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Monday, August 27, 2007

Countrywide Rating Watch Revised By Fitch

August 24 2007
Fitch Ratings announced Thursday that it has revised its Rating Watch on Countrywide Financial Corp. (CFC) and its related subsidiaries from "Negative" to "Evolving." This revised rating signifies that Fitch may upgrade, downgrade or affirm the current rating once they have gathered additional information. The downgrade of CFC by Fitch came on August 16, 2007 as a result of the company's announcement to fully utilize its $11.5 billion credit line due to increasing liquidity problems. Countrywide stock was down 5% early in Friday's trading session as fears of subprime fallout grew.


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