Fitch lifts Emigrant Bancorp

Fitch Ratings said it upgraded Emigrant Bancorp Inc.'s long-term issuer default rating to B+ from B, along with its viability rating to B+ from B and senior unsecured rating to B- with a recovery rating of RR6 from CCC with a recovery rating of RR6.

The agency also upgraded Emigrant Capital Trust I & II's preferred stock to CCC with a recovery rating of RR6 from CC with a recovery rating of RR6.

The outlook remains stable.

The upgrades reflect reduced liquidity risk at the holding company, Fitch said.

The agency also said it believes the additional flexibility at the holding company has reduced uncertainty about the $200 million of senior notes coming due in 2014.

Fitch also affirmed Emigrant Bancorp's short-term issuer default rating at B; Emigrant Bank's long-term issuer default rating at B+, short-term issuer default rating at B, viability rating at B+, long-term deposits rating at BB- and short-term deposits rating at B; and Emigrant Mercantile Bank's long-term issuer default rating at B+ and short-term issuer default rating at B.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.