February 23, 2013
A planned $48 million borrowing by the Burlington County Bridge Commission was assigned an Aa2 rating with a "negative" outlook by Moody's Investors Service on Friday. The bond rating reflects Moody's assessment of the bonds as high quality and a very low credit risk, while the negative outlook was prompted by the county's debt level and Moody's concerns that "the county's narrowed financial reserves will be challenged to grow to adequate levels over the near-medium term. " The general obligation bonds are expected to be sold next Thursday, with the proceeds to be used to refinance existing debt at lower interest rates.
June 16, 2009
UH-OH: The city's not out of the woods yet. Last week, a major credit-rating agency issued a "negative" outlook on Philadelphia's ability to pay back its debt. It's another reminder that the city's plan to deal with the $1.4 billion budget gap has major risks that must be navigated. The statement, made by Moody's Investor Services, could make it harder for Philadelphia to borrow money. Moody's gives local governments ratings based on perceived ability to repay debt. It's similar to a personal-credit score, but for cities.
February 24, 2013
In the Region Aramark to sell $1B in notes Aramark Corp. , of Philadelphia, the privately held food concessionaire, plans to sell $1 billion of senior notes to refinance debt. The company intends to sell seven-year bonds that may be rated B3 by Moody's Investors Service , according to a person familiar with the offering who asked not to be identified, citing lack of authorization to speak publicly. Aramark is raising funds as it begins a tender offer, announced Thursday, to buy back as much as $2.38 billion of outstanding obligations.
July 24, 2013
Moody's Investors Service downgraded the credit rating of Temple University Health System by one notch, to "Ba2" from "Ba1" and gave the Philadelphia health system a negative outlook. The downgrade was based on the expectation of substantial operating losses in the fiscal year ended June 30 and other factors, Moody's said. All of Temple Health's debt has fixed interest rates, which means the change will not force Temple to make higher interest payment on the $525 million of debt affected by the downgrade.
November 18, 2003 |
When a major credit agency cut its rating last week on Ford Motor Co., investors were, ironically, relieved. They pushed Ford's share price to a 15-month high, which is a lesson in how Wall Street can interpret a development. In this case, the news was bad - but investors were pleased that it was not worse after Ford lost more than $6 billion in 2001 and 2002 amid intense competition in the automobile business over the last several years. Ford held 20.9 percent of the U.S. market for the first 10 months of 2003, down from 21.5 percent a year ago, according to Autodata Corp.
February 9, 1995 |
Given the climate of legal uncertainty surrounding the fortunes of Chester County's Lanchester Landfill, one of the nation's leading credit agencies has issued a negative outlook for the county's bonds. The outlook, which was announced shortly before $29.8 million worth of bonds went on sale late last month, was discussed in detail at Tuesday's meeting of the Chester County commissioners by county financial adviser Lucien Calhoun. The outlook does not affect the county's favorable AA rating at this time, but if the picture worsens, the rating could be lowered, forcing the county to pay higher interest rates on its loans.
August 7, 2011 |
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.
January 24, 2016 |
Thomas Jefferson University and Kennedy Health on Friday signed a preliminary deal that would make Kennedy's hospitals in Cherry Hill, Stratford, and Washington Township part of rapidly expanding Jefferson. Kennedy's chief executive, Joseph W. Devine, said he expected the two tax-exempt organizations to reach a final agreement in two to three months. The state regulatory process could then easily take a year, he said: "We wish it was faster, but we don't control that process. " The deal with Kennedy, whose board has been exploring partnerships for two years, is Jefferson's fourth since CEO Stephen K. Klasko led the breakup of the former Jefferson Health System in 2014.
January 6, 2006 |
Ford Motor Co.'s credit rating, already classified as junk-grade, was lowered two levels yesterday by Standard & Poor's Corp., which cited "increased skepticism" that Ford can turn around its North American operations. S&P also downgraded Ford's financial arm, Ford Motor Credit Co. The agency cut the ratings for both to "BB-" and assigned Ford a negative outlook. Junk bonds are defined by S&P as those having ratings below "BBB-. " S&P first lowered Ford into non-investment, or junk, grade status last year; the latest move will make it even harder for Ford and Ford Credit to borrow money.
August 9, 2009 |
When Moody's Investors Service released a mixed report on New Jersey's financial outlook last week, Republicans seized the opportunity to argue that the state's financial glass was half empty. Democrats saw it as half full. Both sides are motivated, in part, by the intense governor's race, but each perspective has validity. The credit rating helps to determine how much interest the state will pay to borrow money for capital projects, although the markets do not always act in the way that a credit rating would seem to suggest.