Business

Finally, A Bank
That Actually
Wants
To Work Hard
For You.

Scott J. Seligman, Chairman

and Stephen H. Adams,

Banking er Commercial

Lending Officer

Moody's Lowers
Discount's Rating

Most people know that Sterling Bank & Trust

Annual percentage
yield accurate as of
2/2/98 and subject
to change without
notice. $2,500
minimum balance
required on money

MONEY MARKET

4.60%

has a history of paying consistently competitive

A.P.Y.

interest rates. But do you also know that Sterling

is a full-service bank, and can help you with your

Jerusalem (JPFS) — Moody's
Investors Service, one of the world's
leading rating agencies, lowered
Israel Discount Bank's financial
strength rating to D+ from C, saying
that the bank's financial condition
might continue deteriorating in the
short term.
In a statement, Moody's said "the
downgrade reflected a serious dete-
rioration in the bank's asset quality,
reduced profitability, continuing dis-
putes between management and the
bank's labor unions, and the likeli-
hood that the current slowdown in
the Israeli economy would continue
through until 1999."
Following the downgrading, the
First International Bank of Israel
remains the only local bank with a
C rating. Bank Hapoalim, Bank
Leumi and United Mizrahi bank
hold a financial strength rating of
D+.
Banks rated D possess adequate
financial strength but may be limit-
ed by a vulnerable or developing
business franchise, weak financial
fundamentals or an unstable operat-
ing environment, according to
Moody's.
Jackson-Moore said that D+ is
quite a good rating, as it is the aver-
age grading of most Western banks.
The ratings represents Moody's
opinion of a bank's intrinsic safety
and soundness.

market accounts. Statement fees may reduce
earnings if minimum balance is not maintained.
©1998 Sterling Bank & Trust, F.S.B.

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Owned and operated by the Seligman Fami6c

Commerce Twp. (248) 669-3993 • Farmington Hills (248) 489-9580
Southfield (248) 948-8799 • Troy (248) 649-3883 • West Bloomfield (248) 855-6644
15 branch locations throughout metropolitan Detroit

Dead Sea Works
Buys Spanish Firm

LANA

Visit us on the web at www.sterlingbank.com

Jerusalem (JPFS) — A consortium
led by Dead Sea Works won a tender
from the Spanish government for the
purchase of potash manufacturer
Groupo Potasas for $110 million,
the company said.
Following the deal, Dead Sea
Works will hold 60 percent of the
privatized company, with the
remaining 40 percent divided equal-
ly between two Spanish companies,
La Seda de Barcelona and Tolsa.
The move is part of Dead Sea
Work's effort to establish its position
as a leading international potash
manufacturer.
Sources added that the deal would
be financed through credit obtained
from European banks.
Groupo Potasas is Spain's only

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8/7
1998

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114 Detroit Jewish News

Ct FDIC

LENDER

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