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Moody's Plays Scrooge to Corporates

NEW YORK - Moody's Ratings Service released the results of its regularly-scheduled credit union industry review this week, and delivered lumps of coal to several cooperative stockings.

By Heather Anderson | Updated on December 25, 2008

NEW YORK – Moody’s Ratings Service released the results of its regularly-scheduled credit union industry review this week, and delivered lumps of coal to several cooperative stockings.

Not only did Moody’s downgrade the $28 billion Western Corporate Federal Corporate Credit Union’s long-term ratings to A2 from Aa3, it also knocked the $36 billion U.S. Central Federal Credit Union down a notch, from A1 to Aa1. Both WesCorp and U.S. Central have other ratings currently on review for possible downgrades.

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