Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Eight corporates ratings reaffirmed with some changes
CHICAGO (3/26/09)--The issuer default ratings (IDRs) of eight corporate credit unions were reaffirmed with a stable outlook by Fitch Ratings, which also lowered individual ratings of each corporate. Fitch said it based the affirmations on the National Credit Union Administration's (NCUA) "continued demonstrated support for these entities." In February, Fitch raised the support ratings of the corporates to "1" and established a support rating floor of "A+" to emphasize the importance of government support in assessing the probability of default for the entities. Fitch added that the adjusted rating action on each corporate's individual ratings follows NCUA's announcement that it was placing U.S. Central FCU into conservatorship. "The conservatorship will impair the value of the capital share investment in USC of each corporate credit union rated by Fitch, resulting in a significant negative impact on each institution's capital," Fitch said. The corporates are:
* Central Corporate CU (CenCorp), Southfield, Mich.; * Constitution Corporate FCU, Wallingford, Conn.; * Eastern Corporate (EasCorp) FCU, Auburn, Mass.; * First Corporate (FirstCorp) CU, Phoenix ; * Mid-Atlantic Corporate FCU, Middletown, Pa.; * Members United Corporate FCU, Eagan, Minn.; * Southeast Corporate FCU, Tallahassee, Fla.; and * Southwest Corporate FCU, Plano, Texas.
To view the ratings, use the link.
Other Resources

RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
5 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
9 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
10 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
11 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago