Conseco & Conseco Fin Revised To RatingAlert Neg By Fitch IBCA.Business Editors NEW YORK--(BUSINESS WIRE)--April 19, 2000 Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals affirms its `BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. +' senior debt and `F2' commercial paper rating for Conseco, Inc. The long-term counterparty rating for Conseco Finance Corp. (formerly Green Tree Financial Corp.) is lowered to `BBB' from `BBB+'. The `F2' commercial paper rating for Conseco Finance has been affirmed. Fitch IBCA revises the RatingAlert for Conseco, Inc. and Conseco Finance to RatingAlert Negative from RatingAlert Evolving. The revision of the RatingAlert reflects Fitch IBCA's concern about the successful execution of a sale of the Conseco Finance unit by its parent. Future ratings for Conseco, Inc. will depend in part on the proceeds received from the sale to a prospective third party as well as the resolution of contingent liabilities Contingent Liability 1. The possibility of an obligation to pay certain sums dependent on future events. 2. Defined obligations by a company that must be met, but the probability of payment is minimal. Notes: 1. regarding Conseco Finance. If proceeds from the disposition of the finance unit are lower than expectations, the ratings for Conseco, Inc. could be lowered in the future. Positively, the successful sale of Conseco Finance could remove a significant financial drain from Conseco, Inc. Conseco Finance's ratings have benefited from its ownership by Conseco, Inc. Given the overall size and underlying risk with respect to Conseco Finance, Fitch IBCA is uncertain as to whether Conseco, Inc. can execute a satisfactory sale in the near-term. Notwithstanding, over the intermediate term, Conseco Finance continues to rely on its parent company through intercompany loans and shared credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . The ratings for Conseco Finance will be resolved upon the execution of a pending sale transaction. On a stand-alone basis, Conseco Finance would be rated non-investment grade by Fitch IBCA. Conseco Inc. announced its intention to sell Conseco Finance on March 31, 2000. The company has engaged Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. , Inc. to assist it in the proposed sale. Conseco Finance, headquartered in St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , MN is a national consumer finance with leading positions in manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected and home equity and improvement loans. On Dec. 31, 1999, Conseco Finance Corp. reported nearly $46 billion in managed receivables. Conseco Inc., headquartered in Carmel, IN, provides insurance and investment opportunities for mid-market consumers. The company maintains a national network of agents and has more than 13 million customers. |
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