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S&P cuts Riggs preferreds to D
Standard & Poor's said it lowered its rating on Riggs National Corp.'s trust-preferred securities to D from C.
All other ratings on Riggs and its banking subsidiary, Riggs Bank NA, are unchanged and remain on CreditWatch developing, including Riggs National's B- counterparty credit rating and CCC subordinated debt rating and Riggs Bank's B+ counterparty credit rating and B+ CD rating.
The Federal Reserve announced that it would not approve Riggs' request to make payments on its trust-preferred securities on Dec. 31, 2004, according to S&P.
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