Research Update: Fremont General Corp. CreditWatch Implications Revised To Developing From Negative May 07
- ID: 2087152
- May 2007
- Standard & Poors
On May 22, 2007, Standard & Poor's Ratings Services revised the CreditWatch implications on Fremont General Corp. (Fremont) to Developing from Negative. This action follows the announcement of the sale of Fremont's commercial real estate business to iStar Financial Inc. and the proposed minority investment in Fremont by an investor group led by Gerald J. Ford. Fremont is also selling its subprime residential real estate business to Ellington Capital Management. These transactions closing as expected would have a positive impact on Fremont's credit risk profile. The company has already liquidated some of its residential assets, reducing risk on the balance sheet. In addition to the $1.9 billion in upfront cash that the iStar transaction will generate, Fremont will benefit from...
Companies mentioned in this report are:
- Real Industry Inc.
- Fremont Investment & Loan
- iStar Inc.
Action: On CreditWatch:Developing
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Product Type: Research Update
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