Standard & Poor's recently affirmed its credit ratings of Countrywide Credit Industries and its main unit because of the company's strong long-term performance. At the same time, it reduced its outlook to stable from positive. The text of the S&P announcement follows.

S&P affirms its A rating on the senior debt of Countrywide Credit Industries and its mortgage bank subsidiary, Countrywide Funding Corp. Senior debt affected totals $1.22 billion, principally mediumterm notes.

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