Moody's cuts Chevy Chase, B.F. Saul

Moody's Investors Service said it downgraded the long-term deposit and debt ratings of Chevy Chase Bank, FSB and the debt rating of its parent, B.F. Saul Real Estate Investment Trust.

The agency said that Chevy Chase's long-term deposit and issuer ratings were lowered to Baa2 and the issuer rating of B. F. Saul was lowered to Ba3.

The bank financial strength and short-term deposit ratings of Chevy Chase were affirmed at C- and Prime-2, respectively, Moody's noted.

The negative outlook on both entities was maintained.

In downgrading the ratings of Chevy Chase, Moody's said it weighed the deterioration in the company's profitability and asset quality against the strength of its deposit franchise, good liquidity profile and adequate capital ratios.

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