Fitch puts Fremont on watch

Fitch Ratings said it revised the Rating Watch on Fremont General Corp. and its subsidiaries to Evolving from Negative following the announcement that Fremont is selling Fremont Investment & Loan's commercial real estate lending platform and outstanding loan portfolio to iStar Financial Inc.

Ratings on watch include Fremont's CCC long-term issuer default rating, CC/RR5 long-term senior debt rating, C short-term issuer rating and E individual rating, Fremont General Financing I's C/RR6 preferred securities and Fremont Investment & Loan's B/RR2 long-term deposits, C short-term deposits, CCC long-term issuer default rating, C short-term issuer rating and E individual rating.

The agency said resolution of the Rating Watch hinges on several variables beginning with the timely filing of audited financial statements, receipt of regulatory approval and the closing of the transactions and the pending sale of Fremont Investment & Loan's residential real estate business.

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