NEW YORK - Standard & Poor's Corp. said it has assigned a CCC rating to Glendale Federal Bank's $175 million noncumulative convertible preferred stock Series E.
S&P said it has also raised its ratings on the bank's uninsured CDs.
The ratings "reflect the anticipated successful completion of a corporate restructuring plan that will raise $425 million in equity for the savings bank and return the bank to regulatory capital compliance," S&P said.
They ratings also reflect the bank's "relatively high level of nonperforming assets, which have severally hindered operating results for the past three years."
