Fortis Bank's hybrids securities have been upgraded to A+ from BB-, with the exception of a convertible and subordinated hybrid equity-linked instrument (CASHES), whose
CCC rating remains on Rating Watch Evolving.
A Fitch Ratings guide says a
CCC rating means that "default is a real possibility."
The
CCC rating (extremely vulnerable) was assigned to 21 companies, including the inappropriately named Reliable Life Insurance Co.
12 September 2011 - S&P on FRiday pulled its CCC+ rating on Wolf Hollow I LP's USD260m (EUR191m) senior secured bank facility and its
CCC rating on the company's USD110m second-lien term loan.