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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: PaulM who wrote (8112)	3/7/1998 2:50:00 AM
From: Abner Hosmer	Read Replies (5) of 116764

The "convoy system" in practice... biz.yahoo.com >>TOKYO, March two (Reuters) - Japan's Fuji Bank Ltd, one of the nation's largest, saw its long-term ratings cut to one grade above junk status on Monday due to the economic woes sweeping Japan and the rest of Asia. U.S. ratings agency Standard & Poor's cut Fuji's long-term debt rating to BBB plus from A minus, one grade above so-called ''speculative'' rating, better known as junk bond status. ''The downgrade reflects Standard & Poor's concerns about Fuji's exposure to future deterioration in asset quality resulting from a depressed domestic economy and the financial turmoil in Asian countries,'' it said. S&P also cited Fuji's decision last month to boost its stake in Yasuda Trust & Banking Co Ltd. Both companies are part of the Fuyo group of companies. The S&P action came just hours after Fuji said it would boost its capital cushion through the issuance of dollar-based preferred securities through a U.S. unit.<<

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