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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.
BUSINESS
March 24, 2016 | By Harold Brubaker, STAFF WRITER
Moody's Investors Service upgraded the University of Pennsylvania's credit rating by one notch to its second highest level. The New York ratings agency, in a report published Monday, cited the West Philadelphia institution's growing wealth relative to peers, expected successful integration of Lancaster General Hospital into its health system, and limited borrowing plans. The new rating is Aa1, up from Aa2. Penn, which employed 37,149 in Philadelphia last fall, making it the city's largest private employer by far, has had steady gains in operating margins and what Moody's called "superior donor support with $322 million in gift revenue" in the year ended June 30. Among Penn's other strengths is net tuition per student of $37,465, a measure of cash paid after financial aid. That ranked close to the top of all U.S. universities, Moody's said, and was driven by professional programs in business, medicine, law, nursing, and education.
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 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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BUSINESS
August 13, 2016 | By Joseph N. DiStefano, Staff Writer
Pennsylvania on Wednesday borrowed $1.2 billion by selling general-obligation bonds at what Gov. Wolf's office called a "true interest cost" of 2.75 percent. That sounds cheap, if you compare it with mortgages or credit cards. It would have been cheaper, if Pennsylvania had a top AAA credit rating, like Maryland or Delaware, instead of the third-worst among U.S. states (still better than Illinois and New Jersey, according to Moody's). Pennsylvania's new 20-year bonds sold at 0.62 percent more than what AAA-rated states had to pay last week, according to Thomson-Reuters Municipal Market Data compiled by Alan Schankel, managing director at Janney Capital Markets in Philadelphia.
BUSINESS
August 4, 2016 | By Harold Brubaker, STAFF WRITER
Standard & Poor's Global Ratings cut the Philadelphia Housing Authority's credit rating by one notch, to A+ from AA-, citing three consecutive years of operating losses. The outlook is stable. PHA's operating loss for the 12 months ended March 31, 2015, the latest audited financial information available, was $37.9 million on $368 million in operating revenue, most of it from the U.S. Department of Housing and Urban Development. S&P attributed the financial weakness to declining federal subsidies, though federal revenue increased 5 percent in fiscal 2015 from the year before.
BUSINESS
June 30, 2016 | By Harold Brubaker, STAFF WRITER
S&P Global Ratings downgraded Ursinus College's credit rating by one notch, to 'BBB+' from 'A-', citing the Collegeville institution's plans to take on $23 million in additional debt this fall to build a facility for interdisciplinary academic programs. Ursinus had $42.5 million in debt at the end of fiscal 2015. The additional debt means that the college will no longer meet S&P's criteria for the higher rating, S&P said. The New York ratings agency also mentioned "weakened demand" and "continual enrollment uncertainty" in its downgrade, though it said the outlook was stable.
NEWS
June 28, 2016
There is an unfamiliar atmosphere approaching civility in Harrisburg these days. Gov. Wolf spent last week saying he isn't asking for hikes in sales or income taxes to balance this year's budget despite having insisted on both last year. This so pleased House Speaker Mike Turzai (R., Allegheny) that he tweeted the self-congratulatory message "Applauding @GovernorTomWolf statement that we've said and done for years: We can balance #PABudget without a broad-based tax increase. " Though somewhat misleading, Turzai's tweet was a grand departure from his antics during the previous budget season, which culminated when he dismissed the House rather than vote on a deal he had agreed to. Now bills chipping away at the budget and related issues are moving through the legislature without overt power struggles between the Democratic governor and Republican legislative leadership.
BUSINESS
May 29, 2016 | By Joseph N. DiStefano, Staff Writer
If the Federal Reserve raises interest rates later this year as expected, Philadelphia says its finances are braced for the fiscal fallout. The city owes $3.3 billion on its general-obligation and service-agreement debt, says Rasheia Johnson , the former Siebert Brandford Shank & Co. investment banker appointed city treasurer this year under Mayor Kenney . Of that total, just $219 million, or less than 7 percent, is floating-rate debt...
NEWS
April 6, 2016 | By Martha Woodall, Staff Writer
Citing the likelihood of another impasse over the next state budget, Moody's Investor Services has affirmed its negative credit rating for the Philadelphia School District. Moody's highlighted the district's recent efforts to stabilize the finances of the city's schools. But the credit opinion released Friday said that the continued "Ba3" rating for the district's debt "reflects the continued uncertainty surrounding" the state budget for the fiscal year that begins July 1 and the potential impact it could have on the district's finances and ability to borrow money.
BUSINESS
March 24, 2016 | By Harold Brubaker, STAFF WRITER
Moody's Investors Service upgraded the University of Pennsylvania's credit rating by one notch to its second highest level. The New York ratings agency, in a report published Monday, cited the West Philadelphia institution's growing wealth relative to peers, expected successful integration of Lancaster General Hospital into its health system, and limited borrowing plans. The new rating is Aa1, up from Aa2. Penn, which employed 37,149 in Philadelphia last fall, making it the city's largest private employer by far, has had steady gains in operating margins and what Moody's called "superior donor support with $322 million in gift revenue" in the year ended June 30. Among Penn's other strengths is net tuition per student of $37,465, a measure of cash paid after financial aid. That ranked close to the top of all U.S. universities, Moody's said, and was driven by professional programs in business, medicine, law, nursing, and education.
NEWS
March 14, 2016
The spectacular failure of Gov. Wolf and the legislature to deliver a budget has put every home, business, and school in Pennsylvania at risk. Without a better resolution to Pennsylvania's nine-month budget crisis, there are only bad choices to make: Raise property taxes. Cut programs for the most vulnerable citizens - the elderly, disabled, and young. Lay off school workers, and perhaps shutter schools, before June. It's been weeks since legislative leaders and Wolf met face to face.
BUSINESS
March 6, 2016 | By Joseph N. DiStefano, Staff Writer
Pennsylvania is racing New Jersey to the bottom as Standard & Poor's considers another reduction in the Keystone State's credit rating. S&P has threatened to cut Pennsylvania's AA-minus rating for general obligation debt by one or more notches. In a report to clients this week, the agency cited the state's "failure to pass a budget package for fiscal 2016 that addresses long-term structural balance" - financial-analyst code for the state's seeming inability to agree on boosting its cash reserves or lining up pension-fund income with the relatively generous checks paid to hundreds of thousands of retirees.
BUSINESS
February 22, 2016
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