Fitch puts Carcade on watch

Fitch Ratings said it placed Carcade LLC on Rating Watch negative following news that its current owners have agreed to sell the company to the shareholders of Forus Bank.

The negative watch reflects potential changes in Carcade's strategy, risk appetite, balance sheet structure, financial metrics and possible contingent risks arising from other assets of the new owners, including Forus Bank, following the change in ownership, Fitch said.

Carcade has a BB- rating with negative outlook, reflecting the company's sound liquidity and solid solvency, the agency said.

The negative outlook considers the moderate deterioration of asset quality and financial performance, as well as potential further pressure on metrics from a difficult operating environment, Fitch said.

© 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.