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Dallas' RepublicBank reclassified its Brazil debt.

April 08, 1987

Texas' largest bank holding company joined a growing list of American banking firms that have placed their loans to Brazil on non-accrual status because of Brazil's suspension of interest payments. The move reduces RepublicBank's first-quarter profit by $2.8 million and will cut the company's full-year profit by $11 million if interest payments do not resume by year-end. The banking firm also said it expects first-quarter net income to be about $10.4 million, down from $23.1 million in the first quarter of 1986. Separately, Standard & Poor's downgraded debt ratings on $550 million of RepublicBank securities by a notch to BBB+, citing the risks of the bank's proposed acquisition of InterFirst, another large Dallas-based banking company.

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