Printer Friendly

COUNTRYWIDE CREDIT INDUSTRIES INC. DEBT UPGRADED TO "A" AT STANDARD & POOR'S

 COUNTRYWIDE CREDIT INDUSTRIES INC.
 DEBT UPGRADED TO "A" AT STANDARD & POOR'S
 PASADENA, Calif., July 28 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR) today announced that Standard & Poor's ("S&P") upgraded its credit ratings on the company's senior debt, preferred stock and commercial paper. This upgrade follows credit upgrades by Moody's Investors Service ("Moody's") on July 10, 1992.
 S&P raised its rating on the company's senior debt to "A" from "BBB+" and its rating on the company's preferred stock to "A-" from "BBB." S&P also upgraded its rating on Countrywide Funding Corp.'s senior debt to "A," up from "BBB+," and raised its commercial paper rating to "A1" from "A2." S&P stated that the ratings upgrades reflect Countrywide's strengthened capitalization, increased financial flexibility and superior operating results. Countrywide Funding Corp. is the company's primary subsidiary and the nation's largest mortgage lender.
 "The improved ratings will broaden Countrywide's access to the capital markets, reduce the overall cost to finance our business, and improve our financial flexibility," said Stanford L. Kurland, chief financial officer. "This broadened access to the capital markets will further enhance Countrywide's ability to provide mortgage financing to existing and future home owners."
 On July 10, 1992, Moody's also recognized Countrywide's achievements by upgrading its senior debt to "Baa3" from "Ba1" and its preferred stock to "Ba1" from "Ba2." Moody's raised its rating on Countrywide Funding Corp.'s senior debt to "Baa2" from "Baa3" and commercial p?er to "P-2" from "P-3."
 Countrywide Credit Industries Inc. reported record results in its first fiscal quarter, ended May 31, 1992. During the quarter, loan originations totaled $6.5 billion, more than triple last year's comparable volume of $1.8 billion. This strong performance allowed the company to earn a record $29 million in the first fiscal quarter, up 219 percent over last year's comparable quarter when earnings were $9.1 million. Fully diluted earnings per share, as adjusted for a recent 3-for-2 stock split, grew to $0.50 vs. $0.22 in the first fiscal quarter of the prior year. The company continued its strong performance in June 1992 by originating $2.5 billion and increasing its servicing portfolio to $36 billion.
 Countrywide originates, purchases, sells and services home mortgage loans. Countrywide was founded in 1969 and employs more than 2,300 people at its Pasadena and Simi Valley, Calif. locations and its retail and wholesale branches across the country. Countrywide's common stock is publicly traded on the New York Stock Exchange and the Pacific Stock Exchange under the symbol "CCR."
 -0- 7/28/92
 /CONTACT: Karel Carnohan, 818-304-7523 or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR) CO: Countrywide Credit Industries Inc. ST: California IN: FIN SU:


BP-EH -- LA016 -- 3923 07/28/92 09:36 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 28, 1992
Words:459
Previous Article:CONSUMERS POWER AND WOLVERINE POWER REACH SETTLEMENT AGREEMENT
Next Article:INTELLIGENT SYSTEMS ANNOUNCES SECOND QUARTER RESULTS
Topics:


Related Articles
COUNTRYWIDE CREDIT INDUSTRIES INC. THIRD QUARTER EARNINGS UP 182 PERCENT
COUNTRYWIDE CREDIT INDUSTRIES INC. FILES A $750 MILLION UNIVERSAL SHELF REGISTRATION STATEMENT
Countrywide Opens 500th Production Office and Continues to Set New Operational Records.
S&P: Source One Mortgage Services Debt Upgraded, Off Watch.
Credit Repair Mortgage to Be Key Product Offering to Organizations By Newly Formed Strategic Alliance Team.
Fort Washington Investment Advisors to Purchase Countrywide Investment Subsidiary.
Countrywide Receives 'Strong' S&P Ratings in Four Residential Servicing Categories.
Countrywide to Present at Salomon Smith Barney Financial Services Conference January 30, 2002.
Countrywide Bank Receives Credit Ratings.
Countrywide Comments on Financial Condition.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters