Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Fitch affirms Southeast Corporate rating
NEW YORK (9/2/11)--Fitch Ratings has affirmed the “A+” long-term issuer default rating (IDR) and “F1+” short-term IDR of Southeast Corporate FCU, Tallahassee, Fla. Fitch’s rating outlook for Southeast Corporate is stable. Southeast Corporate FCU announced Aug. 26 that its capital commitments received fell short of the $80 million goal necessary to operate as a stand-alone corporate (News Now Aug 29). It is looking for a merger partner. Fitch has also downgraded the viability rating of Southeast to “c” from “ccc” based on the announcement that the corporate failed to recapitalize. Southeast’s viability rating of “c” and its individual rating of “E” have been placed on rating watch negative. All other ratings were affirmed by Fitch. Fitch’s affirmation of Southeast’s long-term IDR reflects that the company’s IDR is currently at its support rating floor. Southeast continues to benefit from support mechanisms put in place to maintain liquidity in the corporate credit union system and is still operating with regulatory support from the National Credit Union Association, given its weak capital position, Fitch said. The downgrade of the viability rating and the placement on negative rating watch reflects Fitch’s concern that because of its failure to raise sufficient capital to meet new regulatory standards Southeast is at risk of regulatory intervention.


RSS





print
News Now LiveWire
Gas prices have fallen for a record 88 days in a row says @AAAnews via @washingtonpost http://t.co/c52VTdqHEB
2 hours ago
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
2 hours ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
3 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
3 hours ago
Kids learn budgeting with M&Ms http://t.co/SzXipTLX12
4 hours ago