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Moody’s Cuts Countrywide Credit Rating
…update from Reuters this morning. More bad news for CW. Watch your loans and have a backup plan.
NEW YORK, Aug 16 (Reuters) - Moody’s Investors Service on Thursday cut its debt rating for Countrywide Financial Corp. to the lowest rung of investment-grade and said it may cut again.
The ratings agency cited the U.S. mortgage lender’s decision to draw down an entire $11.5 billion credit facility to bolster liquidity.
Moody’s cut Countrywide’s rating three notches to “Baa3″ from “A3.”
August 16th, 2007 at 3:17 pm
Looks like CW is pulling down all their credit lines for liquidity and cutting back to only offering agency product for awhile. That may crimp profits and make the cycle worse. Tough times
August 16th, 2007 at 3:33 pm
What was Mozilo’s profit from his sale of CW stock last month……$13 million did I hear? Like they say, timing is everything.