Moody's cuts Riggs, units

Moody's Investors Service said it downgraded the ratings of Riggs National Corp. (subordinate to B1 from Ba2) and its lead bank subsidiary, Riggs Bank NA (long-term deposits to Baa3 from Baa2 and short-term deposits to P-3 from P-2).

Moody's also downgraded Riggs Capital and Riggs Capital II (preferred stock to Caa1 from Ba2). The ratings remain on review, direction uncertain.

Moody's said the downgrade on the trust preferred securities was in response to the regulators' statement they were not inclined to allow Riggs National to pay preferred dividends.

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