...Fitch Ratings downgraded the long-term issuer default rating (IDR) of Advanta to `C' from `CC' and its senior debt rating to `C/RR5' from `CC/RR4'. Fitch also downgraded the long-term IDR of subsidiary Advanta Bank Corp. to `CC' from `CCC'. Fitch placed Advanta's IDR on Rating Watch Negative and expects to downgrade the IDR to Restricted Default (RD) upon consummation of the tender offer for all $100 million of the 8.99% trust preferred securities on June 15, 2009. All remaining ratings no longer carry a Rating Outlook or Watch. The downgrades reflect an expectation for further deterioration of profitability and asset quality due to the closing of all credit card accounts as of May 30, 2009. Advanta is now in wind-down mode. The recovery rating on the senior debt at the parent, which amounted to $183 million as of March 31, 2009, was revised to `RR5' from `RR4', which reflects below average recovery prospects. The revision was driven by an expected decline in liquid assets at Advanta resulting...
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| Report Type: | Newsletter
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| Company(ies): | The Colonial BancGroup, Inc., Williams Partners LP, Flowserve Corporation, CMS Energy Corporation, UAL Corporation, Rite Aid Corporation, ADVANTA Corporation, Citgo Petroleum Corporation, The Interpublic Group of Cos., Inc., SunGard Data Systems Inc.
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| Ticker(s): | ADVNA , IPG , UAUA , FLS , CMS , RAD , CNB , WPZ
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| Issuer: | Williams Partners, L.P.
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| Free Sample: |
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| Format: | | PDF |  |
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