Fitch, the international rating agency created through the merger of Fitch IBCA and Duff & Phelps Credit Rating Co., has taken several actions regarding the ratings of California-based Fremont General Corporation (Fremont). The actions include lowering the senior debt rating to “B-” from “BB+” and the preferred securities of Fremont’s subsidiary Fremont General Financing I to “CCC” from “BB.”
Also, Fremont Compensation Insurance Group’s insurer financial strength (IFS) rating is lowered to “BB-” from “BBB+.” The rating outlook is negative. Fremont reported net income of $9.5 million in the first quarter of 2000, compared with $34.3 million for the same period in 1999. Fitch expects Fremont’s operating results to decline from these levels for the remainder of this year.
Was this article valuable?
Here are more articles you may enjoy.
Air Taxi Service Across Parts of Florida Moving Closer to Reality 
New Jersey Insurance Agents Are Not Exempt From Consumer Fraud Act: High Court 
Q2 Net Income at Travelers Soars 46% on Less Catastrophes, Favorable Reserves 
One Weather Firm Warns New England Could See Big Hurricane This Season 
