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CU System
Southeast Corporate rating affirmed outlook stable
TALLAHASSEE, Fla. (3/26/08)--Southeast Corporate FCU's ratings have been reaffirmed by Fitch Ratings with and outlook reaffirmed as "stable." Fitch Ratings announced a long-term rating of "AA-" and a short-term rating of "F1+," the same ratings as its ratings for the previous period. The ratings reflect the Tallahassee-based corporate's low-risk profile, highly liquid balance sheet and adequate earnings performance, Fitch said. "Southeast continues to fulfill its mission as a corporate credit union, maintaining a conservative investment philosophy and robust risk management practices," Fitch said in a press release. The corporate's investment portfolio is of very high quality, said Fitch, which also acknowledged some limited but "acceptable" subprime exposure. Bill Birdwell, president/CEO of Southeast Corporate said the rating "testifies to the vigorous analysis our staff performs and our ongoing attention to ensuring a strong, well-managed portfolio and ample liquidity." The corporate has no investments in collateralized debt obligations, commercial mortgage backed securities, extendable commercial paper or structured investment vehicles. It has 2.9% of investments in subprime mortgages, which are limited to highly rated securities, according to a portfolio snapshot on Southeast Corporate's website. Most of Southeast's securities portfolio is in structured securities. Southeast Corporate also released its financials for Feb. 29. Assets rose 25% to $4.907 billion from $3.932 billion on Dec. 31. Total revenue increased 48% to nearly $5.5 million at the end of February, compared with $3.692 million at the end of December. Net income rose 204% to $1.955 million from $644,000 in December. For more information, use the link.
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