October 11, 2008 |
Bond rating service Standard & Poor's on Friday placed a "credit watch with negative implications" on California's credit rating ahead of the planned upcoming sale of $4 billion of short-term securities. In all, the state says it needs to borrow $7 billion -- $4 billion next week and $3 billion later -- to give it the cash to pay for routine expenses before tax revenues pick up early next year. S&P says it's not worried about California's raising enough money to pay back a loan.
CALIFORNIA | LOCAL
May 16, 2008 |
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.
March 8, 2008 |
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.
November 21, 2007 |
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.
October 27, 2007 |
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.
February 16, 2007 |
In another sign of growing concern about mortgages made to high-risk borrowers, Standard & Poor's said it would no longer wait for homes to be foreclosed on and sold at a loss before alerting investors in mortgage-backed bonds that it expects to lower ratings on the bonds.