Credit Rating

As prices rise, govt under pressure to cut excise duty on auto fuels: Icra

With oil prices on the boil, the government will be under pressure to cut excise duty on petrol and diesel to help soften the impact on consumers, credit rating agency Icra said on Friday. Brent prices have jumped 40 per cent to around $67 per barrel this month from $48 in November 2016 when the OPEC had decided to cut back on crude oil production. This would lead to gross under-recoveries on sensitive products climbing to Rs 22,000-25,000 crore in…

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Sebi caps cross-holding in MF at 10%- The New Indian Express

MUMBAI: The  Securities and Exchange Board of India (Sebi) took a slew of decisions at its board meeting on Thursday. As part of the measures, it intends to ease entry norms for foreign portfolio investors (FPIs), allow exchanges to trade in stocks and commodity derivatives and, importantly, put a cap on the cross-shareholding in credit rating agencies and mutual funds. Sebi Chairman Ajay Tyagi said the proposed 10 per cent cap on cross-shareholding in mutual funds was to avoid conflict…

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Mayor has hope for the future

Chatham-Kent Mayor Randy Hope says a number of indicators suggest the municipality moved in the right direction in 2017 and expects a few announcements will be made in the early part of 2018. He said the municipality’s debt has dropped to $86 million in 2017 from $161 million in 2010, while $60 million was spent on infrastructure this year. “We keep going the way we are, we’re going to find ourselves in a very, very strong situation financially,” he said.…

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Kuwait and Oman would have been wise not to delay VAT

Kuwait and Oman would have been wise not to delay VAT December 27, 2017 1:02 pm The 6-member countries making up the GCC economic bloc have long signed an agreement to introduce taxes to help bring in non-oil revenues and plug dwindling oil revenues. But today, it’s a different GCC, more fractured than ever as a result of an ongoing feud between Saudi, the UAE and Bahrain on one side and Qatar on the other, and with Kuwait and Oman…

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An Integrated Petrochemical Plant In Canada? You Betcha’ – Inter Pipeline Ltd (OTCMKTS:IPPLF)

On Monday InterPipeline (OTCPK:IPPLF) announced it was moving ahead to build Canada’s first integrated propane dehydrogenation (“PDH”) and polypropylene (“PP”) petrochemical plant. It will be called the “Heartland PetroChemical Complex” (referred to as HPC in this article). As I reported in my last Seeking Alpha article on IPL, the decision was expected due to the relatively large amount of capital the company had already spent on the project (see IPL: Strong NGLs Lead To Dividend Increase, 6.2% Yield). At an…

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S&P Global downgrades Bon-Ton following delay of $14 million debt payment

S&P Global has downgraded The Bon-Ton Stores Inc.’s corporate credit rating following the struggling retailer’s request last week to delay making a $14 million debt payment. The Bon-Ton Stores Inc. headquarters in downtown Milwaukee. Milwaukee and York, Pennsylvania-based Bon-Ton exercised a 30-day grace period to postpone making an interest payment on a loan due Dec. 15, according to a Dec. 18 SEC filing. S&P Global analysts believe the delay is an indication the company is headed toward debt restructuring or…

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Michigan Votes 12/24/17 – Tri-County Times: Political News

MichiganVotes.org is a free, non-partisan website created by the Mackinac Center for Public Policy to provide concise, non-partisan, plain-English descriptions of every bill and vote in the Michigan House and Senate. This report was released Thursday, Dec. 21. House Bill 5126: Exempt police from school policies on student restraint To exempt law enforcement officials from state policies on the use of seclusion and restraint of public school children by school personnel. Passed 37 to 0 in the Senate Sen. David…

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Fitch Maintains Autonomous Community of Catalonia on RWN

(The following statement was released by the rating agency) BARCELONA, December 22 (Fitch) Fitch Ratings is maintaining the Autonomous Community of Catalonia’s (Catalonia) Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) of ‘BB’ on Rating Watch Negative (RWN). The Short-Term Foreign Currency IDR of ‘B’, and the ratings on the EMTN programme and bond issues – all rated at ‘BB/B’ – also remain on RWN. KEY RATING DRIVERS Catalonia was placed on RWN on 5 October 2017 following the…

