Latest Fitch Stories
Sempra Energy's announced purchase of EnergySouth, Inc. (ENSI, not rated by Fitch) has no ratings impact on SRE or its subsidiaries, according to Fitch Ratings. Fitch expects SRE to use new parent-level debt to finance the acquisition. The transaction is expected to close by year-end 2008.
Fitch Ratings John Culver, CFA, 312-368-3216 (Chicago) Bill Densmore, 312-368-3125 (Chicago) Brian Bertsch, 212-908-0549 (Media Relations, New York) Fitch Ratings has affirmed the long- and short-term Issuer Default Ratings (IDRs) for AT&T Inc.
Liquidity and credit quality are again at the forefront as the critical determinants of the U.S. airline industry's economic viability, according to Fitch Ratings. The sheer magnitude of increasing energy prices and resulting weak cash flows make further industry consolidation unworkable.
Record jet fuel prices and waning demand for air travel, particularly in North America and Western European markets, have placed increased pressure on many airlines, elevating the risk of default on leases and placing significant strain on values for certain aircraft types, according to Fitch Ratings.
Fitch Ratings Monica M. Bonar +1-212-908-0579 Sean T. Sexton, +1-312-368-3130, Chicago Brian Bertsch, +1-212-908-0549, Media Relations, New York Fitch Ratings has assigned an 'BBB+' rating to the following new senior notes from Alcoa Inc.
Fitch places four gas prepaid revenue bond transactions rated 'A+' on Rating Watch Negative, as follows: --Main Street Natural Gas, Inc. Gas Project Revenue Bonds, Series 2006B; --Main Street Natural Gas, Inc.
Fitch Ratings Robert Curran, +1-212-908-0515 (New York) Robert Rulla, CPA, +1-312-606-2311 (Chicago) Brian Bertsch, +1-212-908-0549 (Media Relations, New York) Fitch has affirmed the ratings of The Sherwin-Williams Company (NYSE:SHW) as follows: --Issuer Default Rating (IDR) 'A'; --Senior unsecured debt rating 'A'; --Revolving bank credit facilities 'A'; --Short-term IDR 'F1'.
Fitch Ratings assigns an 'A' underlying long-term rating to the City of Cleveland, Ohio's airport system revenue bonds, series 2008A-H, scheduled for negotiated sale the week of July 14. Fitch also affirms its 'A' rating on the airport's approximately $909 million of outstanding parity debt.
MDU Resources Group, Inc.'s (MDU, IDR rated 'A-' by Fitch) purchase of Intermountain Gas Company (IGC) for a total consideration of approximately $328 million in cash and assumption of debt, is not anticipated to have an effect on MDU's ratings or Stable Rating Outlook.
Flowers Foods Inc. (Flowers; NYSE: FLO) ratings are unaffected by today's announcement that it has executed a definitive agreement to acquire privately owned ButterKrust Bakery (ButterKrust) for approximately $90 million.