Fitch Ratings has upgraded the long-term and short-term Issuer Default Ratings (IDRs) of Financial Federal Credit Inc.(FFCI) to 'A-' and 'F1' from 'BBB+' and 'F2', respectively upon completion of a merger by its parent, Financial Federal Corporation, with People's United Financial (PBCT). The ratings of FFCI have been aligned with those of People's United Bank. Concurrently, Fitch is withdrawing all ratings associated with Financial Federal Corporation and its subsidiary.
Fitch has upgraded and concurrently withdrawn the following ratings:
Financial Federal Credit Inc.
--Long-term IDR to 'A-' from 'BBB+';
--Short-term IDR to 'F1' from 'F2'.
Fitch has withdrawn the following ratings:
Financial Federal Corporation
--Long-term IDR 'BBB+';
--Short-term IDR 'F2'.
These rating actions reflect the application of Fitch's current criteria which is available on Fitch's web site at 'www.fitchratings.com' and specifically include:
--'Global Financial Institutions Rating Criteria' (Dec. 29, 2009).
Additional information is available at 'www.fitchratings.com'.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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
Eric Newell, CFA, 212-908-0769
Ken
Ritz, 212-908-0368
or
Media Relations:
Brian Bertsch,
212-908-0549
Email: brian.bertsch@fitchratings.com
