Duff & Phelps Credit Rating Co. has downgraded the preferred stock of United Companies Financial Co., citing a missed dividend payment on Jan. 1.

The subprime lending company's preferred was cut from "CCC" to "preferred stock with dividend arrearage." United Companies, Baton Rouge, La., underwent a massive restructuring late in October in response to an industrywide capital crunch.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.