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Credit Ratings

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.
March 12, 2004 | From Bloomberg News
Tenet Healthcare Corp., the second-biggest U.S. hospital company, had its credit ratings cut by Standard & Poor's rating service two days after the company said it was forced to renegotiate a bank agreement. S&P lowered Tenet's corporate credit and senior secured bank loan ratings to B from B-plus and its unsecured notes two levels to B-minus from B-plus. The new corporate credit rating is five notches below investment grade and the unsecured rating is six below investment grade.
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.
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.
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.
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.
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.
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.
December 14, 1989 | From Associated Press
Massachusetts' credit rating has dropped below Louisiana to the lowest for any state, and a financial official says a "junk bond" rating is possible if the Legislature fails to raise taxes. Standard & Poors dropped Massachusetts' long-term debt rating Wednesday from A to BBB. Cathy Daicoff, S&P's managing director of municipal finance, said that put Massachusetts a step below Louisiana, which is rated BBB Plus. Just a year ago, the state had one of the nation's highest credit ratings and Gov.
August 7, 2005 | Mary Umberger, Chicago Tribune
If consumers are as ignorant about their credit scores as a new survey indicates, it's amazing that the rate of homeownership is at an all-time high. GMAC Mortgage recently asked 1,000 consumers about their credit scores and found that 62% of them couldn't quote the minimum score needed to secure the most favorable mortgage rate. (It's 620 out of 850.) It seems 620 is just one more arcane number for people to keep track of.
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