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| Prospect News home > News index > List of issuers E > Headlines for Emigrant Bancorp, Inc. > News item |
Fitch downgrades Emigrant
Fitch Ratings said it downgraded the long-term issuer default rating for Emigrant Bancorp, Inc. to BBB from BBB+ and affirmed the short-term issuer default rating at F2.
The outlook is stable.
Fitch said the downgrade reflects negative trends in Emigrant's capital ratios and profitability metrics, especially over the first half of 2008.
The continued deterioration of non-performing assets in the loan portfolio is offset by a favorable charge-off history, the agency said.
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