IndyMac Outlook Revised to Negative

Standard & Poor's Ratings Services has announced a revision of its outlook on IndyMac Bancorp from stable to negative, citing concerns about the company's "exposure to continued deterioration in the housing and mortgage finance markets."S&P also affirmed its BBB-minus/A-3 rating on the company. At the end of the third quarter, nonperforming assets "exceeded what we consider normalized levels, although they remain within tolerable levels for the rating," S&P said. "Increased credit costs, market value losses on mortgage-related securities, and lower gain-on-sale of mortgage loans resulted in a $203 million loss in the most recent quarter and will continue to limit profitability in the near term." S&P said it expects IndyMac's profitability to "remain depressed" over the near term because of higher credit costs and lower gain-on-sale margins. The rating agency can be found online at http://www.standardandpoors.com.