Credit Rating

Upcoming Book Value Declines For Prospect Capital? – Prospect Capital Corporation (NASDAQ:PSEC)

Prospect Capital (PSEC) will be reporting calendar Q3 results in a few weeks, and I am expecting continued declines in its net asset value (“NAV” or book value) per share that could drive another dividend cut in 2018. The stock price has declined by over 30% since reporting calendar Q1 results earlier this year as shown in the following chart. Source: BDC Buzz Sustainable Dividends The information in this article was previously made available to subscribers of Sustainable Dividends, along…

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Fitch Places NewStar on Rating Watch Evolving Following Acquisition Announcement

(The following statement was released by the rating agency) CHICAGO, October 19 (Fitch) Fitch Ratings has placed NewStar Financial, Inc.’s (NewStar) Long-Term and Short-Term Issuer Default Ratings (IDRs) of ‘BB-‘ and ‘B’, respectively, on Rating Watch Evolving. This action follows the Oct. 17, 2017 announcement that First Eagle Investment Management (First Eagle) has entered into a definitive agreement to acquire NewStar for total consideration estimated at $12.32 to $12.44 per share. NewStar’s unsecured debt rating of ‘BB-‘ and subordinated debt…

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SA’s IT services market faces growth challenges

IDC predicts IT services spend in SA will slow down to a single-digit percentage in 2017. The South African IT services market, while flat in US dollar terms, grew 15.13% in local currency in 2016. This is according to the recently published South Africa IT Services Market 2017–2021 Forecast by the International Data Corporation (IDC). The ongoing macro-economic difficulties in the market are expected to continue, and this will, in turn, continue to inhibit growth in dollar terms, says Jon…

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Latvenergo applies for a one-off compensation for Riga CHPPs capacity payments

October 19, 2017 09:00 ET | Source: Latvenergo multilang-release Riga, 2017-10-19 15:00 CEST (GLOBE NEWSWIRE) — On 22 September this year, the Cabinet of Ministers of the Republic of Latvia adopted the order on the conceptual report “Complex Measures for the Development of the Electricity Market”, which provides for an effective and sustainable reduction of the mandatory procurement public service obligation fee for electricity users. The report envisages the establishment of a mechanism under which the state would reduce its…

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Publicis Groupe: Third Quarter 2017 Revenue

(GLOBE NEWSWIRE via COMTEX) — October 19, 2017 Third Quarter – 2017 revenue EUR 2,264 m – 2016 revenue EUR 2,315 m – Reported growth -2.2% – Growth at constant currency +1.9% – Organic growth +1.2% At end September – 2017 revenue EUR 7,107 m – 2016 revenue EUR 7,068 m – Reported growth +0.6% – Growth at constant currency +0.8% – Organic growth +0.3% Arthur Sadoun, CEO and Chairman of the Management Board: “We committed to delivering sequential improvement…

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KBRA Assigned Long-Term Rating of AA+/Stable on the MTA Transportation Revenue Bonds, Subseries 2014D-2 (SIFMA Floating Rate Tender Notes)

Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA+ with a Stable Outlook on the Metropolitan Transportation Authority’s (MTA) Transportation Revenue Bonds, Subseries 2014D-2 (SIFMA Floating Rate Tender Notes). KBRA has also taken rating actions on the series/bonds in the table below. KBRA’s ratings do not apply to bonds backed by a letter of credit or liquidity facility. For mapping of the long-term rating to the short-term rating, please refer to the short-term KBRA Rating Scale.   Ratings…

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Fitch Affirms Six Spanish Covered Bond Programmes

(The following statement was released by the rating agency) MADRID, October 18 (Fitch) Fitch Ratings has affirmed the ratings of six Spanish mortgage covered bond programmes (Cedulas Hipotecarias, or CH) following a full sector review. The rating actions are as follows: -Abanca Corporacion Bancaria, S.A.’s (BB+/Stable/bb+) CH affirmed at ‘A-‘/Stable Outlook -Bankia S.A.’s (BBB-/Stable/bbb-) CH affirmed at ‘A’/Stable Outlook -Banco Mare Nostrum S.A.’s (BMN; BB/Rating Watch Positive (RWP)/bb) CH maintained on RWP at ‘BBB+’ -Caja Laboral Popular Cooperativa de Credito’s…

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Fitch Affirms Caja Rural de Navarra at ‘BBB+’; Outlook Stable

