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Corporate Central Credit Union is a federally insured financial cooperative that is strongly committed to serving the needs of our members. Built on the values of commitment to service, fiscal responsibility, and respect for the individual, Corporate Central adheres to the highest standards of integrity, professional ethics, cooperation and teamwork. A strong focus on maintaining quality partnerships with over 425 members nationwide enables Corporate Central to remain firmly rooted in the tradition of "people helping people." In addition, by partnering with leading service providers, Corporate Central is able to offer innovative correspondent products, investment services, and lending programs to our members.
Corporate Central Credit Union's A-1+ Rating Affirmed
Corporate Central Credit Union announced that it has received the rating of A-1+ from Standard and Poor's (S&P) rating agency. In affirming the highest possible short term commercial paper rating to Corporate Central, S&P noted in their report:
The rating on Corporate Central Credit Union (CCCU) continues to be based on the company's stable franchise and its good financial profile, which is highlighted by satisfactory risk-adjusted capital, modest risk and adequate liquidity profile. The institution's access to borrowings from U.S. Central and the Central Liquidity Facility, a lender of last resort to credit unions, provide the necessary liquidity to maintain current ratings.
There is negligible credit risk in the corporate's loans, as loans (all of which are to members) are highly over collateralized and no corporate has ever taken a loss on a member loan. Aside from loans to members, virtually all of CCCU's assets consist of cash and high-credit-quality, short-term investments, including invested deposits at U.S. Central Credit Union (AA+/Watch Negative/A-1+). CCCU had no material exposure to non-agency, mortgage backed securities resulting in only nominal unrealized losses in its investment portfolio.
Like all credit unions, CCCU passes through most of its earnings to its members in the form of dividends, resulting in low profitability. CCCU has kept costs low and flexible by using outside vendors for its services, allowing the corporate to stay small and efficient. Profitability is in line with that of other corporates. Capital measures are among the highest of the rated corporates...
"This ratings affirmation reflects our commitment to providing a sound and secure corporate for our members," stated Robert W. Fouch, President and CEO. Mr. Fouch added, "The market is filled with much stress and negative news these days. However, when it comes to soundness, capital position, service excellence, investment return, and liquidity provider - Corporate Central Credit Union employs a stewardship philosophy that has served us well for over 60 years and will continue to be our guiding principle as we grow." |