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.
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