Standard & Poor's Corp. is keeping a close eye on two lawsuits against Bankers Trust New York Corp. over its derivatives sales practices, but the agency is not yet contemplating any ratings action.

Tanya Azarchs, a director of S&P's financial institutions group, said at a briefing for journalists on Wednesday that the rating agency would not downgrade Bankers Trust's debt before the outcome of the lawsuits is known.

"Our concern is that the litigation against Bankers Trust would damage their reputation," said Ms. Azarchs.

Ms. Azarchs' comments came two days after the Wall Street Journal reported that the Securities and Exchange Commission and the Commodity Futures Trading Commission have begun investigating whether Bankers Trust misrepresented the swaps it sold to Gibson Greetings and Procter & Gamble.

"So far it is difficult to see what the outcome will be," said Ms. Azarchs.

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