NEW YORK - Standard & Poor's Corp. said it affirmed its BB-minus rating on Great Lakes Bancorp subordinated debt and BB-plus/B uninsured certificates of deposit.
But S&P revised the ratings outlook on the Ann Arbor, Mich., company to "stable" from "positive." About $11.7 million in outstanding debt is affected.
The revision "reflects further deterioration in the thrift's asset quality over the past several quarters as levels of nonperforming assets continue to rise," the rater said.
"Total nonperforming assets of about $100 million recently comprised 4.7% of total loans and real estate owned. Increases in both nonaccrual loans and real estate owned, and the sustained high level of related loss provisions, continue to exert downward pressure on earnings."
Great Lakes, which has $2.9 billion in assets, is being pressured by a dissident shareholder to sell the company.