Standard & Poor's Corp. downgraded NBC Bancorp, citing risks entailed in the Detroit banking company's strategy of buying weaker financial institutions in the Midwest.
The rating on its senior debt was reduced to AA-minus from AA, and subordinated debt was cut to A-plus from AA-minus. About $540 million in debt was affected.
NBD's ratings were placed under review for a possible downgrading in March after the company announced plans to acquire INB Financial Corp., Indianapolis.
Standard & Poor's said it is considering upgrading INBs A-minus senior debt.
