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BUSINESS
May 20, 1989 | By Richard Burke, Inquirer Staff Writer
A Philadelphia company yesterday accused Dun & Bradstreet Inc. of using a "nationwide pattern of fraud" to dupe customers into buying more credit information than they needed. Frank Sussman Co., a wholesale clothing distributor in Old City, charged that Dun & Bradstreet, a New York financial-information services company, "taught" its salesmen how to mislead customers and that it fired those who refused to participate in the alleged scheme. The allegations were contained in a lawsuit filed in U.S. District Court in Philadelphia.
NEWS
April 19, 2011 | By Don Lee, Tom Hamburger, and Tom Petruno, Tribune Washington Bureau
WASHINGTON - An unexpected warning by a major credit-rating agency on America's soaring debt shocked global investors and threatened still wider consequences for the U.S. economy, even as a new sense of realism emerged in the deadlock between President Obama and congressional Republicans over fiscal policy. The warning came in the form of a lowering of the outlook by the agency in its assessment of the deficit problem. Standard & Poor's said Monday that there was a 1-in-3 chance that it would lower the Treasury Department's now-sterling "AAA" credit rating on U.S. debt in the next two years.
NEWS
June 2, 2013 | By Chris Mondics, Inquirer Trenton Bureau
TRENTON - In another setback for Rutgers University, rating agency Moody's Investor Service has downgraded its credit rating, citing financial stress from its merger with the University of Medicine and Dentistry of New Jersey. Moody's said the university's tight finances and limited borrowing ability would be further strained by adding two medical schools, a dental school, and other parts of UMDNJ, along with 70 percent of its outstanding debt. At a legislative hearing this year, Rutgers president Robert L. Barchi testified that the university anticipated a potential downgrade but that it likely would be lifted once the UMDNJ campuses are fully integrated into Rutgers.
NEWS
October 29, 1986 | By Martha Woodall, Inquirer Staff Writer
The Philadelphia School District received an improved credit rating from Moody's Investors Service this week that will enable it to obtain lower interest rates on bond sales, district officials said yesterday. The lower interest costs mean that the district - and city taxpayers - will save millions of dollars on future school debt, the officials said. Irvin R. Davis, the district's managing director of financial administration, said that the district learned late Monday that Moody's had upgraded the district's credit rating from BA to BA1. In a statement issued yesterday explaining the upgrading, Moody's said, "Positive operating results have been achieved through improved financial management practices.
BUSINESS
August 3, 2011 | From Inquirer Wire Services
WASHINGTON - Treasury Secretary Timothy Geithner said Tuesday he did not know if the bruising debt-limit battle between Republicans and Democrats would harm America's triple-A credit rating but said he feared "world confidence was damaged by this spectacle. " In an interview with ABC News, Geithner said the credit rating was "not my judgment to make. " But he also said, "This is, in some ways, a judgment on the capacity of Congress to act. " He acknowledged that the bill passed by the House on Monday and the Senate on Tuesday would not immediately relieve high unemployment.
NEWS
February 7, 1991 | By Stella M. Eisele, Special to The Inquirer
As Phoenixville Borough Council continues to haggle over a proposed 40.5 percent water-rate increase, a national investment rating agency has downgraded the Water Department's credit rating. In a report dated Jan. 24, Moody's Investors Services cited "failure to implement timely rate increases" as having "substantially weakened financial performance" of the borough-owned water system. The credit rating was dropped from Baa to Ba. The investment ratings are an assessment of ability to repay debt.
BUSINESS
October 20, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
NEWS
July 31, 1996 | By Dwight Ott, INQUIRER STAFF WRITER
Camden County has improved its credit rating a notch on Wall Street, and the upgrade will save taxpayers $300,000 in financing costs in a pending bond deal, Freeholder Director Jeffrey Nash announced yesterday. At a news conference to tout the improvement, county officials said they persuaded Standard & Poor's - one of the top-ranking financial rating services - to raise the county's bond rating from A-minus to A. The rating had remained A-minus since 1989. The rating makes Camden County's bonds more attractive to investors and therefore makes the county eligible for lower interest on longterm borrowing.
NEWS
August 7, 2011 | By Martin Crutsinger, Associated Press
WASHINGTON - Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating for the first time in the history of the ratings. The credit-rating agency said that it was cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it was making the move because the deficit-reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation. A source familiar with the discussions said that the Obama administration believes the S&P's analysis contained "deep and fundamental flaws.
NEWS
August 9, 2011
Standard & Poor's downgrade of the nation's credit rating is a flawed conclusion from a discredited messenger. Rather than adding a helpful push to get the nation on a more sustainable financial footing, S&P's misguided judgment call may actually increase the risk of harm to the nation's economy. There was not, and is not, any risk that the United States won't pay its bonded debts as promised. Even if Congress hadn't raised the debt ceiling, the government would have paid what it owes to investors.
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NEWS
March 5, 2015 | By Harold Brubaker, Inquirer Staff Writer
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.
BUSINESS
January 9, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
REAL_ESTATE
December 1, 2014 | By Erin Arvedlund, Inquirer Staff Writer
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.
BUSINESS
September 12, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
NEWS
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.
BUSINESS
June 9, 2014 | By Andrew Maykuth, Inquirer Staff Writer
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.
NEWS
December 24, 2013 | BY SEAN COLLINS WALSH, Daily News Staff Writer walshSE@phillynews.com, 215-854-4172
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.
BUSINESS
October 20, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
BUSINESS
July 7, 2013
In the Region AC gets first casino strip club Scores Atlantic City - the nation's first casino strip club - debuts next month on the second floor of Trump Taj Mahal Casino Resort. Scores - a New York-based company - will open the $25 million, 36,000-square-feet complex featuring adults-only entertainment. The club will include a main showcase area, sports bar, nightclub, lounge, cabaret, and male revue. The New Jersey Division of Gaming Enforcement ruled in December 2011 to allow the venue, under the condition Scores dancers could strip down only to a G-string and pasties, and dances and simulation of any sexual activity would be prohibited.
BUSINESS
June 11, 2013 | By Joyce M. Rosenberg, Associated Press
Thousands of stunned small-business owners call Dun & Bradstreet Credibility Corp. each week after they're turned down for loans. Jeff Stibel, CEO of the business credit-reporting company, has a message for them: Don't blame the bank. Instead, he said, find out how you contributed to that rejection and work to improve your company's credit rating so that, next time, the answer is yes. Small-business owners need to be just as savvy about their companies' credit reports as they are about their personal credit files.
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