Business Digest

BUSINESS DIGEST

October 23, 2004|By This column was compiled from reports by Sun staff writers and Bloomberg News.

In The Region

S&P likely to lower rating on Rouse Co.'s notes after takeover

Standard & Poor's said it will probably lower its rating on Rouse Co.'s senior unsecured notes after Chicago-based General Growth Properties Inc. finishes its acquisition of the Columbia company.

The rating on those notes, which total about $1.7 billion, will likely drop to BB+, one level below investment grade, from BBB-.

Also yesterday, a Howard County Circuit Court judge heard arguments on a request to block the Nov. 9 shareholder vote on the merger, part of a Rouse shareholders lawsuit against the company. Florida resident David Jasinover alleges that the company did not get the best deal for shareholders.

Harbor Bank says profit increased 10.2% in 3Q

Harbor Bank of Maryland made $552,000 in the third quarter, which ended Sept. 30, up 10.2 percent from a year earlier, the Baltimore-based minority-owned bank said. Harbor made $1.77 per basic share, up 5.4 percent, from $1.68 a year earlier.

For the first nine months of the year, Harbor's profit rose to $1.48 million, up from $1.33 million a year earlier.

Elsewhere

Citigroup says SEC may move against departing manager

Citigroup Inc., the world's biggest bank, said the Securities and Exchange Commission may take enforcement action against Thomas Jones, the investment management chief who is leaving the company.

Jones told senior managers in November 2003 that Citigroup failed to pass to its Smith Barney mutual funds a $16 million payment the bank received from an outside vendor.

This column was compiled from reports by Sun staff writers and Bloomberg News.

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