Aames Fincl Rtgs Placed on S&PWatch Dev After Anncmnt.NEW YORK--(BUSINESS WIRE)--Aug. 26, 1997--Standard & Poor's CreditWire 8/26/97--Standard & Poor's today placed its double-'B'-minus counterparty Counterparty The other participant, including intermediaries, in a swap or contract. credit and senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. ratings of Aames Financial Corp. on CreditWatch with "developing" implications. The CreditWatch listing follows the announcement that the company is considering strategic initiatives and has retained advisors for assistance. The company also reported a $14.1 million loss for its fiscal quarter ending June 30, 1997, primarily reflecting a write-down of its interest-only strips Interest-only strip (IO) A security based solely on the interest payments from a pool of mortgages, Treasury bonds, or other bonds. Once the principal on the mortgages or bonds has been repaid, interest payments stop, and the value of the IO falls to zero. due to prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. . While this event in itself has been factored into the current rating, any further pressure on capital could lead to a downward rating adjustment. In addition, Standard & Poor's will review the rating when additional information is available on the company's strategic plans. --- CreditWire CONTACT: David M. Graifman, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212/208-1596 Thomas Abruzzo, New York 212/208-1523 |
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