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Latest Fitch Stories

2008-07-18 00:00:14

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. (AT&T) as follows: --Long-term IDR 'A'; --Short-term IDR 'F1'. In addition, Fitch has affirmed the ratings assigned to AT&T's debt classes and the IDRs and ratings of the other AT&T-related issuers listed at the end...

2008-07-15 15:00:37

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. Indeed, the mechanism for industry capacity rationalization is now financial distress and carrier liquidation as opposed to merger and acquisition activity. Over the second half of 2008, more forced...

2008-07-14 12:00:42

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. These stresses will result in declining asset performance in certain U.S. aircraft securitizations, leading Fitch to revise its asset performance outlook for aircraft securitizations to...

2008-07-12 00:00:23

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. (NYSE: AA): --$750 million, senior unsecured notes due 2013; --$750 million senior unsecured notes due 2018. The Rating Outlook is Stable. Fitch downgraded Alcoa's ratings on April 23 as a result of higher than expected debt levels...

2008-07-10 18:00:42

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. Gas Project Revenue Bonds, Series 2007A --Roseville Natural Gas Financing Authority Gas Revenue Bonds, Series 2007A; --Long Beach Bond Finance Authority Natural Gas Purchase Revenue Bonds, Series 2007A and B. The rating action follows Fitch's placement on July...

2008-07-10 03:00:15

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'. --Commercial Paper 'F1'; The Rating Outlook is Stable. The ratings and Outlook...

2008-07-08 18:00:24

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. The Rating Outlook is Stable. Nearer to closing, Fitch expects to assign a short-term rating based on letters of credit from Wachovia Bank, National Association, U.S. Bank National Association, KBC...

2008-07-02 15:00:45

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. IGC is an Idaho-based regulated natural gas distribution utility that fits between MDU's existing regulated utility footprint in Montana, Wyoming, and Oregon, and the purchase is consistent with MDU's overall acquisition...

2008-06-26 18:02:41

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. While the purchase is likely to be funded with debt, Fitch does not anticipate further material acquisitions in the near term. ButterKrust manufactures and markets fresh breads and rolls under the Country Hearth, Rich Harvest, Sunbeam and various store brands throughout...

2008-06-26 03:02:36

Fitch Ratings, New York Michael Burger, 212-908-0555 Jeff Schaub, 212-908-0680 Christopher Kimble, 212-908-0226 (Media Relations) Fitch Ratings has downgraded Rhode Island Health and Educational Building Corporation's $18.6 million series 1999 revenue bonds (St. Joseph Health Services of Rhode Island Issue; SJHS) to 'BB' from 'BBB-'. Fitch has also revised the Rating Outlook to Negative from Stable. The downgrade reflects SJHS' growing operating losses, a rapidly shrinking...


Word of the Day
tesla
  • The unit of magnetic flux density in the International System of Units, equal to the magnitude of the magnetic field vector necessary to produce a force of one newton on a charge of one coulomb moving perpendicular to the direction of the magnetic field vector with a velocity of one meter per second. It is equivalent to one weber per square meter.
This word is named for Nikola Tesla, the inventor, engineer, and futurist.