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Rating Agency Downgrades Accredited.
New York -- Fitch Ratings has downgraded its rating on Accredited Home Lenders as a residential primary servicer of subprime loans to "RPS3-" from a previous rating of "RPS3+" citing the challenging environment in subprime lending today and uncertainty regarding Accredited's ability to maintain adequate funding to be viable in the market. Fitch noted last month that Accredited has taken steps to ease its short-term liquidity pressure.
For instance, the company reached an agreement to sell, at a discount, $2.7 billion of loans in its held-for-sale portfolio. The company also received a commitment for a $200 million term loan from Farallon Capital Management. The fine print on that proposed term loan had not been definitively approved when MSN went to press.
Moreover, Accredited had not yet filed its annual 10-K with the SEC, because the firm had not finished evaluating impairment of the goodwill related to its acquisition of Aames Investment Corp., once a stalwart of the nonprime lending industry.
Fitch officials said that an ...
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