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Fitch reaffirms then withdraws ratings of old U.S. Central
NEW YORK (10/15/10--Fitch Ratings, a New York-based agency that rates corporate credit unions, has affirmed and withdrawn its ratings for U.S. Central Corporate FCU (USC) as a result of the formation of a new bridge corporate known now as the U.S. Central Bridge Corporate FCU. The bridge corporate assumed the operations of USC after USC was placed into conservatorship by the National Credit Union Administration (NCUA). Because the conserved charter has ceased operations and has been placed into an asset management estate with its remaining assets liquidated through securitizations, Fitch said it no longer considers the ratings of USC as relevant to the agency’s coverage. It decided to withdraw the ratings, Fitch said in a press release. NCUA created the bridge corporate on Sept. 24 in conjunction with an announcement of its corporate resolution plans, which included new regulations for corporate credit unions, the removal of about $50 billion in legacy assets and the creation of the bridge corporate.
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