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Fitch Rates CJSC Kyrgyzstan ‘B-‘; Outlook Stable

(The following statement was released by the rating agency) MOSCOW/LONDON, December 22 (Fitch) Fitch Ratings has assigned Closed Joint-Stock Company Insurance Company Kyrgyzstan (CJSC Kyrgyzstan) an Insurer Financial Strength (IFS) Rating of ‘B-‘. The Outlook is Stable. KEY RATING DRIVERS The rating reflects the weak environment in which CJSC Kyrgyzstan is operating, the company’s high investment risk, its weak business profile and high reserving risk. These rating weaknesses are partly offset by supportive capitalisation and sustained profitable performance. The Kyrgyz…

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Where are the default disclosure norms, Sebi?

One of the most important things Sebi can do to help tackle the bad-loan mess is to notify norms for disclosure of defaults by listed companies. Photo: Aniruddha Chowdhury/Mint One of the most important things the Securities and Exchange Board of India (Sebi) can do to help tackle the bad-loan mess is to notify norms for disclosure of defaults by listed companies. It will nudge borrowers to behave better and will have a significant effect in preventing another Rs10-trillion bad-loan…

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Petrobras On Track To Achieve Its Targeted Debt Levels? – Part 1 — Trefis

Petroleo Brasileiro Petrobras (NYSE:PBR), the Brazilian-based integrated energy company, is one of the most levered oil and gas companies in the world. The company’s total debt, net of cash, stood at almost $90 billion at the end of the third quarter of 2017. This massive debt has not only weighed heavily on the company’s profitability in the form of high interest cost, but has also reduced its ability to raise further debt to meet its capital expenditure needs in the current…

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A.M. Best affirms B++ rating of bni

LONDON: A.M. Best has affirmed the financial strength rating of B++ and the long-term issuer credit rating of bbb+ of The Bahrain National Insurance Company BSC (c) (bni) (Bahrain). The outlook is stable. The ratings reflect bni’s balance sheet, which is categorised as very strong, said A.M. Best, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. “bni’s strong balance sheet is underpinned by risk-adjusted capitalisation at the strongest level, high degree of liquidity…

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Reducing the Budget – The Sidney Sun-Telegraph

Every successful organization and household has to manage a budget. Our farmers and ranchers work to control the cost of inputs so that they operate profitably when it comes time to market their crop. Families watch their spending so that they can meet their household needs. Our Main Street job creators monitor their bottom line so they can deliver value to their customers, attract quality talent to their organizations, and grow opportunities. Just like Nebraska’s ag producers, households, and job…

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Emirates REIT Debuts World’s Largest, Shariah Compliant REIT On Irish Stock Exchange

Emirates REIT (CEIC) Limited (Emirates REIT), has listed the world’s largest, publically listed Shariah-compliant real estate investment trust, with its inaugural US$400 million issuance of 5 year trust certificates on the Main Securities Market (MSM) of the Irish Stock Exchange (ISE). The trust certificates will pay a profit rate of 5.125% per annum and have a maturity date of December 2022. Emirates REIT is the first REIT from the MENA region to access the international sukuk market and obtain a…

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South Africa’s Ramaphosa wins election as ANC president

JOHANNESBURG (Reuters) – South African Deputy President Cyril Ramaphosa was elected leader of the African National Congress on Monday in a close-run vote that will set the direction for the country and the scandal-plagued party that has ruled since the end of apartheid. As ANC leader, Ramaphosa, a 65-year-old union leader who became a businessman and is now one of South Africa’s richest people, is likely to become the country’s next president after elections in 2019. He has promised to…

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Federal budget on right track: treasurer

Treasurer Scott Morrison insists the Turnbull government has the federal budget on the right track while setting out parameters for a May announcement about personal tax cuts. Handing down the mid-year budget review on Monday, Mr Morrison is sticking to his promise of a budget surplus by mid-2021 and expects it will be almost $3 billion larger at $10.2 billion than previously forecast. And for this financial year, Mr Morrison is forecasting a smaller deficit of $23.6 billion compared to…

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