Fitch lowers UCBH

Fitch Ratings said it has downgraded the long-term issuer default ratings of UCBH Holdings, Inc. and its bank subsidiary, United Commercial Bank, to CCC.

The ratings have been removed from rating watch negative, having been placed on April 24, the agency added.

The downgrade reflects the recent announcement by UCBH that the company will defer on its dividend payments for its hybrid obligations, Fitch said, adding that this also includes deferral on the $298 million of preferred stock issued to the U.S. Treasury as part of the capital purchase program.

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