counterparty credit to B+ from BB and CD to B+ from BB and Riggs Capital, Riggs Capital II and Riggs Capital III's preferred stock to CCC- from CCC+.

The ratings downgrade reflects S&P's expectation that Riggs' operating results will remain under severe pressure due to ongoing and significant legal expenses.

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