Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs
Fitch Ratings has taken various conforming rating actions on enhanced municipal bonds and tender option bonds (TOBs) corresponding to actions taken on their associated enhancement providers or underlying bonds. Long-term ratings on enhanced municipal bonds may be higher than those of their enhancement providers as discussed in Fitch's 'Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds', dated March 10, 2011. Short-term ratings on enhanced municipal bonds ...
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Fitch Affirms Thrivent Financial for Lutherans’ IFS Rating at ‘AA’; Outlook Stable
Fitch Ratings has affirmed the ratings of Thrivent Financial for Lutherans (Thrivent Financial) and its subsidiary, Thrivent Life Insurance Company (Thrivent Life), collectively referred to as Thrivent hereafter. The affirmed ratings include Thrivent's 'AA' Insurer Financial Strength (IFS) and its 'AA-' long-term Issuer Default Rating (IDR). The Rating Outlook is Stable. A complete list of rating actions is provided at the end of this release. Fitch's ratings of Thrivent Financial reflect the orga...
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First Financial Northwest, Inc. Reports Net Income of $927,000 or $0.05 Per Share for the Fourth Quarter and $4.2 Million or $0.24 Per Share for the Year Ended December 31, 2011
RENTON, Wash., Jan. 27, 2012 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the "Company") (Nasdaq:FFNW), the holding company for First Savings Bank Northwest (the "Bank"), today reported net income for the fourth quarter ended December 31, 2011 of $927,000, or $0.05 per diluted share, compared to net income of $568,000, or $0.03 per diluted share for the comparable quarter in 2010. For the year ended December 31, 2011, net income was $4.2 million, or $0.24 per diluted share, an improvement of $...
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Home Federal Bancorp, Inc. Announces Quarterly Results and Change in Fiscal Year
NAMPA, Idaho, Jan. 27, 2012 (GLOBE NEWSWIRE) -- Home Federal Bancorp, Inc. ("Company") (Nasdaq:HOME), the parent company of Home Federal Bank ("Bank"), today announced results for the quarter ended December 31, 2011. The Company reported earnings of $1.4 million, or $0.09 per diluted share, for the three months ended December 31, 2011, compared to a loss of ($1.3 million), or ($0.08) per diluted share, for the same period a year ago. The Company's return to profitability was attributable to a reductio...
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Fitch Places HSBC’s Bank Subsidiaries in Costa Rica and El Salvador on Rating Watch Negative
Fitch Ratings has placed the following HSBC Bank subsidiaries ratings on Watch Negative: --Banco HSBC Salvadoreno's Long-term Issuer Default Rating (IDR) and national rating; --Inversiones Financieras HSBC's National Ratings; --Banco HSBC (Costa Rica)'s National Ratings. The ratings were placed on Rating Watch Negative following the announcement of HSBC's agreement to sell these operations to the Colombian Banco Davivienda, S.A. (Davivienda). Fitch has also affirmed Banco HSBC Salv...
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Fitch Affirms Super Senior and Mezzanine AAA Classes of MSCI 2006-IQ12
Fitch Ratings has affirmed the 'AAA' super senior and mezzanine classes of Morgan Stanley Capital I Trust (MSCI), series 2006-IQ12 commercial mortgage pass-through certificates and downgraded eight classes. A detailed list of rating actions follows at the end of this release. The downgrades reflect an increase in Fitch expected losses, most of which involves increased losses from lower valuations on specially serviced loans. Fitch modeled losses of 9.57% of the remaining pool. Fitch has designated...
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Fitch Confirms Long Island Pwr Auth (NY) Elec Sys Subordinated Subseries 1B
The rating action referenced in Fitch Ratings' Jan. 26, 2012, press release (Fitch to Confirm Long Island Pwr Auth (NY) Elec Sys Subordinated Subseries 1B) is effective today (Jan. 27, 2012). Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Applicable Criteria and Related Research: --'U.S. Municipal Structured Finance Rating Criteria', Apr. 2...
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Fitch Upgrades 1 and Affirms 2 Classes of C-BASS CBO V, Ltd./Corp.
Fitch Ratings has upgraded one and affirmed two classes of notes issued by C-BASS CBO V, Ltd./Corp. (C-BASS V). The rating actions are as follows: --$4,271,135 class C notes upgraded to 'AAAsf' from 'AA+sf', Outlook revised to Stable from Negative; --$8,889,451 class D-1 notes affirmed at 'CCCsf'; --$8,605,209 class D-2 notes affirmed at 'CCCsf'. This review was conducted under the framework described in the report 'Global Rating Criteria for Structured Finance CDOs' using the Structured Finan...
