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S&P downgrades Fremont General Corp. to 'D'
By Sue Chang
Last update: 4:45 p.m. EDT March 18, 2008Print RSS Disable Live Quotes
SAN FRANCISCO (MarketWatch) -- Standard & Poor's Ratings Services late Tuesday lowered Fremont General Corp.'s (FMT:Fremont General Corporation
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Last: 0.45-0.05-10.00%
4:00pm 03/18/2008
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FMT 0.45, -0.05, -10.0%) long-term counterparty credit and senior debt ratings to D from CC. "The downgrades are based on Fremont's announcement that it has 'determined to delay' payment on its senior notes," said Standard & Poor's credit analyst Adom Rosengarten. The rating agency said the delayed payment is likely to result in a default of all of the company's financial obligations given the amount of financial stress the company is experiencing