Moody's ups Freemont General

Moody's Investors Service said it upgraded the debt ratings of Fremont General Corp., including the senior rating to B2 from B3. It also assigned ratings to Fremont General's bank subsidiary, Fremont Investment & Loan of Ba3 for deposits.

Moody's said that the upgrade of Fremont General's debt ratings reflects the improved financial coverage it obtains from the operations of its bank subsidiary, which has now become its dominant operating business after the demise of its workers-compensation insurance operations.

The upgrade also reflects improvement in Fremont General's double leverage, which has declined to a more moderate level of approximately 118%.

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