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| Brief Excerpt: | ...Fitch Ratings downgraded the issuer default ratings (IDRs) and outstanding debt ratings of Advanta and subsidiary Advanta Bank Corp. Advanta's long-term IDR was lowered to `CC' from `BB¡' and its senior unsecured debt was lowered to `CC/RR4' from `BB¡'. Advanta Bank Corp.'s long-term IDR was lowered to `CCC' from `BB¡'. The Rating Outlook remains Negative. Approximately $2.7 billion of debt, deposits and preferred securities was affected by these actions. The downgrade reflects significant deterioration in profitability and portfolio credit quality and the heightened risk of breaching early amortization triggers on off-balance sheet asset-backed securities (ABS) transactions, which could lead to a possible shutdown of the business. Weak economic conditions and rising unemployment levels have continued to impact income negatively. The decline in managed receivables coupled with higher provision expense and valuation adjustments on retained interest assets have contributed to reduced profitability.... |
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| Report Type: | |
| Ticker(s) | ADVNA
, AXL
, BBD.B
, BYD
, CIT
, DRL
, HAYZQ
, HOT
, HST
, IPG
, LEN
, MIR
, NVE
, RAD
, SVU
, TEN
, TRW
, TXT
, UCBH
, UIS |
| Issuer | UCBH Holdings
, Inc. |
| Format: | | PDF |  |
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