Press Room - 2009 Archives

PSCU Financial Services today announced a long-term strategic partnership with Corporate One Federal Credit Union of Columbus, Ohio, in which Corporate One will offer PSCU Financial Services’ credit and debit/ATM processing platforms to its 800+ member credit unions as well as to smaller and mid-size credit unions around the country.

COLUMBUS, Ohio – After conducting a review of its liquidity position and the ongoing costs to maintain a commercial paper (CP) program, Corporate One has terminated its relationship with ratings agencies, Standard & Poor’s and Moody’s. By ending their CP program, the corporate credit union will save its members more than $260,000 annually – primarily through the cost savings from paying ratings agencies that provided short term credit ratings. Corporate One had been most recently rated by Standard & Poor’s and Moody’s with ratings of Watch Negative/A-1 and P-1 respectively. The program was terminated as of March 5, 2009.

COLUMBUS, Ohio – After conducting a review of those Corporate credit unions that receive ratings from Standard and Poor’s (S&P) (U.S. Central FCU was not included is this review), the ratings agency today released its latest report. Not unexpectedly, S&P took several rating actions. Corporate One received a short-term debt rating of A-1, a change from A-1+.