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Showing posts from January 4, 2019

Florida Turnpike Enterprise's Pro Forma Series 2019A Turnpike Revenue Refunding Bonds Rated 'AA'; Outlook Is Stable

NEW YORK (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings has assigned its 'AA' long-term rating to Florida's pro forma $224.17 million series 2019A turnpike revenue refunding bonds, issued for the Florida Turnpike Enterprise (FTE or the turnpike). The outlook is stable. The series 2019A bond proceeds will refund series 2009B Build America Bonds (Federally Taxable-Issuer Subsidy) outstanding, fund a reserve account, if necessary, and pay issuance costs. The refunding is for debt service savings without extending maturities. "The rating reflects our assessment of the combination of the turnpike's very strong enterprise risk profile and very strong financial risk profile," said S&P Global Ratings credit analyst Joseph Pezzimenti. "The rating also reflects our opinion that the FTE serves one of the most-populous states that expects to have above-average population growth that we believe will support generally favorable traffic

Poway Unified School District Public Financing Authority, CA Series 2016A Bond Rating Raised To 'AA-' From 'A-'

SAN FRANCISCO (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings raised its underlying rating (SPUR) to 'AA-' from 'A-' on the Poway Unified School District Public Financing Authority, Calif.'s series 2016A special tax revenue refunding bonds outstanding. The outlook is stable. The rating action reflects the application of our updated methodology "Special Assessment Debt," published April 2, 2018 on RatingsDirect. "The rating reflects our view of the authority's strong-to-very-strong economic fundamentals, adequate-to-strong district characteristics, and strong financial profile," said S&P Global Ratings credit analyst Brian Phuvan. The stable outlook reflects our expectation that the local economy will remain strong-to-very-strong given its access to a broad and diverse metropolitan statistical area and very strong incomes.

Former CBO Director Douglas Holtz-Eakin discusses the December jobs report and why he doesn't expect an economic recession in 2019.

Douglas Holtz-Eakin: There’s no reason to expect a recession in 2019 Former CBO Director Douglas Holtz-Eakin discusses the December jobs report and why he doesn't expect an economic recession in 2019. Other stories about: Douglas Holtz-Eakin: There’s no reason to expect a recession in 2019

Former CBO Director Douglas Holtz-Eakin discusses how Federal Reserve Chairman Jerome Powell said that he wouldn’t resign if President Trump asked him to and the rising U.S. deficit.

Douglas Holtz-Eakin: The US is running chronic large deficits Former CBO Director Douglas Holtz-Eakin discusses how Federal Reserve Chairman Jerome Powell said that he wouldn’t resign if President Trump asked him to and the rising U.S. deficit. Other stories about: Douglas Holtz-Eakin: The US is running chronic large deficits

SkyBridge Capital Founder Anthony Scaramucci discusses the health of the U.S. economy and President Trump’s attacks against Federal Reserve Chairman Jerome Powell.

Anthony Scaramucci: The health of the US economy is very strong SkyBridge Capital Founder Anthony Scaramucci discusses the health of the U.S. economy and President Trump’s attacks against Federal Reserve Chairman Jerome Powell. Other stories about: Anthony Scaramucci: The health of the US economy is very strong

SkyBridge Capital Founder Anthony Scaramucci on his new fund, which invests in low income areas.

SkyBridge launches new fund to invest in low income communities SkyBridge Capital Founder Anthony Scaramucci on his new fund, which invests in low income areas. Other stories about: SkyBridge launches new fund to invest in low income communities

Kaltbaum Capital Management President Gary Kaltbaum discusses the strong December jobs report and the U.S.-China trade dispute.

US stocks rebound following the strong December jobs report Kaltbaum Capital Management President Gary Kaltbaum discusses the strong December jobs report and the U.S.-China trade dispute. Other stories about: US stocks rebound following the strong December jobs report

Fox Nation hosts Diamond & Silk on why Democrats need to support President Trump’s border wall.

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Brookings Institution senior fellow Michael O’Hanlon discusses Vice President Mike Pence’s remarks about President Trump’s plan to withdraw U.S. troops from Afghanistan.

Vice President Mike Pence says Trump is evaluating US troop withdrawal in Afghanistan Brookings Institution senior fellow Michael O’Hanlon discusses Vice President Mike Pence’s remarks about President Trump’s plan to withdraw U.S. troops from Afghanistan. Other stories about: Vice President Mike Pence says Trump is evaluating US troop withdrawal in Afghanistan

Rep. Drew Ferguson (R-Ga.) on how Democrats refuse to support President Trump’s border wall.

