Fitch Lowers Fairbanks Servicer Ratings

Published May 14, 2003, 2:00 p.m. EDT

1 Min Read

Fitch Ratings has joined other rating agencies in downgrading the servicer ratings of Fairbanks Capital Corp., Salt Lake City, in the aftermath of a controversy regarding the company's loan administration practices.Fitch downgraded Fairbanks' residential subprime servicer rating to RPS2-minus from RPS1, the highest rating Fitch bestows. Fitch also lowered Fairbanks' alternative-A, home equity, and special servicer ratings to the same '2-minus' level. All the ratings remain on Rating Watch Negative. Fitch said the downgrades reflect uncertainty regarding Fairbanks' financial viability, management stability, and operational strength. Fitch can be found online at http://www.fitchratings.com.

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