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Article: Fitch Downgrades National Consumer Cooperative Bank's IDR to 'BB-'; Rating Watch Negative.
- Article from:
- Business Wire
- Article date:
- September 8, 2009
CopyrightCOPYRIGHT 2009 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 downgraded the long-term Issuer Default Rating (IDR) of National Consumer Cooperative Bank (NCB) and its subsidiary NCB, FSB (FSB) to 'BB-' from 'BBB' and placed the ratings on Rating Watch Negative following the company's disclosure that it has entered into a forbearance agreement with the holders of its senior notes and its revolving credit facility. Approximately $1.5 billion of debt is affected by this action. A complete list of ratings is provided at the end of this release.
Fitch's downgrade reflects the rapid deterioration in asset quality which has again put the company in violation of financial covenants in its bank and debt ...