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S&P lowers Fremont General
Standard & Poor's said it lowered its long-term counterparty credit rating on Fremont General Corp. to CCC+ from B-.
At the same time, S&P said that it removed its ratings on Fremont from CreditWatch Developing, where they were placed on May 22, 2007 and placed on them on CreditWatch negative.
The agency added that the downgrade reflects its view that liquidity at the holding company has deteriorated substantially and although liquidity remains strong at the bank level, it believes that the provisions of the cease-and-desist order, restricting dividends from the bank to the holding company during the past year, have resulted in greatly decreased liquidity levels at the parent company.
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