...Fitch Ratings downgraded the long-term issuer default ratings (IDR) on AMFI to `RD' from `CCC' and AMCORE Bank, N.A. to `CC' from `B¡'. AMFI announced that it has agreed to a "consent order" with the Office of the Comptroller of the Currency and a "written agreement" with the Federal Reserve System. As a result of these regulatory actions, AMFI is in default on its $20 million revolving line of credit with JPMorgan Chase due April 15, 2010. The announcement regarding the two new regulatory actions adds to Fitch's concerns previously noted in the last Rating Action Commentary dated Jan. 28, 2009. The consent order requires increasing the bank's tier one leverage ratio above 8%, tier one capital ratio above 9%, and total risk based capital ratio above 12% by Sept. 30, 2009. Bank level capital ratios at March 31, 2009, were 4.62%, 6.22%, and 8.84%, respectively. Fitch expects that AMFI's ability to raise capital in an amount to meet the consent order is extremely limited. The consent order...
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| Report Type: | Newsletter
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| Company(ies): | SUPERVALU Inc., TRW Automotive Holdings Corp., FairPoint Communications, Inc., Blockbuster, Inc., Chrysler Financial Services Americas LLC, Community Health Systems, Inc., Qwest Communications International, Inc., Newfield Exploration Company, Nova Chemicals Inc, McClatchy Company, Toys R Us, Inc., The CIT Group, Inc., The Goodyear Tire & Rubber Company, Edison Mission Energy Company, Pioneer Natural Resources Company, UCBH Holdings, Inc., Level 3 Communications, Inc., AMCORE Financial, Inc., Midwest Generation, LLC, The Bon-Ton Stores, Inc.
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| Ticker(s): | S , PXD , CIT , ARM , Q , MNI , NFX , CYH , BONT , FRP , CPF , TRW , AMFI , UCBH , BBI , LVLT , SVU , GT
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| Issuer: | UCBH Holdings, Inc.
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| Free Sample: |
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| Format: | | PDF |  |
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