On July 8, 2008, IndyMac announced the sale of its Retail Lending Group to Prospect Mortgage Company, LLC. That day, the bank's shares closed at $0.44 in trading on the New York Stock Exchange, a loss of over 99% from its high of $50 in 2006. Additionally, analyst Paul J. Miller Jr. cut his price target on IndyMac to $0 from $1, rating the company's share price “Underperform”. On July 9, Standard & Poor's cut IndyMac's counterparty credit risk rating to “CCC”, just a few steps above default, from “B”, the fifth highest junk level, and said it may cut them again. The following day, the bank's shares reached a 52-week closing low of $0.31.