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CALIFORNIA | LOCAL
May 16, 2008 | Tony Perry
The city, shut out of the municipal bond market for four years because of its financial mess, is once again seen as a good credit risk by Wall Street, officials announced Thursday. The Standard & Poor's Ratings Services, which had suspended the city's credit rating in 2004, announced it has restored the rating and given the city an outlook listed as "positive" and "stable." "Today is the most significant day for residents of our city in the past four years," said Mayor Jerry Sanders.
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BUSINESS
July 3, 1999 | From Times Staff and Wire Reports
Stocks rose to new records Friday as a strong employment report fed investors' enthusiasm and capped a week of extraordinary strength on Wall Street. The Dow Jones industrial average rose 72.82 points to close at 11,139.24, topping its previous record close of 11,107.19, set May 13. Bond yields held steady despite the employment news, providing support for stocks.
BUSINESS
March 8, 2008 | Meg James, Times Staff Writer
Saying it had expected Univision Communications Inc. to gain more on the sale of its music division, ratings agency Standard & Poor's this week downgraded the corporate credit ratings of the Spanish-language media company to a B-minus from a B. Univision last week announced it had reached an agreement to sell its music division to Universal Music Group for $153 million, of which $113 million is due to Univision upon closing. That amount was "significantly lower than expected" and not enough to repay a $500-million bridge loan that matures in March 2009, S&P said.
BUSINESS
September 9, 1999 | Bloomberg News
Goldman Sachs & Co. chief investment strategist Abby Joseph Cohen raised her forecast for the Standard & Poor's 500 index Wednesday, predicting that it will rise 3% by the end of the year as U.S. corporate profits grow faster than analysts had expected.
BUSINESS
March 15, 2006 | From Reuters
Rating company Standard & Poor's on Tuesday said it expected General Motors Corp. to swing to profitability in 2006 but said a bankruptcy filing was a risk if financial performance at the world's largest automaker did not improve. "We think there could be some improvement in" 2006, S&P credit analyst Bob Schulz said in discussing a special report the financial information company issued on the outlook for the auto industry.
BUSINESS
May 28, 1998 | TOM PETRUNO
After a dismal gain of just 3.7% in S&P 500 company operating earnings in the first quarter versus a year earlier, analysts' estimates for second-quarter earnings are falling. But First Call, the Boston-based earnings tracker, says analysts have trimmed their expectations for the current quarter modestly so far. Adding up thousands of individual company estimates, First Call calculates that analysts overall predict a 5.7% rise in S&P operating earnings this quarter.
BUSINESS
September 8, 2000 | From Bloomberg News
California received higher ratings on as much as $28 billion of its bonds from the two leading credit-rating services, which said Thursday that the state's economic growth warranted the upgrade. Moody's Investors Service said its upgrade to "Aa2" from "Aa3" affects $22 billion of California general obligation debt, including $850 million of bonds scheduled for sale Wednesday. Moody's also raised its ratings on $6 billion of bonds supported by state leases, to "Aa3" from "A1."
BUSINESS
December 3, 1996 | BARBARA MURPHY
Synthonics Technologies, based in Westlake Village, will have a comprehensive listing in Standard & Poor's Corporation Records after being approved by the publication's editorial board. The company's listing will start with the December issue. Standard & Poor's Corporation Records, published by McGraw-Hill, is a recognized securities manual that meets the requirements for secondary trading in most states.
BUSINESS
November 21, 2007 | From Times Wire Services
Standard & Poor's signaled Tuesday that it was unlikely to raise California's debt rating with the state suffering an estimated $10-billion shortfall in tax revenue caused by a slowing economy. S&P changed California's credit outlook to "stable" from "positive." Since 2004, the rating firm has upgraded $48.2 billion of the state's debt to A+, the fifth-highest investment grade. The economy is being hurt by a slide in home sales that followed the collapse of the sub-prime mortgage market.
BUSINESS
October 27, 2007 | From the Associated Press
Connecticut's attorney general said Friday that he had subpoenaed the nation's three largest debt-rating companies as part of an investigation into possible anti-competitive practices. Atty. Gen. Richard Blumenthal confirmed that his office issued subpoenas Oct. 10 to Standard & Poor's, Moody's Investor Services and Fitch Ratings Service.
BUSINESS
May 26, 2006 | From Bloomberg News
Juniper Networks Inc., the Sunnyvale, Calif., company that makes equipment that directs Internet traffic, will replace Albertsons Inc. in the Standard & Poor's 500 index. Managers of funds that mimic the S&P 500 are now likely to purchase Juniper's shares. S&P announced the switch after the close of regular trading. Juniper shares gained 74 cents to $15.29 during the regular session and climbed to $16.20 after hours.
BUSINESS
March 15, 2006 | From Reuters
Rating company Standard & Poor's on Tuesday said it expected General Motors Corp. to swing to profitability in 2006 but said a bankruptcy filing was a risk if financial performance at the world's largest automaker did not improve. "We think there could be some improvement in" 2006, S&P credit analyst Bob Schulz said in discussing a special report the financial information company issued on the outlook for the auto industry.
BUSINESS
November 15, 2005 | From Bloomberg News
The California Department of Water Resources, which in 2002 raised funds to buy electricity for the state with the largest-ever municipal bond sale, had the rating on $11 billion of the debt raised by Standard & Poor's on Monday. The rating was raised one level to A-minus, S&P said in a statement.
BUSINESS
August 26, 2004 | From Bloomberg News
The Port of Los Angeles, the busiest shipping terminal in the U.S., is unlikely to win a higher credit rating from Standard & Poor's on $748 million of bonds because the port might be a target for a terrorist attack. Standard & Poor's lowered its outlook on the port's bonds to "stable" from "positive," suggesting that the credit rating company doesn't expect to boost the rating.
BUSINESS
December 28, 1996 | From Times Wire Services
Standard & Poor's Corp., looking to capitalize on the growing demand for mutual fund information, plans to introduce its own fund-ranking system to financial service organizations early next year. David Blitzer, chief economist at New York-based S&P, said the ranking system will compete with other fund-tracking companies such as Morningstar and Lipper Analytical Services. But he said it won't completely overlap what is already being offered.
BUSINESS
April 26, 1995 | TOM PETRUNO
Small-company stocks are marching to a slower drummer in this year's market rally, and some Wall Streeters are warning small-stock fans not to expect that to change soon. One of the best proxies for smaller stocks, the Russell 2,000 index, has risen just 5.4% in price so far this year--less than half the stunning 11.5% gain of the Standard & Poor's 500 stock index, representing the nation's biggest companies.
BUSINESS
August 25, 2004 | Tom Petruno, Times Staff Writer
California's financial outlook got a vote of confidence Tuesday from credit-rating firm Standard & Poor's, which lifted the state's bond grade three notches, citing a better economy and the use of long-term borrowing to stave off a potential budget crisis. Although its revised credit rating still is the lowest among the states, California's upgrade was good news for owners of its tax-free bonds because the shift could bolster demand for the securities and make them worth more, analysts said.
BUSINESS
April 19, 2003 | From Bloomberg News
Standard & Poor's cut the credit ratings Friday on $18 billion in municipal bonds backed by payments that cigarette makers owe the states, citing weakening industry conditions. The ratings reductions, which apply to debt maturing after April 15, 2004, come as cigarette makers encounter an "adverse litigation environment and expectations for additional state excise tax increases," S&P said. A report by Altria Group Inc.'
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