Fitch Downgrades IndyMac's IDR

The long- and short-term issuer default ratings of IndyMac Bancorp Inc. and IndyMac Bank FSB have been downgraded by Fitch Ratings. The long-term IDRs of the Pasadena, Calif.-based companies were downgraded from BBB-minus to BB, and the short-term IDRs were downgraded from F3 to B. The rating outlook is negative. The downgrades reflect "the expectation that [IndyMac Bancorp's] near-term return to profitability will be challenging as changes in mortgage industry dynamics, once viewed as temporary, become more permanent," the rating agency said. Fitch can be found online at http://www.fitchratings.com, and IndyMac can be found at http://www.indymacbank.com.