Fitch Ratings has assigned a rating of 'BBB-' to the $135 million in preferred stock issued by Central Pacific Financial under the Treasury's Capital Purchase Program (CPP). The CPP is one of the U.S. Government programs established to help stabilize and restore confidence in the U.S. banking system. (For more on the CPP and other U.S. Government programs, see Fitch's reports 'TARP Impact Positive for Financial Institutions', dated Oct. 10, 2008, and 'US Government Programs Stabilize and Strengthen US Banks', dated Oct. 20, 2008). This preferred stock issuance represents 3% of CPF's risk-weighted assets.
Ratings Assigned:
Central Pacific Financial Corp.
--Preferred stock at 'BBB-'.
Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.
Contacts:
Fitch Ratings, New York
Ken Ritz, 212-908-0368
Sharon Haas,
212-908-0362
Tyrene Frederick-Mack, 212-908-0540 (Media Relations)
tyrene.frederick-mack@fitchratings.com
