Business Services Industry
USA: MOODY'S CHANGES OUTLOOK ON B.F. SAUL/CHEVY CHASE TO NEGATIVE.
IPR Strategic Business Information Database, November, 2007
Moody's Investors Service changed the rating outlook on B.F. Saul Real Estate Investment Trust (B.F. Saul) and its thrift subsidiary Chevy Chase Bank, F.S.B. (Chevy Chase) to negative from stable. B.F. Saul's issuer rating is Ba2 and Chevy Chase is rated C- for bank financial strength and Baa1/P-2 for long- and short-term deposits.
The consolidated entity is referred to hereafter as 'B.F. Saul/Chevy Chase'. Moody's said the change in outlook reflects the deteriorating prospects for B.F. Saul/Chevy Chase's financial metrics due to the stress on Chevy Chase's mortgage banking business that has resulted from the disruption in the market for non-conforming residential mortgage-backed securities. Moody's observed that the profitability of Chevy Chase has...
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