Standard & Poor’s Ratings Services revised its outlook on Fremont General Corp. to stable from negative and affirmed its ratings on the Santa Monica, Calif.-based company, including Fremont’s ‘CCC+’ long-term counterparty credit rating. At Dec. 31, 2002, Fremont had total assets of $6.7 billion.
“The change in outlook reflects Fremont’s positive momentum in earnings from continuing operations as well as the reduced exposure to its discontinued insurance operations,” said credit analyst Steven Picarillo.
In addition, the stable outlook is based on the expectation that the company will be able to maintain this improved earnings trend with improving asset quality measures.
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