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Fitch: Growth in Peruvian Electricity Demand to Spur Major Investments
The Peruvian electricity sector is poised for significant expansion in generation and transmission capacity, according to a Fitch Ratings report. The expansion follows a decade of steep electricity demand combined with low electricity generation capacity additions. During this period, electricity demand grew 7% per year while supply expanded just 3% per year, tightening reserve margins. Fitch expects growth to continue at a similar rate while new expansion projects may add approximately 8% of new ...
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Fitch Confirms ‘AA-/F1+’ on Long Island Power Auth, NY Electric System Subordinated Subseries 3A
The rating action referenced in Fitch Ratings' Jan. 26, 2012, press release (Fitch to Confirm 'AA-/F1+' on Long Island Power Auth, NY Electric System Subordinated Subseries 3A) is effective today (Jan. 27, 2012). Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Applicable Criteria and Related Research: --'U.S. Municipal Structured Finance...
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Fitch: Brazilian Electricity Demand will Match GPD Growth, Benefiting Distributors
Link to Fitch Ratings' Report: Brazilian Electricity Sector: Market Dynamics and Risks http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=665830 Brazilian electricity demand will continue to follow the country's GPD growth, benefiting distribution companies and possibly mitigating the negative effects of the third tariff review cycle, according to Fitch Ratings. Fitch estimates growth to be in the range of 3.6% to 4.5% through 2013. Energy consumption in Brazil has closely ...
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Fitch Confirms S-T ‘F1+’ Rating on Long Island Power Authority, CP-1, CP-2, & CP-3
The rating action referenced in Fitch Ratings' Jan. 26, 2012, press release (Fitch to Confirm S-T 'F1+' Rating on Long Island Power Authority, CP-1, CP-2, & CP-3) is effective today (Jan. 27, 2012). Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Applicable Criteria and Related Research: --'U.S. Municipal Structured Finance Rating Cr...
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Fitch: Specially Serviced U.S. CMBS on the Rise
Specially serviced U.S. CMBS loans have been on the rise since last quarter and are likely to continue increasing, according to Fitch Ratings. Fitch's daily special, which tracks loan transfers of over $20 million, has increased reporting of late, with 15 loans over $20 million moving to special servicing so far in 2012. A total of 210 loans over $20 million transferred to the special servicer in 2011 down from 312 in 2010. The number of loans which transferred by quarter were as follows: ...
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Capital City Bank Group, Inc. Reports Fourth Quarter and Full Year 2011 Results
TALLAHASSEE, Fla., Jan. 27, 2012 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported a net loss of $0.5 million, or $0.03 per diluted share, for the fourth quarter of 2011, compared to net income of $2.0 million, or $0.12 per diluted share for the third quarter of 2011 and net income of $1.9 million, or $0.12 per diluted share, for the fourth quarter of 2010. For the full year 2011, CCBG reported net income of $4.9 million, or $0.29 per diluted share compared to a net loss o...
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MB Financial, Inc. Reports Fourth Quarter 2011 Net Income of $19.5 Million, Fourth Quarter Loan Growth, Strong Pre-Tax, Pre-Provision Income and Improving Credit Quality
MB Financial, Inc. (NASDAQ: MBFI), the holding company for MB Financial Bank, N.A (“the Bank” or “MB Financial Bank”), announced today fourth quarter results for 2011. The words “MB Financial,” “the Company,” “we,” “our” and “us” refer to MB Financial, Inc. and its consolidated subsidiaries, unless indicated otherwise. We had net income of $19.5 million and net income available to common stockholders of $...
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Investors Bancorp, Inc. Announces Fourth Quarter and Year End Financial Results
SHORT HILLS, N.J., Jan. 26, 2012 /PRNewswire/ -- Investors Bancorp, Inc. (NASDAQ: ISBC) ("Company"), the holding company for Investors Bank ("Bank"), reported net income of $21.1 million for the three months ended December 31, 2011 compared to net income of $16.9 million for the three months ended December 31, 2010. Net income for the year ended December 31, 2011 was $78.9 million compared to net income of $62.0 million for the year ended December 31, 2010. Basic and diluted earnings per share w...
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Heritage Bankshares, Inc. Announces Fourth Quarter and Record Annual Net Income for 2011; Extends Employment Agreement with CEO; Approves Share Repurchase; and Declares Dividends
NORFOLK, Va., Jan. 26, 2012 /PRNewswire/ -- Heritage Bankshares, Inc. ("Heritage"; the "Company") (OTCBB: HBKS), the parent of Heritage Bank (the "Bank"), today announced unaudited financial results for the fourth quarter and the full year of 2011. The Company's net income for the fourth quarter of 2011 was $670,000, compared to net income of $626,000 for the fourth quarter of 2010, an increase of $44,000, or 7.0%. Net income for the full year of 2011 was a record $2,368,000, an increase of $2...
