Bank Watch: Small Business Banks Floundering

Wednesday November 11, 2009 09:04 PM

Fitch Ratings has downgraded the long-term issuer default rating (IDR) of Central Pacific Bank, the bank subsidiary Central Pacific Financial, to ‘CCC’ from ‘B’. The downgrade ratings reflect the significant escalation of credit problems in both its California and Hawaii loan portfolios. Fitch said it expected the bank to endure increased credit stress in its Hawaii portfolio, as well as in its …

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