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Fitch assigns AA rating to U.S. Central
LENEXA, Kan. (3/19/08)--Fitch Ratings has assigned U.S. Central a long-term debt rating of “AA+,” the credit union liquidity provider said in a press release Tuesday. Previously, U.S. Central had an “AAA” rating on long-term debt. U.S. Central’s short-term rating of “F-1+”, individual rating of “A” and support rating of “1” were affirmed at the highest levels given by Fitch. “U.S. Central is a strong, healthy financial institution with $2.4 billion in capital, access to more than $20 billion in available liquidity and a high-quality investment book,” said Francis Lee, U.S. Central president/CEO. “The ‘AA+’ rating is shared by only three other U.S. depository institutions.” Fitch’s report also stated that U.S. Central’s investment book is of high quality, with about 95% of the portfolio containing AAA-rated securities. “U.S. Central continues to exhibit sound credit fundamentals and its franchise remains solid. The company’s balance sheet has a low risk profile and its funding and liquidity positions remain quite strong,” Fitch said. U.S. Central is the nation’s only wholesale corporate credit union. U.S. Central and its 26 member corporate credit unions comprise the Corporate Network, which provides liquidity, lending and payment services to 8,400 credit unions.
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