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.
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.
March 21, 2009 |
Shares of Xerox Corp. fell after the company cut its profit forecast nearly 80% on restructuring costs and slowing technology spending. First-quarter profit will be 3 to 5 cents a share, down from an earlier forecast of 16 to 20 cents, Xerox said. Standard & Poor's and Fitch Ratings both revised their outlook for the Norwalk, Conn., company to negative, reflecting challenging economic conditions. Xerox shares fell $1, or 19%, to $4.34.