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U.S. Central Earns an 'F' From Fitch

NEW YORK - U.S. Central has defaulted, and survives only because of external support. That's the message from Fitch Ratings, who lowered the corporate's Individual Rating yesterday from "D" to "F" in response to last week's $1 billion bailout.

By Heather Anderson | Updated on February 02, 2009

NEW YORK – U.S. Central has defaulted, and survives only because of external support. That’s the message from Fitch Ratings, who lowered the corporate’s Individual Rating yesterday from “D” to “F” in response to last week’s $1 billion bailout.

“The net loss of approximately $1.1 billion for 2008 exceeds USC’s retained earnings, the recently issued $450 million of Paid-In-Capital (PIC) II and a portion of the original PIC issuance,” said yesterday’s official Fitch release. “Additionally, the prospect of future losses remains, limiting the company’s future capital

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