Fitch drops Indymac

Fitch Ratings said it downgraded the long- and short-term issuer default ratings of Indymac Bank FSB and Indymac Bancorp Inc. as follows: Indymac Bank FSB's long-term issuer default rating to D from CCC and short-term issuer default rating to D from C as well as Indymac Bancorp's long-term issuer default rating to C from CC.

The agency said that the downgrade follows the Federal Deposit Insurance Corp.'s announcement that the bank was closed by the Office of Thrift Supervision on July 11.

The FDIC, as conservator will transfer insured deposits and substantially all the assets of Indymac Bank to IndyMac Federal Bank, FSB, Fitch noted.

Fitch said it has also downgraded and placed the ratings of the bank's parent, Indymac Bancorp Inc. on rating watch negative.

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