June 7, 2012 |
Fitch Ratings cut Spain's long-term issuer rating three notches to BBB from A, putting it two levels above junk. The ratings agency also set a negative outlook for the struggling country, citing worries about contagion from Greece and doubts about the Spanish government's ability to take strong action to shore up its banks without international support, given its “high level of foreign indebtedness.” The banking sector could require 60...
May 3, 2012 |
WASHINGTON — Without the unprecedented stimulus actions by the federal government triggered by the 2008 financial crisis, the Great Recession might still be going on, according to a study by Fitch Ratings. Those incentives, however, came with a price: accelerated budget deficits and rock-bottom interest rates that hurt savers, according to the credit rating company. Still, the $700-billion bailout fund, the $831-billion stimulus package and the Federal Reserve's near-zero interest rates, among other federal efforts, continue to spur the nation's economy, the study released Wednesday concludes.
December 5, 2012 |
SACRAMENTO - California has made "notable progress" improving the state government's financial health since the economic downturn, according to Fitch Ratings, a New York debt-rating service. In a statement Wednesday, Fitch praised the state for winning approval of two tax increase initiatives last month and for making significant spending cuts over the last several years. But the firm noted that the state still has room to improve. "The state's fiscal recovery is incomplete and challenges remain, but continued economic improvement, a demonstrated commitment to more sustainable budgetary operations and progress on reducing budgetary debt would be viewed positively by Fitch," said Doug Offerman, a senior director.
January 2, 2013 |
WASHINGTON -- Moody's Investors Service warned Wednesday that the "fiscal cliff" tax deal was not enough to remove the risk of a downgrade of the U.S. credit rating. The company, one of three major credit rating firms, said the deal approved Tuesday night to raise about $620 billion in tax revenue over the next 10 years was "a further step in clarifying the medium-term deficit and debt trajectory of the federal government. " But the package, which averted income tax increases on most Americans, did not produce "meaningful improvement" in the ratio of the federal government's debt to its economic output.
August 9, 2006
* Executive search firm Korn/Ferry International of Los Angeles said it had agreed to buy Lominger Ltd. of Minneapolis for $24 million in cash, adding recruiting, assessment and training materials for businesses. * Xerox Corp. won an investment-grade credit rating as Fitch Ratings raised its recommendation.
March 2, 2006 |
General Motors Corp.'s debt rating was cut another level below investment grade by Fitch Ratings, which cited concern about whether the automaker had done enough to reduce its North American operating costs and end losses. GM's rating was reduced to B from B-plus, Fitch said. The rating, now five levels below investment grade, has a negative outlook, meaning Fitch may downgrade GM again.