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Fitch downgrades Capmark Financial Group rating to C
NEW YORK, Sept 8 (Reuters) - Fitch Ratings downgraded Capmark Financial Group's issuer default ratings to C from B-minus on Tuesday, a rating which the agency said "indicates that default of some kind appears imminent or inevitable.
The company, which is heavily exposed to commercial real estate, said last week it may file for Chapter 11 bankruptcy after soured loans left it with a $1.62 billion second-quarter loss.
Approximately $8.5 billion of debt is affected by Tuesday's action, Fitch said in a statement.
The C rating is the lowest rating above default.
"The net loss is primarily due to continued deteriorating conditions in the commercial real estate market impacting Capmark's loan portfolio, downward pressure on fair values resulting in losses on its equity and real estate investments, increased provision expense, and an impairment charge on mortgage servicing rights and intangible assets," Fitch said.
"Fitch expects that the end result will be either a bankruptcy filing or a debt restructuring," the agency said.
(Reporting by John Parry and Dena Aubin; Editing by Chizu Nomiyama)
