In Brief: Rating Cut on Preferred Of La. Subprime Lender

Duff & Phelps Credit Rating Co. has downgraded the preferred stock of United Companies Financial Co., citing a missed dividend payment on Jan. 1.

The subprime lending company's preferred was cut from "CCC" to "preferred stock with dividend arrearage." United Companies, Baton Rouge, La., underwent a massive restructuring late in October in response to an industrywide capital crunch.

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