Democrats refuse to negotiate with Trump over border security: Rep. Ferguson Rep. Drew Ferguson (R-Ga.) on how Democrats refuse to support President Trump’s border wall. Other stories about: Democrats refuse to negotiate with Trump over border security: Rep. Ferguson

Forbes Media Chairman Steve Forbes discusses how Federal Reserve Chairman Jerome Powell said that he wouldn’t resign if President Trump asked him to.

Fed’s Powell would not resign if Trump asked Forbes Media Chairman Steve Forbes discusses how Federal Reserve Chairman Jerome Powell said that he wouldn’t resign if President Trump asked him to. Other stories about: Fed’s Powell would not resign if Trump asked

D.A. Davidson managing director Tom Forte and Barron’s senior tech writer Jon Swartz on whether investors should buy Apple after the tech giant cut its revenue guidance.

Apple: What problems does the tech giant face moving forward? D.A. Davidson managing director Tom Forte and Barron’s senior tech writer Jon Swartz on whether investors should buy Apple after the tech giant cut its revenue guidance. Other stories about: Apple: What problems does the tech giant face moving forward?

NatAlliance global fixed income head Andy Brenner and Harris Financial Group managing partner Jamie Cox on how U.S. stocks surged after Federal Reserve Chairman Jerome Powell signaled that the Fed would be flexible about future monetary policy moves.

US stocks rally on trade talks, Fed’s ‘flexibility’ NatAlliance global fixed income head Andy Brenner and Harris Financial Group managing partner Jamie Cox on how U.S. stocks surged after Federal Reserve Chairman Jerome Powell signaled that the Fed would be flexible about future monetary policy moves. Other stories about: US stocks rally on trade talks, Fed’s ‘flexibility’

Bankrate chief financial analyst Greg McBride on the strong December jobs report and why he expects the Federal Reserve to raise interest rates twice this year.

Fed’s Powell issues ‘flexible’ stance on interest rate hikes amid strong jobs report Bankrate chief financial analyst Greg McBride on the strong December jobs report and why he expects the Federal Reserve to raise interest rates twice this year. Other stories about: Fed’s Powell issues ‘flexible’ stance on interest rate hikes amid strong jobs report

American Action Forum President Douglas Holtz-Eakin says that the United States can’t go into a recession without a decline in the household sector.

US can't go into recession if household sector is strong: Douglas Holtz-Eakin American Action Forum President Douglas Holtz-Eakin says that the United States can’t go into a recession without a decline in the household sector. Other stories about: US can't go into recession if household sector is strong: Douglas Holtz-Eakin

Cypress-Fairbanks ISD, TX Series 2019 Refunding Bonds Assigned 'AAA' Rating

DALLAS (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings assigned its 'AAA' long-term rating and 'AA' underlying rating for credit program to Cypress-Fairbanks Independent School District (ISD), Texas' series 2019 unlimited-tax refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' underlying rating on the district's existing general obligation debt. The outlook on all ratings is stable. The 'AAA' long-term rating reflects our view of Cypress-Fairbanks ISD's eligibility for, and participation in, the Texas Permanent School Fund (PSF) bond guarantee program, which provides the security of a permanent fund of assets the district can use to meet debt service on bonds guaranteed by the program. The district continues to experience steady tax base growth, which has aided in building its very strong available general fund balance but also led to high overall net debt per capita and moderately high ove

Prestige Brands Inc. Outlook Revised To Stable From Negative On More Conservative Financial Policies, 'B+' ICR Affirmed

We forecast that U.S.-based Prestige Brands Inc. will continue to use its free cash flow for debt repayment, causing its leverage metric to fall below 5.5x by fiscal year-end 2019 (March 31, 2019) before improving to less than 5.0x in fiscal year 2020. We are revising our outlook on Prestige to stable from negative and are affirming our 'B+' issuer credit rating on the company. At the same time, we are affirming our 'BB' issue-level rating on the company's secured term loan B, raising our issue-level rating on its senior unsecured notes to 'B' from 'B-', and revising our recovery rating on the unsecured debt to '5' from '6'. The '5' recovery rating indicates our expectation for modest recovery (10%-30%; rounded estimate: 25%) in the event of a default due to Prestige's recent debt repayment, which has reduced the amount of debt outstanding at emergence under our simulated default scenario. The stable outlook

Vermont Student Assistance Corp. Series 2012-B Rating Raised On Class A-2, And Removed From Watch Positive

