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Moody's Downgrades WesCorp

SAN DIMAS, Calif. -- Moody's Ratings Service announced yesterday that it has downgraded Western Corporate Federal Credit Union's long-term rating from Aa3 to A2, and placed both that rating and WesCorp's Prime-1 short-term rating on review.

By Heather Anderson | Updated on December 22, 2008

SAN DIMAS, Calif. — Moody’s Ratings Service announced yesterday that it has downgraded Western Corporate Federal Credit Union’s long-term rating from Aa3 to A2, and placed both that rating and WesCorp’s Prime-1 short-term rating on review.

Moody’s credited the downgrade to the potential for realized losses on WesCorp’s balance sheet as a result of the lingering dislocation in asset-backed security market.

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