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Fitch Publishes Report Sorting Out the High Yield Retailers
Link to Fitch Ratings' Report: Segmenting the High Yield Retailers http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=668969 Fitch Ratings today published a short follow-up report titled 'Sorting Out the High Yield Retailers', which further segments the 25 high yield retailers included in its recently published 'High Yield Retail Checkout'. Published on January 12, 2012, the first edition of the 'High Yield Retail Checkout' is a 300-plus page report that provides a comprehensiv...
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Fitch to Confirm Long Island Pwr Auth (NY) Elec Sys Subordinated Subseries 1B
On the effective date of Jan. 27, 2012, Fitch Ratings will confirm the long-term and short-term 'A+/F1+' ratings assigned to the Long Island Power Authority Electric System Subordinated Revenue Bonds Subseries 1B. The rating action is in connection with the substitution of the irrevocable direct-pay letter of credit (LOC) currently provided by State Street Bank and Trust Company (rated A+/F1+', Stable Outlook by Fitch) with a substitute LOC issued by State Street Bank and Trust Company. Pursua...
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Fitch to Confirm ‘AA-/F1+’ on Long Island Power Auth, NY Electric System Subordinated Subseries 3A
On the effective date of Jan. 27, 2012, Fitch Ratings will confirm the long-term and short-term 'AA-/F1+'rating assigned to the Long Island Power Authority, NY electric system subordinated revenue bonds subseries 3A. The rating action is in connection with the substitution of the severally obligated irrevocable direct-pay letter of credit (LOC) currently provided by JPMorgan Chase Bank (75%) (rated 'AA-/F1+', Stable Outlook) and Landesbank Baden-Wurttemberg (25%) (guaranteed obligations rated 'AAA...
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Fitch to Confirm S-T ‘F1+’ Rating on Long Island Power Authority, CP-1, CP-2, & CP-3
On the effective date of Jan. 27, 2012, Fitch Ratings will confirm the short-term 'F1+' ratings currently assigned to the Long Island Power Authority, Commercial Paper Notes (notes). The rating action is in connection with the Long Island Power Authority's (LIPA) plan to: --Obtain a replacement irrevocable letter of credit (LOC) to be provided by JPMorgan Chase Bank (rated 'AA-/F1+', Outlook Stable by Fitch) to replace the current JPMorgan LOC for the $150,000,000 Long Island Power Authority, ...
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Fitch Upgrades Detroit Edison and Michigan Consolidated Gas; Affirms Parent DTE
Fitch Ratings has upgraded Detroit Edison Company (DECo) and Michigan Consolidated Gas Co. (MichCon) and affirmed the parent DTE Energy, Inc. (DTE) ratings as follows: DECO --Long-term Issuer Default Rating (IDR) to 'BBB+' from 'BBB'; --Senior secured to 'A' from 'A-'; --Secured pollution control revenue bonds to 'A' from 'A-'; --Preferred stock to 'BBB-'from 'BB+'; --Short-term IDR affirmed at 'F2'; --Commercial paper affirmed at 'F2'. MichCon --Long-term IDR to 'B...
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Fitch Affirms and Withdraws Noble Corp’s Ratings
Fitch Ratings has affirmed and simultaneously withdrawn the ratings for Noble Corporation (Cayman Islands), as follows: --Issuer Default Rating (IDR) at 'BBB+'; --Senior Unsecured Notes and Credit Facility at 'BBB+'. The Rating Outlook is Negative. All of the debt ratings for this issuer are withdrawn. Fitch will no longer provide rating coverage of Noble. Fitch has withdrawn the aforementioned ratings for business reasons. Additional information is available at www.fitchratings.co...
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Fitch Affirms Overland Park Development Corp., KS Bonds at ‘BB’; Outlook Stable
Fitch Ratings takes the following rating action on Overland Park Development Corporation, Kansas (the corporation): --$65.7 million outstanding (Overland Park convention center hotel project) second tier refunding revenue bonds, series 2007B affirmed at 'BB'. The Rating Outlook is Stable. SECURITY The bonds are special limited obligations payable solely from a subordinate lien on the net operating revenues of the convention hotel, a 4.5% citywide hotel tax, subject to annual appropriat...
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Community National Bank Announces 2011 Earnings for the Fourth Quarter and Full Year
Community National Bank (SYMBOL: CBNY.OB) today announced fourth quarter and year end results for 2011. Highlights include: Total assets of $531.8 million at December 31, 2011, an increase of $55.0 million or 12% compared to prior year; Commercial loan growth of $56.0 million, an increase of 29% compared to the end of 2010; Deposits increased $65.6 million or 18% year over year; Demand deposits grew $28 million or 42%, due to increased business relationships; The Bank opened its...
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