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Southwest Corporate asks SandP to pull rating
PLANO, Texas (7/26/10)--At the request of the Plano, Texas-based Southwest Corporate FCU, Standard & Poor's (S&P) Wednesday pulled out its BBB-/A-3 counterparty credit rating on the corporate. "As part of ongoing efforts to reduce operating expenses, Southwest Corporate requested that Standard & Poor's withdraw the counterparty rating," confirmed Melissa Wardell, senior vice president and chief financial officer at the corporate. "Southwest Corporate does not anticipate needing the rating," she told News Now, adding that the corporate "previously eliminated other external ratings to also reduce operating expenses." S&P, a credit rating agency based in New York, said a counterparty credit rating evaluates the creditworthiness of both public and private financial institutions and financial service entities. The rating demonstrates financial strength, improves leverage in financial transactions, creates a standard that allows for peer comparisons, and enhances debit issuance in the credit markets, giving borrowers a range of placements of their debt instruments, according to S&P.


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