OVERVIEW We reviewed Vermont Student Assistance Corp.'s series 2012-B, which is backed by a pool of private student loans originated under Vermont Student Assistance Corp.'s deferred variable-rate Advantage loan program. We raised our rating on the class A-2 notes to 'AAA (sf)' and removed it from CreditWatch with positive implications. The upgrade reflects our view of the collateral performance and that the increased credit enhancement is sufficient to support the notes at the 'AAA' rating stress. NEW YORK (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings today raised its rating on the class A-2 notes issued from Vermont Student Assistance Corp.' s (VSAC's) series 2012-B to 'AAA (sf)' from 'A (sf)' and removed it from CreditWatch, where we place it with positive implications on Oct. 10, 2018. The upgrade reflects our view that the growth in credit enhancement, resulting from the turbo payment mechanism, as

SSH Holdings Inc. (Spencer Spirit) Upgraded To 'B-' On Improved Operating Results; Outlook Stable

Novelty gift and Halloween retailer SSH Holdings Inc.(doing business as Spencer Spirit) has reported better-than-anticipated results through the fiscal 2018 third quarter, which includes the very important Halloween season, and we expect continued moderate EBITDA growth over the next 12 months. We raised the issuer credit rating to 'B-' from 'CCC+', and revised the outlook to stable from negative. The stable outlook incorporates our expectation that mid-single-digit EBITDA growth will support steady improvement in credit metrics and moderately positive free operating cash flow over the next year. NEW YORK (S&P Global Ratings) Jan. 4, 2019—S&P Global Ratings today took the rating actions listed above. The rating action reflects our view that operating performance and credit metrics will continue to improve over the next 12 months, increasing the likelihood that the company could successfully refinance its debt at par. Year-to-date results are ahe

FBN's Charlie Gasparino on the economic and market uncertainties ahead.

The uncertainties that could pose a risk to the markets FBN's Charlie Gasparino on the economic and market uncertainties ahead. Other stories about: The uncertainties that could pose a risk to the markets

JPMorgan Chase Chief Economist Anthony Chan on tensions between President Trump and Federal Reserve Chairman Jerome Powell and the outlook for the U.S. economy.

In 2019 I don't see any signals that we're likely going into a recession: JPMorgan Chase Chief... JPMorgan Chase Chief Economist Anthony Chan on tensions between President Trump and Federal Reserve Chairman Jerome Powell and the outlook for the U.S. economy. Other stories about: In 2019 I don't see any signals that we're likely going into a recession: JPMorgan Chase Chief...

MarketWatch Tech Editor Jeremy Owens on mounting concerns over the outlook for Apple.

Concerns Apple has become too complacent in innovating MarketWatch Tech Editor Jeremy Owens on mounting concerns over the outlook for Apple. Other stories about: Concerns Apple has become too complacent in innovating

Carson City, NV GO Bond Rating Outlook Revised To Positive In Response To Tax Base Growth And Positive Operations

CENTENNIAL (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings revised its outlook to positive from stable and affirmed its 'AA-' long-term rating and underlying rating (SPUR) on Carson City, Nev.'s general obligation (GO) bonds outstanding. At the same time, S&P Global Ratings assigned its 'AA-' long-term rating to the city's series 2019A GO (limited-tax) water bonds (estimated par amount: $7.0 million). The outlook is positive. "The revised outlook reflects the city's growing tax base through valuation increases and new construction in the community," said S&P Global Ratings credit analyst Michael Parker. The city's assessed value has grown an additional 28% in the previous five years. The market value increases in recent years had led to greater market value per capita, an important component under our U.S. Local Governments General Obligation Methodology (published Sept. 12, 2013, on RatingsDirect). "The

First Tennessee Bank N.A. ABOVE AVERAGE Ranking Affirmed As A Residential Mortgage Primary Servicer; Outlook Is Stable

OVERVIEW We affirmed our overall ABOVE AVERAGE ranking on First Tennessee Bank N.A. as a residential mortgage primary loan servicer of subordinate-lien loans. First Tennessee Bank N.A. is a primary loan servicer of subordinate-lien mortgages with its servicing operations primarily located in Tennessee. The outlook is stable. NEW YORK (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings today affirmed its ABOVE AVERAGE ranking on First Tennessee Bank N.A. (FTB) as a residential mortgage primary servicer of subordinate-lien loans. The outlook is stable. Our ranking reflects: Solid senior and middle management experience and tenure with very limited turnover; A good internal control environment with no material internal or external audit issues identified; Overall very low staff turnover levels throughout the operations; Generally competitive servicing performance metrics with those of peer servicers we monitor; Elevated abandonment rates in the customer ser

Federal Reserve economist Vincent Reinhart on the outlook for Federal Reserve policy.

