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Fitch affirms Southeast Corporate rating
NEW YORK (9/2/11)--Fitch Ratings has affirmed the “A+” long-term issuer default rating (IDR) and “F1+” short-term IDR of Southeast Corporate FCU, Tallahassee, Fla. Fitch’s rating outlook for Southeast Corporate is stable. Southeast Corporate FCU announced Aug. 26 that its capital commitments received fell short of the $80 million goal necessary to operate as a stand-alone corporate (News Now Aug 29). It is looking for a merger partner. Fitch has also downgraded the viability rating of Southeast to “c” from “ccc” based on the announcement that the corporate failed to recapitalize. Southeast’s viability rating of “c” and its individual rating of “E” have been placed on rating watch negative. All other ratings were affirmed by Fitch. Fitch’s affirmation of Southeast’s long-term IDR reflects that the company’s IDR is currently at its support rating floor. Southeast continues to benefit from support mechanisms put in place to maintain liquidity in the corporate credit union system and is still operating with regulatory support from the National Credit Union Association, given its weak capital position, Fitch said. The downgrade of the viability rating and the placement on negative rating watch reflects Fitch’s concern that because of its failure to raise sufficient capital to meet new regulatory standards Southeast is at risk of regulatory intervention.


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