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Keyword: fitch

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  • Moody's moves Illinois closer to junk-bond status

    10/22/2015 4:26:27 PM PDT · by george76 · 6 replies
    Crain's Chicago Business ^ | October 22, 2015 | GREG HINZ
    Illinois' budget war took another whack out of the state's credit rating today as Moody's Investors Service lowered its review of state debt, moving it to Baa1 from A3. And the firm said its outlook on the state is negative—often a sign that another downgrade is coming in a few months. "The downgrades reflect weakening of the state's financial position during 2015 and our expectation that an ongoing budget stalemate will lead to further deterioration," Moody's said in a statement. ... In bumping Illinois' debt to three levels above junk, Moody's followed the lead of Fitch Ratings, which took a...
  • Another ratings agency downgrades CPS’ debt to junk status (Fitch)

    08/02/2015 10:31:25 AM PDT · by Olog-hai · 8 replies
    Chicago Tribune ^ | July 28, 2015 6:58 AM | Juan Perez Jr.
    A second financial ratings agency has downgraded Chicago Public Schools’ debt rating to junk status, reinforcing Wall Street’s dim view of the district’s finances. Fitch Ratings on Monday downgraded billions of school board bonds to its “BB+” ranking, which it said reflected the “limited progress” CPS has made to address a vast budget gap as well as the district’s meager cash reserves. Fitch said those reserves are likely to be extinguished by next year. District officials have announced $200 million in spending cuts. Fitch said the district also will require “a combination of tax increases, contributions from the state and...
  • Fitch downgrades Chicago bond ratings: Downgrades Chicago bonds based on pension crisis

    11/13/2013 9:24:13 AM PST · by SeekAndFind · 6 replies
    Finance ^ | 11/13/2013
    SPRINGFIELD, Ill. (AP) -- Fitch Ratings has downgraded the credit worthiness of Chicago's bond debt because of its public pension problems. Fitch dropped the rating from AA- to A- on $8 billion in general obligation bonds, backed by property taxes. It also dropped the rating on $497 million in sales tax bonds — paid for by both the city's local sales tax and its share of the state sales tax.
  • Fitch Warns It May Downgrade U.S. Over Debt Standoff

    01/15/2013 12:42:34 PM PST · by drewh · 11 replies
    The Wall Street Journal ^ | Updated January 15, 2013, 2:32 p.m.
    A major credit-rating firm warned it could downgrade the U.S. if lawmakers prioritize debt payments over other government obligations such as Social Security, or fail to tackle the nation's growing debt burden in the ongoing budget negotiations. Fitch Ratings, one of the ratings firms that are closely watching the U.S. inch closer to its borrowing limit, unveiled two potential routes to a downgrade Tuesday, laying out their analysis more specifically than in prior reports. Analysts predict the U.S. will hit its so-called debt ceiling between Feb. 15 and March 1. Fitch's warning comes as President Barack Obama and Republican leaders...
  • Fitch warns it may downgrade US over debt standoff

    01/15/2013 3:00:23 PM PST · by SeekAndFind · 4 replies
    Yahoo News ^ | 01/15/2013 | PAN PYLAS
    The United States could lose its top credit rating for the second time from a leading agency if there's a delay in raising the country's debt ceiling, Fitch Ratings warned Tuesday. Congress has to increase the country's debt limit, which effectively rules how much debt the U.S. can have, by the end of February or face a potential default, Fitch says. There are fears that the debate will descend into the sort of squabbling and political brinkmanship that marked the last effort to raise the ceiling in the summer of 2011. Outgoing U.S. Treasury Secretary Timothy Geithner warned then that...
  • Fitch Ratings warns of U.S. credit downgrade from fiscal cliff (Debt Ceiling to be reached soon)

    11/07/2012 8:27:45 AM PST · by SeekAndFind · 12 replies
    Los Angeles Times ^ | 11/07/2012 | Jim Puzzanghera
    WASHINGTON -- Fitch Ratings said that there would be "no fiscal honeymoon" for President Obama, warning early Wednesday that the U.S. probably would lose its AAA credit rating if the White House and Congress don't address looming tax increases, spending cuts and the fast-approaching debt ceiling. "The economic policy challenge facing the president is to put in place a credible deficit-reduction plan necessary to underpin economic recovery and confidence in the full faith and credit of the U.S.," said Fitch, one of the three major credit rating companies. The expiration of the George W. Bush-era tax cuts and the start...
  • Fitch Upgrades Iceland Rating To First Step Of Investment Grade (Recovery from Banking Crisis) .

    02/17/2012 9:16:53 AM PST · by SeekAndFind · 9 replies
    Wall Street Journal ^ | 02/17/2012 | Mia Lamar
    DOW JONES NEWSWIRES Fitch Ratings lifted its rating on Iceland to investment grade, citing the nation's progress in stabilizing its economy and pushing ahead with structural reforms. The upgrade puts Iceland's long-term foreign currency issuer default rating at triple-B-minus, placing it on the first rung of investment-grade territory. The outlook is stable. As one of the first countries to take a hit from the global financial crisis, the country is now showing a "promising" economic recovery, said Paul Rawkins, a senior director at the ratings firm. He added that Iceland has successfully completed a program with the International Monetary Fund...

