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Article: Fitch Withdraws Advanta Corp. and Subsidiary Ratings.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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Fitch Ratings has revised the trust preferred rating of Advanta Capital Trust I to 'C/RR6' from 'C/RR5' to reflect the reduced recovery prospects for holders that did not participate in the company's tender for the securities. All other ratings have been affirmed.
Concurrently, Fitch has withdrawn the Issuer Default Ratings (IDR) and outstanding debt ratings for Advanta Corp. and its subsidiaries.
Fitch has taken the following rating actions.
Advanta Capital Trust I
--Trust preferred revised to 'C/RR6' from 'C/RR5'.
Advanta Corp.
--Long-term Issuer Default Rating (IDR) remains at 'RD';