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CU System
Southwest Corporate webinar discusses portfolio revenues
PLANO, Texas (2/12/08)--Southwest Corporate plans a webinar later this month to provide member credit unions with an overview of its investment portfolio, financial results, and related credit risk management and oversight process. The date and time will be announced soon, said President/CEO John Cassidy, in a special notice from the corporate, prompted by press reports of the deteriorating mortgage market and its effect on U.S. Central. He noted the corporate continues to have confidence in U.S. Central and its financial strength. Last week, Standard and Poor’s changed its rating for U.S. Central FCU to AA+ from AAA. Fitch Ratings reaffirmed the credit union’s AAA rating one week before. Standard and Poor’s change aligns U.S. Central’s rating with the same AA+ rating it has held from Moody’s, Cassidy said. About 95% of U.S. Central’s long-term marketable securities are rated AAA, with the remaining 5% rated AA. The AA+ rating is the second-highest rating possible for a financial institution. After the mortgage market began to deteriorate, Southwest Corporate began publishing monthly financial reports for its members last fall. The reports are available on Southwest Corporate’s website.
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