    01/27/2012 12:05:37 PM PST · by blam · 3 replies
    TBI ^ | 1-27-2012 | Simone Foxman
    FITCH GOES ON RAMPAGE: CUTS SPAIN, ITALY, BELGIUM, CYPRUS, AND SLOVENIA Simone Foxman January 27,2012 Fitch just cut the long-term issuer ratings of 5 EU countries: Belgium: AA+ to AA Spain: AA- to A Italy: A+ to A- Cyprus: BBB to BBB- Slovenia: AA- to A It affirmed Ireland's BBB+ rating with a negative outlook. Borrowing costs have been sinking for these countries lately–particularly for Italy and Spain—after the European Central Bank announced liquidity support measures in early December that have lessened mounting worries about the health of the banking system. While Fitch says that it supports EU leaders actions...
  • Fitch again warns U.S. debt burden threatens AAA rating

    12/21/2011 2:39:31 PM PST · by Idabilly · 4 replies
    IBTimes ^ | December 21, 2011 | Daniel Bases
    Fitch, when it lowered its outlook to negative, had said it was giving the U.S. government until 2013 to come up with a "credible plan" to tackle its ballooning budget deficit or risk a downgrade from the AAA status. "A key task of an incoming Congress and administration in 2013 is to formulate a credible plan to reduce the budget deficit and stabilize the federal debt burden. Without such a strategy, the sovereign rating will likely be lowered by the end of 2013," Fitch reiterated. Rival ratings agency Standard & Poor's cut its credit rating on the United States to...
  • EU: Fitch says comprehensive solution to eurozone crisis is 'beyond reach' - statement in full

    12/16/2011 6:01:03 PM PST · by bruinbirdman · 8 replies
    The Telegraph ^ | 12/16/2011
    Fitch Ratings has placed the ratings of all investment grade rated eurozone sovereigns and their debt with Negative Outlook onto Rating Watch Negative (RWN). The euro area country ceiling of 'AAA' is unaffected. The rating actions are as follows: - Belgium 'AA+'/'RWN from 'AA+'/Negative Outlook ('F1+' Unaffected) - Spain 'AA-'/'F1+'/RWN from 'AA-'/'F1+'/Negative Outlook - Slovenia 'AA-'/'F1+'/RWN from 'AA-'/'F1+'/Negative Outlook - Italy 'A+'/'F1'/RWN from 'A+'/'F1'/Negative Outlook - Ireland 'BBB+'/'F2'/RWN from 'BBB+'/'F2'/Negative Outlook - Cyprus 'BBB'/'F3'/RWN from 'BBB'/'F3'/Negative Outlook The RWN indicates that the above ratings are under active review and are subject to a heightened probability of downgrade in the...
  • Fitch Ratings: ‘Negative’ outlook for U.S. credit rating

    11/28/2011 4:30:49 PM PST · by ColdOne · 5 replies
    Politico ^ | 11/28/11 | JOSH BOAK
    Following the failure of the supercommittee, the U.S. government’s AAA credit rating was placed on a “negative outlook” Monday by Fitch Ratings, indicating a more than 50 percent chance the country gets slapped with another downgrade in the next two years. “By postponing the difficult decisions on tax and spending until after forthcoming congressional and presidential elections, the scale and pace of required deficit reduction will consequently be greater,” Fitch said in a statement. “Conversely, failure to reach agreement in 2013 on a credible deficit reduction plan and a worsening of the economic and fiscal outlook would likely result in...
  • Fitch Downgrades UBS, Puts Morgan Stanley, Bank of America, Goldman, etc. on Negative watch

    10/13/2011 2:17:19 PM PDT · by SeekAndFind · 6 replies
    Zero Hedge ^ | 10/12/2011 | Ty
    Since one can not get a downgrade of a bank during market hours for fears of springing who knows what circuit breakers, Fitch had to wait until just after the market close to release its latest market surprise which consisted of a "watch negative" announcement on the following banks Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman, Morgan Stanley; others it just slashed some by multiple notches, among which: Landesbank Berlin IDR downgraded to A+ from AA-; Lloyds Banking Group IDR downgraded to A from AA-; RBS IDR downgraded to A from AA-; and most importantly UBS IDR downgraded...
  • New Zealand downgrade by S&P and Fitch

    09/30/2011 6:11:09 PM PDT · by bruinbirdman · 6 replies
    The Telegraph ^ | 9/30/2011
    New Zealand's credit rating has been downgraded by two of the three major ratings agencies amid increased global concern over high debt burdens in developed nations. Fitch and Standard & Poor's on Friday downgraded New Zealand from an AA+ rating to AA. In the past, New Zealand has enjoyed strong sovereign credit ratings due to relatively low levels of government borrowing that offset worries about the country's high private debt. However, the ratings agencies have become less sanguine after an earthquake and weak economic growth strained the government's finances. The agencies are taking a harder line on any form of...
  • The Soprano State Gets Downgraded (Fitch Downgrades NJ even after Gov. Christie's reforms)

