Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Two corporates shed ratings agency programs
COLUMBUS, Ohio and WARRENVILLE, Ill. (3/10/09)--Two corporates announced that they have discontinued relationships with their ratings agencies. Corporate One FCU, Columbus, Ohio, announced Friday that it is discontinuing its commercial paper program and has terminated relationships with Standard & Poor’s and Moody’s. Corporate One will save its members more than $260,000 annually primarily by no longer obtaining short-term credit ratings from the rating agencies, the credit union said in a release. “Credit unions are already being negatively affected by the current economic downturn,” Corporate One said. “Given the unreliability to generate liquidity by issuing commercial paper, it makes sense to save our members from paying for our debt ratings.” "Current high levels of cash and cash equivalents at the corporate (currently at $1.4 billion) combined with the ability to generate additional liquidity(approximately $2.1 billion) through other tested and available sources, drove the decision to discontinue our CP program," said Lee Butke, president/CEO. Members United, Warrenville, Ill., also terminated its relationship with Standard & Poor’s to trim expenses, said Todd Adams, Members United chief financial officer. The corporate also may consider suspending a second agency relationship, he added.


RSS print
News Now LiveWire
Fraudsters hit @jpmorgan with smash and grab #phishing campaign http://t.co/VEkAvctYLJ
17 minutes ago
Puget Sound's @YearUp gets Financially Fit with @SeattleMetCU See #NewsNow http://t.co/C11ogeqq3R
32 minutes ago
Wyo #creditunion membership ~40%, just another part of #100MM @mwcua See #NewsNow http://t.co/ZtGRRdOcL5
1 hours ago
.@CUNA chief @HampelBill accepts chilly charity #IceBucketChallenge http://t.co/8sKot5tiih
1 hours ago
.@CUNA's @HampelBill takes #IceBucketChallenge See #Newsnow for who he challenged http://t.co/RiejgSjywL http://t.co/joaI4qd1Tq
2 hours ago