REPUBLICBANK <RPT> DEBT DOWNGRADED BY S/P
Standard and Poor's Corp said it
downgraded RepublicBank Corp's 550 mln dlrs of debt.
    Cut were the firm's senior debt to BBB-plus from A,
subordinated debt to BBB from A-minus and preferred stock to
BB-plus from BBB. Its A-2 commercial paper was maintained.
    S and P said the action reflected a heightened risk profile
for RepublicBank because of its proposed acquisition of
InterFirst Corp <IFC>. However, the agency pointed out that the
merger is a unique opportunity for RepublicBank to expand its
already strong market position. InterFirst will remain on
creditwatch until the transaction is closed, S and P said.
 Reuter
