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Latest Fitch Stories

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...

2008-06-19 18:00:22

Fitch Ratings earlier today revised the Outlook to Negative on the ratings of the two main Brazilian airlines, TAM and GOL. Fitch expects the near-term outlook for the global airlines sector to remain difficult, and the Brazilian airline sector is no exception. The negative outlook reflects Fitch's concerns regarding the challenges the industry is expected to face in the near-term, high jet fuel price being the predominant factor, which is likely to delay improvements in their operating...

2008-06-18 12:00:30

Fitch Ratings believes that U.S. packaged food and agribusiness companies face increased risk of credit deterioration as commodity prices soar, according to a special report. 'No company that operates along the food chain is immune from or hasn't felt the effects of high agricultural commodity costs,' said Wesley Moultrie, Senior Director, Fitch Ratings. 'Additionally, energy prices are also pressuring the operating segments of these companies.' The agribusiness segment is...

2008-06-17 09:01:11

Fitch Ratings has downgraded Massachusetts Health and Educational Facilities Authority's $10,440,000, series 1994B bonds (Holyoke Hospital Issue) to 'BB' from 'BB+'. Fitch has also revised the Rating Outlook to Negative from Stable. Fitch analyzed the financial statements of Valley Health System, Inc. and Affiliates (VHS); the parent and sole corporate member of Holyoke Hospital. Holyoke Hospital (Holyoke) is the only entity obligated for the series B bonds and accounted for 86.7% of VHS's...

2008-06-16 12:00:57

The ongoing surge in energy prices could pose liquidity issues for a number of U.S. downstream sectors, with independent refiners the most exposed, according to Fitch Ratings. Crude oil at $130/barrel and natural gas at $12.50/mmbtu have created cash strains on downstream users in the form of greater short-term liquidity needs as companies are forced to finance increasingly expensive inventories out of existing cash flows and revolver capacity. In many cases, high prices for end users...

2007-11-16 09:00:52

Rogue Valley Manor (RVM), a 668-acre Continuing Care Retirement Community by Pacific Retirement Services, Inc., is pleased to announce its recent 'A' rating from Fitch Ratings. Fitch has assigned an underlying 'A' rating to the $65 million Hospital Facility Authority of the City of Medford, Oregon, Revenue Bonds (Rogue Valley Manor Project) Series 2007, and to RVM's outstanding 2002 bonds. The 2007 bonds are expected to be issued as variable-rate demand bonds backed by an irrevocable...

2007-10-19 12:00:35

According to a special report just issued by Fitch Ratings, the state of California is currently considering a significant overhaul of its Short-Run Avoided Cost (SRAC) methodology. Unique to the state, SRAC is a regulatory tariff that qualifying facilities receive for selling their output to a California utility including San Diego Gas & Electric Co. (SDG&E), Pacific Gas & Electric Co. (PG&E), and Southern California Edison Co. (SCE). Recalculated monthly based on a...

2007-08-20 15:02:48

Bad debt expense and stagnant volumes continued to challenge the U.S. for-profit hospital industry in the second quarter of 2007. After a brief moderation in the first quarter, bad debt expense resumed accelerating this quarter. Rising bad debt expense, uncompensated care and/or self-pay admissions growth was reported by every provider in the industry, with Health Management Associates, Inc. (HMA) and LifePoint Hospitals, Inc. (Lifepoint) particularly hard hit. Fitch expects that bad...

2007-06-12 10:52:49

The 41st Parameter, the leader in fraud detection and prevention solutions for the online retail channel, today announced that Abercrombie & Fitch has selected its FraudNet(TM) fraud detection solution to support business growth strategies in an environment of increasing online commerce. Abercrombie & Fitch chose FraudNet over competing products for its strong anti-fraud capabilities, the ability to scale as the Company continues its international expansion, and The 41st Parameter's...

2007-05-17 18:00:35

M-S-R Public Power Agency's (M-S-R) $49 million, San Juan Project subordinate lien revenue bonds, series 2007 K are rated 'A+' by Fitch Ratings. In addition, the underlying rating of outstanding $93.0 million in senior lien San Juan project revenue bonds is affirmed at 'A+', and the outstanding $342.2 million in parity subordinate lien San Juan project revenue bonds is affirmed at 'A+'. The Rating Outlook is Stable. The series 2007 K bond proceeds will current refund a portion of...


Word of the Day
omadhaun
  • A fool; a simpleton: a term of abuse common in Ireland and to a less extent in the Gaelic-speaking parts of Scotland.
This word is partly Irish in origin.