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BRIEFLY

December 05, 1987

Moody's Investors Service said it had downgraded bond ratings for Argentina, Brazil and Venezuela, and placed the ratings of a dozen major banks that lend to them under review. Moody's said the action reflected a marked deterioration in the capacity and willingness of the three countries to service their foreign debt. Moody's cited high exposure to the debt of lesser developed countries as a possible reason to downgrade Bankers Trust New York Corp., BankAmerica Corp., Bank of Nova Scotia, Chase Manhattan Corp., Chemical New York Corp., Citicorp, Continental Illinois Corp., European American Bank, First Chicago Corp., J. P. Morgan & Co., Manufacturers Hanover Corp. and Irving Bank Corp.

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