LENEXA, Kan. — Standard & Poor's joined Fitch Ratings in affirming U.S. Central's debt ratings, despite the corporate's recently announced 2007 losses.
"U.S. Central's results for 2007 reflected a net loss of $51 million on total assets of nearly $45 billion. While achieving strong net-interest income and fee income, our 2007 performance reflected the turbulent conditions in the credit markets and the resulting impairment in the value of a relatively small portion of our investment portfolio," said Francis Lee, president and CEO.
U.S. Central said it's already recovered more than half of last year's loss so far this year, currently operating on a $30 million net profit.
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