MUMBAI (Thomson Financial) - Fitch Ratings said it has affirmed the
long-term and short-term issuer default rating (IDR) for Southeast Corporate
Federal Credit Union at 'AA-' and 'F1+', respectively, and added the rating
outlook is stable.
The ratings agency said the affirmation action reflects the company's low
risk profile, highly liquid balance sheet, and adequate earnings performance.
Fitch said it recognizes the significance of Southeast's franchise within the
corporate credit union network.
The investment portfolio is of very high quality, but it does contain some
limited subprime exposure and bonds rated in the 'A' range which modestly
heightens the credit risk in the portfolio, Fitch said.
The slightly heightened credit risk is still considered acceptable for the
company's current ratings and these exposures receive a high degree of
surveillance from management, the ratings agency added.
TFN.newsdesk@thomson.com
ami/ssa
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