Fitch Downgrades and Withdraws Litton Loan Servicing LLP’s U.S. Residential Servicer Ratings
Fitch Ratings has downgraded and withdrawn Litton Loan Servicing LLP's (Litton) U.S. residential mortgage servicer ratings as follows: --Primary servicer rating for Alt-A product to 'RPS3' from 'RPS1'; --Primary servicer rating for subprime product to 'RPS3' from 'RPS1'; --Primary specialty servicer rating for manufactured housing product to 'RPS3' from 'RPS2'; --Primary specialty servicer rating for closed-end second liens product to 'RPS3' from 'RPS1'; --Residential special servi...continuedNo related posts.
Fitch Affirms and Withdraws ExxonMobil’s Ratings
Fitch Ratings has affirmed and simultaneously withdrawn its ratings for Exxon Mobil Corporation (ExxonMobil), which are as follows: --Issuer Default Rating (IDR) at 'AAA'; --Senior unsecured debt at 'AAA'; --Commercial paper at 'F1+'; --Short-term IDR at 'F1+'. Fitch has also affirmed and withdrawn the following ratings for XTO Energy: --IDR at 'AAA'; --Senior unsecured debt at 'AAA'. The ratings have been withdrawn for business reasons, and Fitch will no longer provide...continuedNo related posts.
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 9, 2012. Short-term ratings on enhanced municipal bonds m...continuedNo related posts.
Fitch: Aging Infrastructure Driving Growth and Consolidation in U.S. Water Utility Sector
Replacement of aging infrastructure and high capital expenditures will continue to drive growth and consolidation in the U.S. water utility sector, according to Fitch Ratings. Community water systems face significant future capital expenditures as the result of aging infrastructure and maintaining safe drinking water standards. The EPA estimated in its 2007 Drinking Water Infrastructure Needs Survey and Assessment that $320.8 billion would likely need to be spent on U.S. water system infrastructur...continuedNo related posts.
Libbey Completes Early Settlement Of Its Tender Offer And Consent Solicitation For Its 10% Senior Secured Notes Due 2015 (CUSIP No. 52989LAE9)
TOLEDO, Ohio, May 18, 2012 /PRNewswire/ -- Libbey Inc. (NYSE MKT: LBY) ("Libbey" or "Company") announced today that its wholly owned subsidiary Libbey Glass Inc. ("Libbey Glass") has accepted for purchase $316,332,000 in aggregate principal amount of Libbey Glass' 10% Senior Secured Notes due 2015 (the "Notes"), representing approximately 89% of the Notes validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on Friday, May 11, 2012 (the "Consent Date") pursuant to ...continuedLBY glassware stemware dinnerware
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Outside View: Why and how Greece must exit the euro
COLLEGE PARK, Md., May 18 (UPI) -- Austerity is imposing intolerable unemployment and political chaos in Greece and won't permit it to repay its debts. Athens must abandon the euro and reintroduce the drachma. After the euro was adopted in 1999, productivity growth was slower and prices rose faster in southern Europe than in Germany and other northern states. The more competitive north enjoyed growing trade surpluses and the Mediterranean states deficits. Trade deficits can instigate high unemployme...continuedNo related posts.
Golden Star Resources Enters Into Debenture Purchase and Exchange Agreement
DENVER, CO--(Marketwire - May 17, 2012) - Golden Star Resources Ltd. (NYSE MKT: GSS) (NYSE Amex: GSS) (TSX: GSC) (GHANA: GSR) ("Golden Star" or the "Company") today announced that it has entered into certain definitive agreements to purchase an aggregate of $74.5 million of the principal outstanding under its 4.00% Convertible Senior Unsecured Debentures due November 30, 2012 (the "Original Debentures"), by way of privately negotiated transactions with certain holders of Original Debentures (the "Hold...continuedGSC:CA GSS mine stock GSS
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Fitch Rates Ohio Chapters 166 and 151 Bond Anticipation Notes ‘F1+’
Fitch Ratings assigns 'F1+' ratings to the following bond anticipation notes (BANs) backed by the state of Ohio's liquor enterprise: --$34.03 million chapter 166 development assistance BANs, series 2012A (logistics and distribution program); --$40 million chapter 166 taxable development assistance BANs, series 2012B (Ohio 166 direct loan program); --$5 million chapter 166 taxable development assistance BANs, series 2012C (innovation Ohio loan program); --$115 million chapter 151 revita...continuedNo related posts.
