December 26, 2015 |
When Moody's Investors Services downgraded the credit rating of the Philadelphia Corp. for Aging this week, it cited the tax-exempt organization's unwillingness to adjust to the lack of state funding during Harrisburg's nearly six-month budget stalemate. "I'm sorry, I'm not going to close programs," PCA's president, Holly Lange, said Thursday. "They can say I'm a poor manager, they can say whatever they want, I'm not going to close programs. " Instead, PCA has burned though a $10 million line of credit and a $4 million temporary increase in its credit line.
November 23, 2015 |
Excessive blood loss after childbirth is a leading cause of death for mothers if the bleeding is not caught in time. It's also a big cause of medical malpractice lawsuits. That's why a team of doctors, nurses, and others at the Hospital of the University of Pennsylvania worked through a simulation of postpartum hemorrhage on Tuesday with an actor posing as a live "patient. " "It mimicked the chaos" of real life, said Lauren Hughes, a nurse who participated in the training.
March 5, 2015 |
Standard & Poor's Ratings Services boosted Holy Redeemer Health System's credit rating by two notches, from the lowest investment-grade rating of "BBB-" to "BBB+. " The new rating was prompted by new credit rating criteria published by Standand & Poor's in December. Holy Redeemer received more credit for its relatively strong balance sheet - reflected in its strong cash position and its relatively low ratio of unrestricted assets to long-term debt - than it did under the old system.
January 9, 2015 |
Gov.-elect Tom Wolf's "Fresh Start for Pennsylvania" campaign promised better school funding, plus economic stimulus to create more jobs. Voters approved. But "Pennsylvania's tax base is not expanding at a fast-enough pace to maintain current levels," let alone fund more spending, warned Tom Kozlik , municipal credit analyst at Janney Capital Markets , the largest investment banking group based in Pennsylvania. Pennsylvania's reputation among bond buyers is already low enough that the state has to pay a 0.3 percent surcharge over the interest rate charged for top-rated states such as Delaware, Virginia, and Utah, Kozlik noted in a report to clients Wednesday.
December 1, 2014 |
At the corner of Haddon and Powell Avenues in Collingswood, you can pop into Collings North, the newly opened final phase of a development in the town's center. And soon, you'll also be able to pop in to visit the developer himself. Brad Ingerman, whose company's headquarters are moving from Cherry Hill, will occupy the ground floor, potentially for a long time. "We're not flippers, we build and hold," Ingerman says. "Fifteen years is our minimum holding period. We still own two-thirds of our projects.
September 12, 2014 |
Two days after Gov. Christie called credit rating agencies "bums" for their failure to predict the financial crisis of 2008, Standard & Poor's Wednesday cut the state's credit rating to A from A-plus. The agency cited the Republican's failure to cut a deal with the Democratic-controlled General Assembly to either pay for or rein in growing public school and state worker pension costs. Lower credit ratings tend to force borrowers - in this case, taxpayers - to pay more when they raise cash by selling bonds for schools and other projects.
June 17, 2014
IT'S JUNE IN Pennsylvania, and that has come to mean the return of a perennial pest. We're not talking about cicadas or gypsy moths, but financial predators that usually spring to life as Harrisburg scrambles to finalize the state budget by the June 30 deadline. This year, a couple of threats are aiming to expand their tentacles into the state. The first battle is over new regulations for debt-settlement companies, and a Senate bill is likely up for consideration this week. It should be stepped on. Debt-settlement companies are in the realm of predatory lenders - like payday lenders - who promise strapped customers in the midst of financial crisis a way out. But there is no easy way out, and often these promises lead to even more trouble for consumers.
June 9, 2014 |
NEW HAVEN, Conn. - If the deal to privatize Philadelphia Gas Works is in peril, James P. Torgerson is not letting on. Torgerson is chief executive of UIL Holdings Corp., the Connecticut energy company that has agreed to pay $1.86 billion for the gas utility. City Council has declined to consider Mayor Nutter's proposal until a consultant weighs in, creating apprehension that UIL might nix the deal if no action is taken before a July 15 deadline. "This is a big deal, and it's probably the biggest vote some council members are ever going to have to take," Torgerson said in an interview last week in UIL's offices in New Haven.
December 24, 2013 |
STANDARD & POOR'S Rating Services upgraded its credit rating for Philadelphia's general obligation bonds to A+, the city's highest rating ever from that agency, Mayor Nutter's administration announced yesterday. S&P has been steadily increasing the city's rating since mid-2012, when Philly's bonds were BBB. The highest possible grade is AAA+. It's great news for city taxpayers because stronger credit ratings mean lower borrowing costs. But Philly, with its poorer population and history of fiscal mismanagement, still lags behind other large U.S. cities.
October 20, 2013 |
Temple University's credit rating could be downgraded because of the financial problems of the university's affiliated health system, according to a report by Moody's Investor Service. Moody's said it might cut the rating, now Aa3, unless the university can "separate" itself from Temple University Health Systems or take other steps to stop the hospitals' "deep operating deficits" from draining the university's cash. This situation is one of the challenges facing Temple University president Neil D. Theobald, who was inaugurated Friday.