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Conseco: Stocks
built 645 days ago
CHICAGO--(BUSINESS WIRE)--Fitch Ratings has downgraded the Issuer Default Rating (IDR), senior debt, preferred stock, and insurer financial strength ratings of Conseco Inc. (Conseco) and its subsidiaries. The preferred stock rating is being withdrawn as there are no current outstanding issues and no plans for issuance. The rating action affects approximately $1.2 billion in outstanding debt. All affected ratings are listed below. The Outlook remains Negative.
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The news of Wendt's resignation came after the markets closed Thursday, with Conseco stock trading at 7 cents a share. The stock was delisted from the New York Stock Exchange in August and currently trades in over-the-counter markets known as pink sheets.
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Although the bankruptcy filing was not surprising given Conseco's recent woes, it marked a dramatic downfall for a company whose stock was once a Wall Street darling. From 1988 to 1998, the company's stock averaged a total return of 47% per year and Conseco shares traded as high as $58.
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For most of the 1990s, it seemed that Conseco Inc. and its CEO, Stephen C. Hilbert could do no wrong. From 1988 to 1998, the total return on the company's stock averaged 47 percent a year, 17th-best among publicly traded companies in the United States.
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