(The following statement was released by the rating agency) BARCELONA/LONDON, October 18 (Fitch) Fitch Ratings has affirmed Spain-based Caja Rural de Navarra, Sociedad Cooperativa de Credito’s (Caja Rural de Navarra) Long-Term Issuer Default Rating (IDR) at ‘BBB+’ and Viability Rating (VR) at ‘bbb+’. The Outlook on the Long-Term-IDR is Stable. A full list of rating actions is available at the end of this rating action commentary. The rating actions are part of a periodic review of Spanish credit cooperatives rated…

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Huachuca City fire chief is arrested and accused of theft

SIERRA VISTA, Ariz. — Huachuca City’s fire chief is accused of felony theft and trafficking in stolen property. Sierra Vista police say 54-year-old Jon Allmon was arrested Monday night after officers executed a search warrant at his home as part of an investigation into fraudulent bank checks. Police say 11 forged checks were deposited into a bank account that belongs to Allmon over a seven-day period and the money was immediately withdrawn by him at ATMs. Investigators say Allmon was…

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Moody : Announces Strategic Investment in CompStak

Moody’s Corporation (NYSE:MCO) announced today that it has made a strategic investment in CompStak, a provider of commercial real estate (CRE) lease information. Working together, CompStak and Moody’s Analytics will partner to reach additional markets and to develop new products and technologies that meet the needs of CRE finance and risk professionals. Moody’s Analytics will gain access to CompStak’s crowd-sourced data set, which covers over 275,000 commercial properties in 70 U.S. markets. The investment underscores Moody’s ongoing commitment to fostering innovative solutions to…

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Fitch Maintains Sestante RMBS Series on Rating Watch Evolving

(The following statement was released by the rating agency) MILAN/LONDON, October 17 (Fitch) Fitch Ratings maintained all tranches from the Sestante Finance series on Rating Watch Evolving (RWE). The Sestante series comprises four Italian RMBS transactions originated by Meliorbanca (now part of BPER Banca banking group, BB/Stable/B) and serviced by Italfondiario S.p.A. (RSP2+/RSS1-). A full list of rating actions is available at the end of this commentary. The transactions are Sestante Finance S.r.l. (SF1), Sestante Finance S.r.l. – 2 (SF2),…

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Carriers, Reinsurers Under Review as A.M. Best Changes Credit Rating Methodology

Insurance rating agency A.M. Best announced the publication of the updated Best’s Credit Rating Methodology (BCRM) on Friday, and also announced the names of several insurance and reinsurance groups that the rating agency has put under review. Allstate and American Family are among the groups under review with positive implications, while the Amica Mutual Companies and the NYCM Companies were placed under review with negative implications. The updated BCRM is a reorganization of the previous methodology, utilizing a building block…

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Gulf Bank Records an Increase of 10 Percent Y-O-Y in Net Profit for the First Nine Months of 2017

Omar Alghanim, Gulf Bank Chairman Follow > , , , , , , , , , , , , Gulf Bank K.S.C.P. announced today its financial results for the first nine months of 2017. The Bank recorded a net profit of KD 36.1 million in the first nine months of 2017, an increase of 10% over the same period in 2016. The Bank was able to generate net interest income of KD 97.2 million and operating profit of KD 89.7…

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Telstra dividend cut ‘tough’ on shareholders, says chairman John Mullen

Telstra chairman John Mullen has acknowledged the end of Telstra’s policy to pay almost all profits out as dividends is tough on shareholders but said he expects the company to maintain or increase the total dividend over time as earnings grow. The telco giant announced in August it would pay out between 70 and 90 per cent of earnings from fiscal 2018, rather than close to 100 per cent. It was the first big change in dividend policy since the telco was floated…

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Bad loans push Shelter Afrique to Sh223m loss

Companies Monday, October 16, 2017 21:12 By BRIAN NGUGI Shelter Afrique headquarters in Nairobi. FILE PHOTO | NMG  Troubled mortgage lender Shelter Afrique has reported a $2.16 million (about Sh223.5 million) net loss for the six months ended June, compared to a net profit of $1.65 (about Sh171 million) in the same period a year ago on the back of increased provisions for bad loans. Shelter Afrique’s loan impairment charges — provisions for credit which may not be recovered in full…

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Fitch Rates CCB Singapore Branch’s EMTN Programme ‘A’ and Proposed Notes ‘A(EXP)’

(The following statement was released by the rating agency) TAIPEI/HONG KONG, October 16 (Fitch) Fitch Ratings has assigned a rating of ‘A’ to China Construction Bank Corporation (CCB, A/Stable) Singapore branch’s USD6 billion Euro medium-term note (EMTN) programme, and an expected ‘A(EXP)’ rating to its proposed long-term senior unsecured Singapore dollar notes to be issued under the programme. CCB Singapore branch’s EMTN programme was set up in November 2015. All notes under the programme have been and will be issued…

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