Advertisement
YOU ARE HERE: LAT HomeCollectionsSenior Debt
IN THE NEWS

Senior Debt

FEATURED ARTICLES
BUSINESS
June 27, 1986 | ROBERT HANLEY, Times Staff Writer
Claiming that Fluor Corp. has failed to demonstrate a "significant move toward profitability," Moody's Investors Service said Thursday that it has lowered the Irvine engineering and construction company's senior debt and commercial paper ratings. The New York credit rating service lowered Fluor's senior long-term debt rating from BAA-2 to BAA-3, and the company's commercial paper rating was lowered from Prime-2 to Prime-3. About $120 million of Fluor's $252 million debt is affected.
ARTICLES BY DATE
BUSINESS
November 25, 2009 | By Michael Oneal
A large group of prominent investment firms sought to wrest control of the Tribune Co. bankruptcy case Tuesday in a move that threatens to intensify a pitched battle between senior and junior creditors. In a filing Tuesday with the U.S. Bankruptcy Court in Delaware, the group asked Judge Kevin Carey to deny a request by Tribune management to extend its exclusive right to file a reorganization plan for the media company, which is the parent of the Los Angeles Times. The group hopes to win its own right to propose a plan that would enhance senior creditor returns at the expense of the junior creditors.
Advertisement
BUSINESS
January 7, 2009 | TIMES STAFF AND WIRE REPORTS
Wells Fargo & Co.'s senior debt ratings were cut by Moody's Investors Service on concern that the acquisition of Wachovia Corp. would hurt earnings. Moody's reduced Wells Fargo's debt two levels to Aa1 from Aa3 and lowered the bank's financial strength three notches to B from A.
BUSINESS
March 28, 2009 | Associated Press
Charter Communications Inc. on Friday filed for a prearranged Chapter 11 bankruptcy to get relief from its creditors, as the nation's fourth-largest cable operator strives to keep its head above water and still compete with phone companies and satellite TV providers. The St. Louis, Mo., company seeks to emerge from bankruptcy as early as the end of summer and doesn't plan on selling any of its assets to competitors.
BUSINESS
July 2, 1987
Prompted by Montgomery Ward's "continued improvements in reducing costs, streamlining operations and improving returns," Moody's Investors Service said it is reviewing the long-term ratings of the retailer and its subsidiary, Montgomery Ward Credit Corp., with the possibility that they might be upgraded. Under review are ratings on Ward senior debt of about $144 million and on senior debt at the credit unit of about $1.36 billion.
BUSINESS
December 30, 1994 | From Times Staff and Wire Reports
California Utilities' Debt Downgraded: Moody's Investors Service lowered its ratings on $19 billion in debt issued by the state's three major utilities in anticipation of new competition in the industry. Moody's said it was concerned that the utilities will not be able to sell power at competitive rates and will lose major customers when the market is deregulated under a plan to be phased in beginning in 1996.
BUSINESS
January 14, 1993 | From Times Staff and Wire Reports
Fitch Lowers GM Credit Rating: Fitch Investors Service Inc. cut the credit rating of General Motors Corp.'s senior debt and preferred shares, citing problems ahead for the nation's largest auto maker. The rating agency said it lowered to A-minus from A-plus GM's senior debt and to BBB-plus from single-A the company's preferred and preference shares. GM has $234 million of preferred shares outstanding and $4.466 billion of preference shares.
BUSINESS
January 20, 1986
Moody's Investors Service of New York said it took the action, which affects $5.7 billion in BankAmerica debt issues and preferred stock, because it believes that continued loan losses will put severe pressure on the bank company's earnings. BankAmerica's senior debt was dropped to Baa1 from A2, subordinated debt to Baa2 from A3, preferred stock to Baa2 from A2, shelf registration for senior debt to P-Baa1 from P-A2 and commercial paper to Prime 2 from Prime 1.
BUSINESS
October 5, 1993 | From Times Staff and Wire Reports
Chrysler Bonds Upgraded: Credit rating agency Standard & Poor's Corp. lifted Chrysler Corp.'s senior debt to investment grade status, clearing the way for the auto maker to boost its dividend. S&P attributed the improved credit quality to new products and better operations. Chrysler said it was delighted with the announcement. The auto maker has about $12.8 billion of debt outstanding.
BUSINESS
January 7, 2009 | TIMES STAFF AND WIRE REPORTS
Wells Fargo & Co.'s senior debt ratings were cut by Moody's Investors Service on concern that the acquisition of Wachovia Corp. would hurt earnings. Moody's reduced Wells Fargo's debt two levels to Aa1 from Aa3 and lowered the bank's financial strength three notches to B from A.
REAL ESTATE
September 23, 2007 | Ines Santos, Times Staff Writer
It's survey time. Three recent ones looked into baby boomers' mortgage habits, seniors' real estate plans and homeowners' views of the associations that represent them. Here's what they found: * Forget the mortgage burning party. Forty percent of seniors ages 62 to 75 expect to retire with mortgage debt, and some expect never to pay it off, according to a survey by Financial Freedom, a subsidiary of IndyMac Bank that specializes in reverse mortgages.
BUSINESS
March 2, 2002 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Southern California Edison said it secured $1.8 billion in financing to repay most of its $5.5 billion in electricity-related debts as scheduled Friday, a move that won the Rosemead utility a boost in its credit rating. SCE's credit still is in junk territory despite the increase by Moody's Investors Service, which raised SCE's first mortgage bonds to Ba2 from B3 and upgraded SCE's senior unsecured debt to Ba3 from Caa2.
BUSINESS
November 11, 1997
Huntway Partners, L.P., as part of its debt restructuring, has sold $21.75-million worth of convertible debt due in the year 2007 at 9.25% interest. As part of this deal, Huntway also bought back 10.7 million of its publicly traded units and it retired $11.7 million in senior debt that paid 12% interest. The Newhall-based company said that this step will cut the total number of its publicly traded units outstanding to 14.6 million, down from 25.3 million.
BUSINESS
December 30, 1994 | From Times Staff and Wire Reports
California Utilities' Debt Downgraded: Moody's Investors Service lowered its ratings on $19 billion in debt issued by the state's three major utilities in anticipation of new competition in the industry. Moody's said it was concerned that the utilities will not be able to sell power at competitive rates and will lose major customers when the market is deregulated under a plan to be phased in beginning in 1996.
BUSINESS
December 31, 1993 | From Times Staff and Wire Reports
Standard & Poor's raised the senior debt rating of First Interstate Bancorp to A-minus from BBB-plus, citing revenue growth and diminishing bad loans. It was the second S&P upgrade this year for First Interstate. . . . Shareholders of Primerica Corp. and Travelers Corp. approved their previously announced merger. Primerica will change its name to Travelers Inc. today, when the transaction closes, company officials said. . . .
BUSINESS
September 4, 1993 | From Times Staff and Wire Reports
S&P Lowers Rating on National Medical: Standard & Poor's downgraded its rating on some $400 million of National Medical Enterprise Inc. senior debt, one week after federal agents raided NME offices and hospitals nationwide as part of a criminal investigation. S&P said it lowered the debt from triple B-minus to double B. The FBI had seized documents at NME's Santa Monica headquarters, regional offices in Dallas and Fairfax, Va., and nine of the company's 61 hospitals.
Los Angeles Times Articles
|