Credit Rating

A.M. Best Removes From Under Review With Negative Implications and Downgrades Credit Ratings of One Alliance Insurance Corporation

A.M. Best has removed from under review with negative implications and downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb+” from “bbb-“ of One Alliance Insurance Corporation (One Alliance) (San Juan, Puerto Rico). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings were placed under review with negative implications on Feb. 1, 2018, due to the uncertainty surrounding a previously planned capital contribution. In addition, the level…

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Pension Budget Raided To Plug $14M City Deficit

The city plans to fill a $14 million projected deficit this fiscal year with money originally budgeted for underfunded pensions, and with an extra $2.5 million from Yale University. City Controller Daryl Jones shared that news with the alders on the Finance Committee on Monday night at a meeting in the Aldermanic Chambers on the second floor of City Hall. Just two weeks ago the full Board of Alders voted to approve an amended version of Mayor Harp’s $547.1 million…

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World Cup host Russia spent billions, but will its economy benefit?

article Russia built on its reputation for lavish spending on sporting events, investing billions of dollars into preparations for the 2018 World Cup, the international soccer tournament that will feature 32 teams playing in 11 cities across the country this month. Russian organizers say they expect World Cup spending to exceed $11 billion, though that tally does not include undisclosed spending on some of the new city infrastructure and stadiums that will be used during the event. Government officials argue…

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Investor lending dips to two-year low as market slows

Lending to owner-occupiers has also softened, with the total number of new owner-occupied loans approved, excluding refinancing, falling to 35,304, the lowest since October 2016. The drop in new lending was less severe than financial markets had expected, but economists said the figures still underlined the softening in the housing market, which they expect to continue over the short term. Westpac economist Matthew Hassan said the recent decline in auction clearance rates pointed to a larger fall in new lending over…

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ICRA retains rating of Zenith Exports Ltd

ICRA Ltd. based on its Annual Surveillance of Credit Rating has provided their Rating to Zenith Exports Ltd’s Bank Limits. As per their rating we had retained existing rating of [ICRA] A4 for short term. The aforesaid ratings will be due for surveillance anytime before October 31, 2018. Source link

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Scoop Business » Auckland Council to launch $200m green bond offer

Article – BusinessDesk June 12 (BusinessDesk) – Auckland Council will open a $200 million green bond offer next week, which it says will be used to buy more electric trains and equipment and refinance existing debt from electric trains.Auckland Council to launch $200m green bond offer to fund electric trains By Sophie Boot June 12 (BusinessDesk) – Auckland Council will open a $200 million green bond offer next week, which it says will be used to buy more electric trains…

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Prologis, L.P. Prices $700 million offering of Guaranteed Notes due 2028 and 2048

SAN FRANCISCO, June 11, 2018 /PRNewswire/ — Prologis, Inc. PLD, -0.71% announced today that its operating subsidiary, Prologis, L.P. (the “Operating Partnership”), has priced an offering of two series of notes (the “notes”) in an aggregate principal amount of $700 million, consisting of $400 million aggregate principal amount of its 3.875% notes due September 15, 2028, priced at 99.320% of…

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City Council OKs $28 million trust investment to address rising pension costs | News

The Pleasanton City Council last week signed off on investing $28 million in a trust account to help raise additional funds to offset rising employee pension costs, a move city leaders see as leaving Pleasanton better positioned for the years and decades down the line when higher pension bills come due. The two-pronged strategy calls for investing $6.7 million in a shorter-term, conservative portfolio and $21.3 million in a longer-term, more active portfolio with the goal of earning better…

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Debt-laden French retailer Casino plans 1.5 bln euros…

By Reuters Published: 12:40 EDT, 11 June 2018 | Updated: 15:05 EDT, 11 June 2018 By Richard Lough PARIS, June 11 (Reuters) – French supermarket company Casino aims to complete 1.5 billion euros ($1.77 billion) of asset sales by early 2019 to reduce its heavy debt burden. Casino’s shares have fallen to a more than 21-year low while yields on its bonds and the cost of insurance against default have surged over concerns about the company’s leverage. . In a…

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UAE financial markets poised for take off

SCA chief brims with confidence after government incentives to boost economy and sees IPO activity picking up by year-end Abu Dhabi: The UAE’s financial markets are solid and will take off again in terms of liquidity and volume of trading due to positive indications from the government and an improvement in the economy, the chief executive of the Securities & Commodities Authority (SCA) said. “I am optimistic because of the incentives our government have already issued. The positive effect will…

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FOCUS-‘No sacred cows’: South African Airways boss…

By Tiisetso Motsoeneng, Olivia Kumwenda-Mtambo and Patricia Aruo JOHANNESBURG, June 11 (Reuters) – Six months into the job of running loss-making South African Airways, Vuyani Jarana is mapping out a punishing austerity plan. Jarana, who faces the daunting task of turning the flag carrier around, said layoffs and other cuts were unavoidable as he contends with a draining cost-to-income ratio of 108 percent. “SAA cannot carry the same workforce, whether it is pilots, cabin crew or administration,” he told Reuters.…

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Hercules Capital on Pace to Potentially Exceed $1.0 Billion in Total New Debt and Equity Commitments in 2018

Hercules Capital on Pace to Potentially Exceed $1.0 Billion in Total New Debt and Equity Commitments in 2018 Year-to-date “YTD” closed and pending total new debt and equity commitments of $724.8 million as of June 8, 2018 Quarter-to-date “QTD” Q2 2018 closed total new debt and equity commitments of $313.8 million to 17 companies including 11 new and six (6) existing portfolio companies as of June 8, 2018 Pending new commitments of $145.0 million in signed…

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Turkey’s GDP grows by 7.4 percent in first quarter of 2018

Turkey’s gross domestic product (GDP) grew by 7.4 percent in the first quarter of 2018 compared to the same quarter last year, higher than market expectations, the Turkish Statistical Institute (Turkstat) announced Monday. The three-month GDP at current prices climbed to around 792.7 billion Turkish liras (nearly $207.5 billion), according to TurkStat data. The growth rate was 7.3 percent in 2017’s fourth quarter, while the growth rate was 7.4 for throughout the year. A group of 19 experts said in…

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Too soon for Ramaphoria to boost weak economy | Business

The economy’s decline in this year’s first quarter does not mean Ramaphoria has fizzled out, say economists, but it does show that new political leadership may take much longer to boost confidence than hoped. The unexpectedly steep drop has also raised the spectre of a second- quarter contraction and another technical recession. The hike in fuel prices this week of 82c a litre is expected to put further pressure on consumers. Prices at the pump are now at record levels…

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ONGC’s funds drop 90% in one year;  this is why cash reserves shrunk

India’s Oil and Natural Gas Corp., which once had .3 billion of funds, is now bleeding cash. India’s Oil and Natural Gas Corp., which once had $4.3 billion of funds, is now bleeding cash. The state-run company’s cash reserves have shrunk by more than 90 percent in the past year, after it was ordered to purchase the administration’s stake in a refiner and it paid a record dividend. ONGC’s reserves dropped to about 10 billion rupees ($148 million) as on…

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