Fitch: Ocwen unchanged

Fitch Ratings said that Ocwen Financial Corp. (OCN) requested an automatic 15-day extension for filing of the company's 10-K for the year ended Dec. 31, noting that OCN required more time to ensure complete and accurate financial results in light of a $7.2 million pre-tax charge affecting fourth quarter and year-end 2005 earnings.

Although the charge was unexpected and has a material impact on earnings, the item is small relative to total assets and is expected to have little effect on future cash flows, the agency said.

Fitch said it anticipates that the company will file its 10-K within the extension period, however, Fitch added it would review OCN ratings following an extended delay past the March 30 deadline or if additional accounting issues are raised.

The company's ratings include a long-term issuer default rating at B and short-term rating B with a positive outlook.

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