S&P: Doral's ratings unaffected

Standard & Poor's said the filing of a 10-K report for 2005 by Doral Financial Corp. (B+/negative watch) will not affect the ratings on the company. The agency said that while it views the filing positively, as it prevents for now the potential acceleration of $625 million in outstanding notes and another $251 million in debt that has cross-acceleration clauses, Doral is still not current with its financial statements. Consequently, Doral could still receive a notice of default that would once again put it on a 90-day timeline to file its 10-Q reports for 2005. Any forced accelerated repayment would be difficult for Doral to pay, the agency said.

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