Fitch Affirms Florida State University’s Dorm and Housing Facility Revs at ‘AA’; Outlook Stable
Fitch has affirmed the 'AA' rating on the following revenue bonds issued on behalf of Florida State University (FSU, or the university): --$84.9 million Florida Board of Education, FSU Housing Facility Revenue Bonds; --$46.4 million Board of Governors (BOG), FSU Dormitory Revenue and Revenue Refunding Bonds. The Rating Outlook is Stable. SECURITY The housing facility and dormitory revenue and revenue refunding bonds (the bonds) are secured by a first lien on net revenues of FSU's s...continuedNo related posts.
Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs
Link to Fitch Ratings' Report: Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs: http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679813 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 provider...continuedNo related posts.
Fitch Affirms the Senior Notes of Oklahoma Student Loan Authority, Inc., Series 2011-1
Fitch Ratings affirms the senior student loan notes issued by Oklahoma Student Loan Authority, Inc., Series 2011-1 at 'AAAsf'. The Rating Outlook on the senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative. The rating on the senior notes is affirmed based on the sufficient level of credit enhancement consisting of overcollateralization and projected minimum excess spread to cover the applicable risk factor stresses. Fitch has taken the following rating a...continuedNo related posts.
Fitch Affirms Senior Notes of Higher Education Loan Auth of the State of Missouri, Series 2010-2
Fitch Ratings affirms the senior student loan notes issued by Higher Education Loan Authority of the State of Missouri, Series 2010-2 at 'AAAsf' . The Rating Outlook on the senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative. The rating on the senior notes is affirmed based on the sufficient level of credit enhancement consisting of overcollateralization and projected minimum excess spread to cover the applicable risk factor stresses. Fitch has taken th...continuedNo related posts.
Fitch Affirms the Sr. Notes of Higher Education Loan Auth of the State of Missouri, Series 2011-1
Fitch Ratings affirms the senior student loan notes at 'AAAsf' issued by Higher Education Loan Authority of the State of Missouri, Series 2011-1 (the Issuer). The Rating Outlook on the senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative. The rating on the senior notes is affirmed based on the sufficient level of credit enhancement consisting of overcollateralization and projected minimum excess spread to cover the applicable risk factor stresses. Fitch ...continuedNo related posts.
Fitch: Dynegy Illustrates Ring-Fencing and Importance of Covenants
The Dynegy Holdings, LLC (DH) corporate reorganization moves and bankruptcy case events demonstrate the value of protective covenants for bondholders, according to a report from Fitch Ratings. The lack of covenants in DH's unsecured notes enabled the 2011 corporate restructuring transactions, including the coal asset transfers from DH to parent company, Dynegy, Inc. that were later deemed fraudulent by a bankruptcy court examiner based on the presumption that the company was insolvent at the time....continuedNo related posts.
Fitch: Agilent’s ‘BBB+’ IDR and Stable Rating Outlook Unaffected by Dako Acquisition
The ratings and Stable Outlook for Agilent Technologies, Inc. (Agilent) (NYSE: A) are unaffected by the company's proposed acquisition of Dako, according to Fitch Ratings. Agilent today announced it had reached a definitive agreement with the private equity group, EQT, to acquire Dako for $2.2 billion, representing Agilent's largest acquisition to date. Agilent will fund the deal with off shore cash, which represents most of the company's approximately $3.9 billion of total cash and cash equivalen...continuedNo related posts.
Thomas Thees to Join Bonds.com as Chief Executive Officer
NEW YORK, May 17, 2012 /PRNewswire/ -- Bonds.com Group, Inc. (OTC.BB:BDCGE) announced today that Thomas M. (Tom) Thees has been appointed to the position of Chief Executive Officer of Bonds.com Group, Inc. effective June 1, 2012, and is now a member of the firm's Board of Directors. This is the latest in a series of announcements by the firm reflecting its importance to the marketplace, and signaling a move toward the delivery of significant strategic initiatives for 2012. (Photo: http://photos.prne...continuedBDCGE
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Just Energy Reports Fiscal 2012 Annual and Fourth Quarter Results
- Record 1,091,000 Customers Added through Marketing - Customer Base reaches 3.9 Million, up 17% Year over Year - Gross Margin up 5% per share - Adjusted EBITDA up 7% per share - Payout Ratio of 62% on Adjusted EBITDA versus 66% in Fiscal 2011 - Management Provides Guidance for Fiscal 2013 - Gross Margin Growth of 10% to 12% and Adjusted EBITDA Growth of 8% to 10%, Substantially Higher than the Targets achieved in Fiscal 2012 TORONTO, ONTARIO--(Marketwire - May 17, 2012) - Just Energy Group Inc. (NY...continuedJE JE:CA
