NEW YORK — Fitch Ratings downgraded three corporate credit unions Oct. 16 and placed a fourth on watch negative with a partial downgrade.
Fitch previously placed the $1.6 billion Constitution Corporate FCU, the $12 billion Members United Corporate FCU and the $10.5 billion Southwest Corporate FCU on watch negative this past spring before downgrading the long-term, short-term and individual ratings of all three.
The ratings and action taken against the trio were the same: long-term issuer default ratings (IDR) were downgraded from AA- to A+, short-term IDRs and short-term debt ratings were downgraded from F1+ to F1 and individual ratings were downgraded from A/B to B.
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