Standard & Poor's Corp. has affirmed its BB-minus/B rating on Glendale, Calif.-based Fidelity Federal Bank's uninsured certificate of deposits, but held out the possibility of a future downgrade.

S&P said it chose not to downgrade the thrift because of its successful financial restructuring, inclusive of capitalization and disposition of problem assets.

Fidelity raised $108 million from the issuance of Class A and C stock, and successful execution of the restructuring should result in bulk sales nearing $360 million.

As of March, Fidelity had $4.1 billion of assets.

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