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Sultan Interactive Group's Oz Sultan on why he sees cyber attacks as the biggest national security threat to the U.S.

Cyber attacks: The biggest threat to national security? Sultan Interactive Group's Oz Sultan on why he sees cyber attacks as the biggest national security threat to the U.S. Other stories about: Cyber attacks: The biggest threat to national security?

Fox News contributor Jonathan Hoenig on investing in gold, the tensions between President Trump and the Federal Reserve, China trade negotiations.

How can investors benefit from gold in their portfolio? Fox News contributor Jonathan Hoenig on investing in gold, the tensions between President Trump and the Federal Reserve, China trade negotiations. Other stories about: How can investors benefit from gold in their portfolio?

U.K.-Based East Midlands Housing Group Ltd. 'A+' Rating Affirmed; Outlook Stable

East Midlands Housing Group Ltd. (EMH), a recently announced strategic partner of Homes England, is seeking to develop 2,600 properties by the financial year 2023. Two thirds of the development plan will comprise general needs housing, which will continue to support EMH's strong financial performance. We are therefore affirming our 'A+' long-term issuer credit rating on EMH. The stable outlook is based on our view that EMH will continue to derive the majority of its revenues from traditional sources, keeping exposure to care services and sales-related activities low. LONDON (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings today affirmed its 'A+' long-term issuer credit rating on U.K. social housing provider East Midlands Housing Group Ltd. (EMH). The outlook remains stable. At the same time, we affirmed our 'A+' long-term issue rating on the £200 million senior secured debt issued by EMH's subsidiary, EMH Treasury PLC, and

Wake County, NC 2019A-B GO Bonds Assigned 'AAA' Rating; Other Ratings Affirmed

NEW YORK (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings assigned its 'AAA' rating to Wake County, N.C.'s series 2019A public improvement general obligation (GO) bonds and series 2019B refunding GO bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the county's existing GO debt and its 'AA+' rating on the county's existing appropriation-backed debt. The outlook on all ratings is stable. "The rating reflects our opinion of Wake County's very strong economy, management, budgetary flexibility, and liquidity," said S&P Global Ratings credit analyst Kaiti Vartholomaios. The 2019 bonds constitute GOs of the county, secured by a pledge of its faith and credit and taxing power, without limitation as to rate or amount. The combined issuance of about $268.7 million will fund various capital projects for the county's schools and community college, permanently finance a portion of its bon

National Economic Council Director Larry Kudlow on U.S. trade talks with China and efforts to get U.S. executives such as Apple CEO Tim Cook to help with the negotiating process.

Larry Kudlow: Chinese promises have to be backed up with enforcement National Economic Council Director Larry Kudlow on U.S. trade talks with China and efforts to get U.S. executives such as Apple CEO Tim Cook to help with the negotiating process. Other stories about: Larry Kudlow: Chinese promises have to be backed up with enforcement

National Economic Council Director Larry Kudlow on the December jobs report and the outlook for the U.S. economy.

Larry Kudlow: The jobs numbers are so huge, have so many positive ramifications National Economic Council Director Larry Kudlow on the December jobs report and the outlook for the U.S. economy. Other stories about: Larry Kudlow: The jobs numbers are so huge, have so many positive ramifications

National Economic Council Director Larry Kudlow on the December jobs report, the U.S. economic outlook, Federal Reserve policy, the markets and the state of China's economy.

Larry Kudlow: There is no recession coming National Economic Council Director Larry Kudlow on the December jobs report, the U.S. economic outlook, Federal Reserve policy, the markets and the state of China's economy. Other stories about: Larry Kudlow: There is no recession coming

The economy added 312K jobs in December. The Mornings with Maria panel breaks down the December jobs report and how it will impact Federal Reserve policy going forward.

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Fox News medical correspondent Dr. Marc Siegel on Bristol-Myers Squibb's deal to acquire Celgene, reports the FDA will greenlight drug-prescribing apps for chronic ailments and the effectiveness of the current flu vaccine.

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Trump 2020 senior adviser Lara Trump on Trump supporters' concerns they can't voice their support for the president, President Trump's 2020 re-election efforts and Sen. Mitt Romney's comments on President Trump.

