Fitch Expects to Rate Dime Community's $70MM Trust Preferred 'BBB-'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. expects to assign a rating of 'BBB-' to Dime Community Bancshares, Inc.'s (DCOM (Distributed Component Object Model) Formerly Network OLE, it is Microsoft's technology for distributed objects. DCOM is based on COM, Microsoft's component software architecture, which defines the object interfaces. ) offering of up to $70 million of registered trust preferred securities through Dime Community Capital Trust I. The trust preferred securities, which bear a fixed interest rate of 7% and mature in 2034, are being offered in exchange for a like amount of 7%, 30-year trust preferred securities sold in a private transaction in March 2004. As a result, neither Dime Community Capital Trust I nor DCOM will receive any cash proceeds from this issuance. The exchange offer is expected to expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. on October 11, 2004. The expected rating is consistent with DCOM's current ratings. Expected Rating: Dime Community Capital Trust I --Trust Preferred Securities 'BBB-'. |
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