Fitch drops Indymac

Fitch Ratings said it downgraded the long-term issuer default ratings of Indymac Bancorp Inc. and its wholly owned bank subsidiary, Indymac Bank FSB as follows: Indymac Bancorp's long-term rating to CC from B- and Indymac Bank's long-term rating to CCC from B.

The agency said that the downgrade follows Indymac's disclosure that, according to its regulators, the bank is no longer well capitalized.

The outlook is negative.

Fitch noted that the action reflects Indymac's weakening capital position and likelihood that capital will not be raised from external sources.

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