Fitch cuts Central Pacific Financial

Fitch Ratings said it downgraded the long-term issuer default rating of Central Pacific Financial Corp. and its bank subsidiary, Central Pacific Bank, to CC from CCC.

The downgrade reflects that fact that the company remains under serious credit stress and has disclosed it will not meet the enhanced capital requirements under its existing regulatory agreements, Fitch said.

Although the company has been actively attempting to raise capital, these efforts have thus far not been successful, the agency said.

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