Fitch Affirms Ocwen's L-T Debt At 'B'; Outlook to Positive.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 -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed Ocwen Financial Corp.'s (OCN OCN Open College Network OCN Oceanography OCN Open Computer Network OCN Operating Company Number (NANPA) OCN Oncology Certified Nurse OCN Of Course Not OCN Orange County News Channel OCN Optical Carrier Level N ) long term debt rating of 'B' and revised the Rating Outlook to Positive from Stable. Concurrent with this action, Fitch withdraws the ratings of Ocwen Federal Bank FSB (FrontSide Bus) See system bus. FSB - front side bus following OCN's debanking. A complete list of affected ratings is detailed below. The Outlook revision reflects OCN's success in reducing non-core assets and improved core operating performance. At Sept. 30, 2005, non-core assets stood at $5.3 million, down from $538.5 million at Dec. 31, 2001. Moreover, OCN's operating performance has stabilized including a positive contribution from all five core businesses. Fitch's Positive Rating Outlook will consider OCN's ability to sustain more recent core profitability as well as address competitive pressures from 'in-house' servicing from large investment banks. The following ratings have been affirmed with a Positive Outlook by Fitch: Ocwen Financial Corp --Long-term 'B'; --Short-term 'B'. The following ratings have been affirmed and withdrawn: Ocwen Financial Corp --Individual 'D'; --Support '5'. Ocwen Federal Bank FSB --Long-term deposits 'B+'; --Long-term 'B+'; --Subordinated 'B-'; --Individual 'C/D'; --Support '5'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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