Fitch took several actions regarding the ratings of California-based Fremont General Corporation. The actions include lowering the senior debt rating to “B-” from “BB+” and the preferred securities of Fremont’s subsidiary Fremont General Financing I to “CCC” from “BB.”
Also, Fremont Compensation Insurance Group’s insurer financial strength rating was lowered to “BB-” from “BBB+.” The rating outlook is negative. Fremont reported net income of $9.5 million in the first quarter of 2000, compared with $34.3 million for the same period in 1999. Fitch expects Fremont’s operating results to decline from these levels for the remainder of this year.
Was this article valuable?
Here are more articles you may enjoy.
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
Oil Trader CFOs Say Hormuz Closure Driving Wave of Disputes 
Palm Beach Billionaires Feud Over Who’s Really Protecting the Everglades 
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case From This Issue