    08/24/2011 6:33:05 AM PDT · by SeekAndFind · 10 replies
    Real Clear Markets ^ | 08/24/2011 | Steve Malanga
    It sounds like a storyline out of some mob movie. Executives at a big employer with ties to powerful unions use the firm's pension funds for financial gimmicks, channeling money meant for the fund into other activities and then lying to investors about the health of the enterprise. But it's not an episode of The Sopranos. It's merely a description of the financial gimmicks used by politicians in New Jersey over the last decade, the only state ever cited for fraud in its financial disclosure statements by the Securities and Exchange Commission. Maybe it was all the attention fixed on...
  • Freep a Poll! (Fox. AAA rating from Fitch for US make you feel better?)

    08/16/2011 2:41:31 PM PDT · by dynachrome · 8 replies ^ | 8-16-11 | Fox News
    Does the Fitch rating make you feel better about the economy? You betcha. Fitch based its decision on facts, S&P was playing politics. Sort of. The reaction to S&P's decision made me nervous about the future. No. S&P's decision shook up the financial world and the damage has been done. I don't understand these ratings and what they mean. Who are these people, anyway? Other (post a comment)
  • Fitch affirms U.S. at AAA, outlook stable

    08/16/2011 9:37:33 AM PDT · by SeekAndFind · 10 replies
    Reuters ^ | 08/16/2011 | By Burton Frierson
    (Reuters) - Fitch Ratings said on Tuesday it affirmed the United States' top-notch credit rating at AAA, giving the world's largest economy a reprieve after it was downgraded by Standard & Poor's little more than a week ago. Fitch said the outlook for the rating was stable. However, it warned that the United States was falling behind its peers among the AAA-rated nations on fiscal matters and the country had to show tangible results in its efforts to reduce the budget deficit. It said it would review its fiscal projections at the end of November and medium-term economic outlook by...
  • Breaking: Fitch Ratings backs US 'AAA' credit rating

    08/16/2011 6:52:04 AM PDT · by Hawk720 · 16 replies
    MSNBC ^ | 08/16/2011 | MSNBC News
    Fitch Ratings said Tuesday it will keep its rating on U.S. debt at the highest grade, AAA. It also says its outlook on the U.S. ratings is stable. The move gives the U.S. a reprieve after fellow ratings agency Standard & Poor's set off a tempest in the stock market last week by downgrading part of the U.S. debt rating from the highest grade to the second-highest grade. Fitch cited the United States' "flexible, diversified and wealthy economy," as well as its flexibility in monetary and exchange rates that allows it to adjust to marketplace shocks. The other main ratings...
  • Mystery surrounds details of S&P downgrade [ CNN rejects Axelrods & Kerrys TP blame ]

    08/08/2011 1:00:42 PM PDT · by NoLibZone · 23 replies ^ | August 8 2011 | By Jennifer Liberto
    WASHINGTON (CNNMoney) -- Little is known about key details that led Standard & Poor's to downgrade U.S. debt late Friday, despite its outsized repurcussions. While the move knocking U.S. debt down a notch from the lofty AAA rating has exacerbated an already skittish stock market and drawn criticism from the White House, key details are a mystery. S&P doesn't say who, exactly, made the decision at the company; what kind of weight they gave U.S. politics versus ability to pay; or to what extent they felt pressured to downgrade the United States in response to criticism of its downgrades of...
  • What the Ratings Agencies really do. Liars Lexicon - Support Uplift

    07/26/2011 11:47:39 AM PDT · by JerseyHighlander
    Golem XIV - Thoughts | Tuesday, 26 July 2011 | David Malone
    Tuesday, 26 July 2011 What the Ratings Agencies really do. Liars Lexicon - Support Uplift The news of the last week or so has been full of Ratings Agencies downgrading banks, bonds, debts and even entire nations. So now seems like a good moment to look at what it is the Ratings Agencies, Moodys, S&P and Fitch, actually rate? What do they consider in coming to their conclusions and can they be said to in any way be objective? What people like me used to think, if we ever considered the subject at all, was that the Ratings agencies looked at...
  • China Official: It's Too Late, U.S. Already 'Defaulting'

    06/11/2011 3:40:49 PM PDT · by Tolerance Sucks Rocks · 21 replies
    FOX News ^ | June 10, 2011 |
    As lawmakers scramble to cut a budget deal and avoid defaulting on U.S. debt, the head of a top Chinese rating agency claims it's too late. Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., reportedly told state media that the United States has already defaulted by letting the U.S. dollar weaken. "In our opinion, the United States has already been defaulting," Guan was quoted as saying, according to AFP. China, likewise, has long come under criticism for allowing its currency to weaken. But while Dagong Global is known for being tough on the U.S., Guan's words carry extra...