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S&P cuts Indymac to D
Standard & Poor's said it lowered its rating on Indymac Bancorp and its subsidiaries to D in response to IndyMac Bank FSB being placed in receivership by the Office of Thrift Supervision.
On July 11, 2008, the OTS closed IndyMac Bank and named the Federal Deposit Insurance Corp. as conservator, the agency said, noting that the FDIC transferred insured deposits and substantially all the assets to a successor institution, IndyMac Federal Bank FSB.
With the holding company now cut off from the bank and with only limited financial resources of its own, S&P said that it believes that the holding company's financial position is greatly impaired, even if not technically insolvent.
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