WASHINGTON – Fitch Ratings dropped Mid-Atlantic Corporate Federal Credit Union's individual rating to B/C from A/B today, as result of the financial exposure of the corporates triggered by U.S. Central's $1.2 billion write off for last year.
Mid-Atlantic's long-term rating was lowered to A+ from A/A- and its short-term rating was unchanged.
"The change by Fitch was not unexpected given the impact of the U.S. Central announcement, but we are pleased that the change was so slight," said Jay Murray, Mid-Atlantic Corporate's president/CEO.
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U.S. Central's write off prompted the NCUA to unveil a rescue plan that includes injecting $1 billion into U.S. Central and guaranteeing all deposits at corporate credit unions.
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