Fitch Ratings has affirmed In a release on
Key Rating Drivers -- IDRs
The affirmation of Mid-Atlantic's IDRs and Stable Outlook reflects Fitch's view that the company will continue to benefit from the government support provided to Corporate Credit Unions (CCUs) through the
Key Rating Drivers -- VRs
Rating Sensitivities -- IDRs
As previously noted, Mid-Atlantic's IDR is currently at its Support Rating Floor. As such, Mid-Atlantic's IDR is sensitive to Fitch's view of the expected level of support the CCU would receive during a period of distress. Fitch's view toward support for the CCUs was substantiated by the NCUA's past actions to entire CCU system and the US Treasury's continued support. That said, as the CCU system continues to recover and systemic issues are addressed, Fitch will re-evaluate its view toward support. Should Fitch's view toward the probability of support lessen without a fundamental improvement in the financial condition of Mid-Atlantic, the current IDR will likely be downgraded.
Rating Sensitivities -- VRs
Key Rating Drivers - Support Rating and Support Floor Rating
Mid-Atlantic's Support Rating of '1' reflects Fitch's view that the likelihood the company would receive extraordinary support should such support be needed is extremely likely. Mid-Atlantic's Support Rating Floor of 'A+' reflects Fitch's view that there is an extremely high probability of support to CCUs and Mid-Atlantic from regulatory authorities.
Key Rating Sensitivities - Support Rating and Support Floor Rating
Mid-Atlantic's Support Rating is sensitive to Fitch's assumption around the ability and willingness of the NCUA or U.S. government to offer extraordinary support in case of need. As discussed, Fitch will continue to re-evaluate its view on the probability of support from the NCUA and
Fitch has taken the following rating actions:
--Long-term IDR affirmed at 'A+';
--Short-term IDR affirmed at 'F1+',
--Support affirmed at '1';
--Support Floor affirmed at 'A+';
--Viability upgraded to 'bb-' from 'b+'
Additional information is available at 'fitchratings.com'.
--'Fitch Global Corporate Rating Activity -- Third Quarter 2013' (
--'Global Financial Institutions Rating Criteria' (
Fitch Global Corporate Rating Activity -- Third-Quarter 2013
Global Financial Institutions Rating Criteria
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Fitch Ratings has affirmed
In a release on