Top Financial Stocks
Financial stocks are higher, with the NYSE Financial Sector
Index advancing 0.4% and the S&P Financial 100 Index gaining
In company news, ICICI Bank Ltd. (
) is up 12.3% at $30.27 per share, showing little apparent ill
effect of a Moody's downgrade of its subordinated debt and junior
subordinated debt ratings. The downgrade was the result of a review
by the rating shop of three private-sector and eight public-sector
banks in India that began June 3.
Private banks like IBN saw their ratings decline one notch after
Moody's removed the systemic support uplift previously incorporated
into its subdebt and junior subdebt ratings while the public-sector
institutions were cut two or three notches. The banks' senior
obligation ratings and their stand-alone baseline credit
assessments were not affected.
With the downgrade, the long-term local currency subordinated
debt program rating at all IBN branches, including New York, Dubai
and Singapore fell to Ba1 from Baa3. The long-term local currency
junior subordinated debt program rating was cut to Ba2 from Ba1.
The outlook on the new ratings is stable, Moody's said.
In other sector news,
(+) TPGI, (+6.1%) REIT climbs to new 52-week high after agreeing
to $6.26-a-share, all-stock buyout by Parkway Properties (
) valued at $1.2-billion overall.
(-) CME, (-0.2%) Prices $750-mln offering of 5.3% senior
unsecured notes due 2043. It plans to use proceeds, together with
cash on hand, to retire at maturity all of its 5.75% notes coming
due in February 2014.
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