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Just Energy Reports Fiscal 2012 Annual and Fourth Quarter Results
- Record 1,091,000 Customers Added through Marketing - Customer Base reaches 3.9 Million, up 17% Year over Year - Gross Margin up 5% per share - Adjusted EBITDA up 7% per share - Payout Ratio of 62% on Adjusted EBITDA versus 66% in Fiscal 2011 - Management Provides Guidance for Fiscal 2013 - Gross Margin Growth of 10% to 12% and Adjusted EBITDA Growth of 8% to 10%, Substantially Higher than the Targets achieved in Fiscal 2012 TORONTO, ONTARIO--(Marketwire - May 17, 2012) - Just Energy Group Inc. (NY...continuedJE JE:CA
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Aviva plc Interim Management Statement for the three months to 31 March 2012
Aviva plc (NYSE:AV) today announced its Q1 2012 Interim Management Statement. In a challenging economic environment, operating profit for the quarter is marginally down compared to the same period last year due to the deconsolidation of Delta Lloyd and the sale of RAC. Adjusting for these, operating profit has marginally increased. Aviva continues to focus on capital and operating capital generation. Aviva’s estimated IGD solvency surplus at 31 March 2012 was £3.2 billion, ahead of t...continuedAV
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Fitch Rates $150MM Maryland Dept. of Transportation Bonds ‘AA+’
Fitch Ratings assigns an 'AA+' rating to the following Maryland Department of Transportation (MDOT) consolidated transportation bonds: --$150 million consolidated transportation bonds, series 2012. The bonds are expected to sell via competitive sale on May 23, 2012. In addition, Fitch affirms the following ratings: --$1.44 billion in outstanding MDOT consolidated transportation bonds at 'AA+'; --$85.4 million in outstanding county transportation bonds at 'AA+'; --$58.6 million in outst...continuedNo related posts.
Fitch Releases Report on the State of Ohio
Fitch Ratings has published a report on the State of Ohio. The report is available at www.fitchratings.com. Additional information is available at www.fitchratings.com. Applicable Criteria and Related Research: State of Ohio http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679391 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCRE...continuedNo related posts.
H&R Announces Intention to Issue Initial Bonds Secured by The Bow
TORONTO, May 16, 2012 /CNW/ - H&R Real Estate Investment Trust ("H&R") (TSX: HR.UN; HR.DB; HR.DB.B; HR.DB.C; HR.DB.D; HR.DB.E) announced today its intention, through its wholly owned entity Centre Street Trust, to arrange, on a private placement basis, two series of first mortgage bonds secured by The Bow, Calgary, Alberta (the "Initial Bonds" as defined below). The Initial Bonds (the "Offering") are expected to be comprised of $200 million, 9 year term, semi-annual interest only bonds (t...continuedHR.DB.B:CA HR.DB.C:CA HR.DB.D:CA HR.DB.E:CA HR.DB:CA HR.UN:CA Financial
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Fitch Upgrades Dean’s Credit Facility and Unsecured Debt Ratings; Revises Outlook to Positive
Fitch Ratings has upgraded the secured bank credit facility and senior unsecured debt ratings of Dean Foods Company (Dean; NYSE: DF) and the senior unsecured debt rating of Dean Holding Company. Fitch has also affirmed each entity's Issuer Default Rating (IDR). The ratings are as follows: Dean Foods Company (Parent) --Issuer Default Rating (IDR) at 'B'; --Secured Bank credit facility to 'BB/RR1' from 'BB-/RR2'; --Senior unsecured debt to 'B-/RR5' from 'CCC/RR6'. Dean Holding Compan...continuedNo related posts.
Fitch Affirms Ratings on Black Hills Corp. and Black Hills Power; Outlook Stable
Fitch Ratings has affirmed the 'BBB-' long-term Issuer Default Rating (IDR) on Black Hills Corporation (BKH) and the 'BBB' long-term IDR on BKH's electric utility subsidiary Black Hills Power, Inc. (BHP). The short-term IDR of BHP was lowered to 'F3' from 'F2', reflecting alignment with the short-term rating of its parent. A full list of rating actions is shown at the end of this release. The Rating Outlook for both issuers is Stable. These rating actions affect approximately $1.5 billion of d...continuedNo related posts.
Fitch Publishes First Quarter 2012 Edition of the Student Loan Report Card
Link to Fitch Ratings' Report: The Student Loan Report Card http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=677653 The first quarter of 2012 was an active quarter on the legislative front for student loan ABS, with the commencement of one initiative and the resumption of an old discussion, both of which centered on easing borrowers' debt burden says Fitch Ratings in its quarterly issue of the Student Loan Report Card. At least one issuer also began to term -out its Straight ...continuedNo related posts.