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Credit Ratings

BUSINESS
April 16, 2002 | Bloomberg News
Japan's credit ratings were cut to AA-minus by Standard & Poor's, the third reduction in 14 months for the world's second-biggest economy. Prime Minister Junichiro Koizumi has taken too long to clean up bad loans at the nation's banks to pull the country out of its third recession in a decade, S&P said. Japan, which had boasted the top AAA rating since 1975 until it was downgraded in February last year, will have the lowest credit rating in the Group of 7 industrialized countries.
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BUSINESS
May 30, 2003 | From Bloomberg News
J.C. Penney Co. had credit ratings on about $5.4 billion in debt reduced to below investment grade by Standard & Poor's, which said a turnaround will take longer than forecast. The retailer's ratings were dropped one level to BB-plus from BBB-minus, S&P said. J.C. Penney has about $5.2 billion in debt, while its Eckerd drugstore chain has about $200 million in receivables not counted on the balance sheet. Shares of J.C. Penney, based in Plano, Texas, fell 59 cents to $16.61 on the NYSE.
CALIFORNIA | LOCAL
June 6, 2007 | From Times Staff and Wire Reports
Standard & Poor's Ratings Services boosted Los Angeles County's bond rating Tuesday from A to A+, and issued it an AA- credit rating. The credit rating agency attributed the improvement to conservative budgeting and strong economic performance. The county's economic growth is tempered by looming healthcare shortfalls and massive healthcare obligations for retired employees, the agency said in a statement.
BUSINESS
March 16, 2006 | From Bloomberg News
Boeing Co. had its credit ratings raised by Moody's Investors Service for the first time since July 1997 as the company reduced debt and increased its cash flow. The senior unsecured rating was raised one level to A2 from A3, and the short-term rating was increased to Prime-1 from Prime-2, Moody's said. Boeing is benefiting from record orders for its planes last year.
BUSINESS
March 17, 2005 | From Bloomberg News
Kroger Co., Albertson's Inc. and Safeway Inc., the three biggest U.S. grocery chains, may have their credit ratings cut by Standard & Poor's as competing retailers take sales, the ratings service said Wednesday. The companies' credit ratings are under review for a possible downgrade to the lowest investment grade, according to a statement issued by S&P. The ratings of all three are two steps above junk, or non-investment grade. Kroger, the largest U.S.
CALIFORNIA | LOCAL
October 13, 2001 | MIGUEL BUSTILLO, TIMES STAFF WRITER
Concerned that California's worsening financial picture could hurt its counties, Moody's Investors Service is considering lowering the credit ratings of the state's county governments. The Wall Street rating agency had already announced last week that it was considering a downgrade of California's rating in the aftermath of the Sept. 11 terrorist attacks and the state's cloudy financial picture resulting from the energy crisis. The counties' bond ratings now range from Aa2 to Baa2.
BUSINESS
February 25, 2003 | From Bloomberg News
Dominion Bond Rating Service won recognition from the Securities and Exchange Commission on Monday as a credit rating company, becoming the first new competitor to Moody's Investors Service, Standard & Poor's and Fitch Inc. in more than a decade. Toronto-based Dominion, which has 41 credit analysts, compared with about 1,000 at S&P, was designated a "nationally recognized statistical rating organization," or NRSRO. Previously, Moody's, S&P and Fitch were the only designated NRSROs.
BUSINESS
November 27, 2002 | From Bloomberg News
El Paso Corp. had credit ratings on $25 billion of debt cut to "junk" by Moody's Investors Service on concern the company must sell assets to make up a cash shortfall and may incur more costs to exit energy trading. The downgrade will trigger calls by lenders for more collateral for its energy-trading business, El Paso said. Failure to keep an investment-grade rating may force El Paso to expand asset sales that so far this year exceed $2.7 billion.
BUSINESS
November 1, 2001 | Associated Press
Standard & Poor's lowered the credit rating for DaimlerChrysler one notch, citing declining market share and the effect of incentives on the auto maker's Chrysler Group. A spokesman for DaimlerChrysler said the company had no formal reaction to the move, in which the firm's credit rating went from A-minus to BBB-plus. S&P also pointed to losses at DaimlerChrysler's Freightliner truck unit driving its decision. The move comes two weeks after S&P lowered the credit ratings of General Motors Corp.
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