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Article: Fitch Places National Consumer Cooperative Bank's IDR on Watch Negative; Downgrades Individual Rtg.
- Article from:
- Business Wire
- Article date:
- December 12, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch Ratings has placed the long-term Issuer Default Rating (IDR) and senior debt rating of National Consumer Cooperative Bank (NCB) and NCB, FSB on Rating Watch Negative. Fitch has also downgraded NCB's Individual rating to 'B/C' from 'B'. Approximately $1.8 billion in debt is affected by this action. A complete list of ratings is provided at the end of this release.
The following ratings have been placed on Rating Watch Negative:
National Consumer Cooperative Bank
--Long-term IDR 'A-';
--Senior unsecured debt 'A-';
--Short-term IDR 'F2';
--Commercial paper 'F2'.