NEW YORK -- Standard & Poor's Corp. reduced several ratings of H.F. Ahmanson & Co. last week, affecting about $425 million in debt of the nation's largest thrift holding company.

S&P cut the subordinated debt rating to BBB from BBB-plus, preferred stock to BBB-minus from BBB, and senior shelf debt to a preliminary BBB-plus from A-minus.

The cuts reflect deteriorating asset-quality and reduced profitability. S&P noted Ahmanson's risky real estate loan exposure made continued asset deterioration possible.

S&P affirmed ratings of Ahmanson's Home Savings of America of A-minus on senior debt; BBB-plus on subordinated debt; A-2 on commercial paper; and A/A-2 on uninsured certificate of deposit.

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