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Rep. John Garamendi, (D-Calif.), and Rep. Jim Banks, (R-Ind.), on the partial government shutdown and efforts to reach a compromise on funding for a border wall.

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Tengler Wealth Management's Nancy Tengler on the potential impact of the partial government shutdown on the IPO market.

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The Schork Report Publisher Stephen Schork on the outlook for oil prices.

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FBN's Edward Lawrence breaks down the December jobs report.

Economy adds 312K jobs in December FBN's Edward Lawrence breaks down the December jobs report. Other stories about: Economy adds 312K jobs in December

Fireman's Fund Insurance Co. of Hawaii Inc. Ratings Withdrawn After Merger With Parent

FRANKFURT (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings today withdrew its ratings on insurance company Fireman's Fund Insurance Co. of Hawaii Inc. (AA/Stable/--; FFHI) following the company's merger with its parent Fireman's Fund Insurance Company (FFIC). The withdrawal reflects the merger of FFHI and FFIC, which effectively took place on Dec. 31, 2018. FFHI was a wholly owned subsidiary of FFIC, a member of the Allianz Global Corporate and Specialty (AGCS) group. AGCS is the dedicated carrier for Allianz group's corporate and specialty operations. Because of the merger, all assets and liabilities were transferred from FFHI to FFIC. Thereafter, FFHI ceased to exist. In our view, the merger of the two entities does not change our assessment of the parent's strategy. We instead see it as a further step toward reducing AGCS group's complexity and using capital more efficiently. At the time of withdrawal, we assessed FFHI as core to

Prommus CEO Anthony Brahimsha, Krave and Smashmallow founder Jon Sebastiani and SnackNation CEO Sean Kelly on efforts to innovate within the snack food industry with healthier options.

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Sit Fixed Income Advisors LLC. Senior V.P. Bryce Doty on how investors should allocate their portfolios in this market environment and the impact of Federal Reserve policy and trade tensions with China.

Portfolio allocation strategies for this market environment Sit Fixed Income Advisors LLC. Senior V.P. Bryce Doty on how investors should allocate their portfolios in this market environment and the impact of Federal Reserve policy and trade tensions with China. Other stories about: Portfolio allocation strategies for this market environment

Yankuang Group Co. Ltd. And Its Guaranteed Notes Assigned 'BB' Rating; Outlook Stable

Yankuang Group has high financial leverage and significant dependence on a single commodity. Meanwhile, the company benefits from its rich coal reserves, mid-large production scale, and geographically diversified operations. We see a high likelihood that Yankuang Group will receive timely and sufficient extraordinary support from China's Shandong provincial government in case of financial distress. We are assigning our 'BB' long-term issuer credit rating to Yankuang Group and our 'BB' long-term issue rating to the proposed U.S. dollar senior unsecured notes that the coal miner guarantees. The stable outlook reflects our view that Yankuang Group's leverage will remain high over the next 12 months. We also expect the company to continue to have a high likelihood of receiving extraordinary government support when needed. HONG KONG (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings assigned its 'BB' long-term issuer credit rating

Capital Infusion Eases Regulatory Strain On IDBI Bank; 'BB/B' Ratings Taken Off CreditWatch And Affirmed

IDBI Bank has announced that it received INR145 billion in fresh capital from LIC on Dec. 28, 2018. This capital infusion is part payment for LIC's proposed acquisition of a 51% controlling stake in the India-based bank. We believe this capital infusion will help IDBI Bank meet its regulatory requirement. The bank's capital ratios have been below the regulatory minimum requirements since June 2018. We are affirming our 'BB/B' foreign currency issuer credit ratings on IDBI Bank, and the 'BB' long-term issue rating on the notes issued by the bank's Dubai branch. We are removing the ratings from CreditWatch, where they were placed with negative implications on Aug. 17, 2018. The stable outlook on IDBI Bank reflects our expectation that the capital infusion will help the bank meet its regulatory capital on a sustained basis. We also believe that the likelihood of government support to the bank is very high. SINGAPORE (S&P Global Ratings) Ja

PwC Partner Mitch Roschelle on the state of U.S. consumer and corporate debt and their potential impact on the economy.

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Apple lowered its first-quarter guidance on weaker-than-expected iPhone sales and China's weakening economy, but is that the whole story? Benchmark Managing Partner Kevin Kelly, Fox News contributor Richard Fowler and FBN's Deirdre Bolton with more.

Concerns about Apple not just a China story? Apple lowered its first-quarter guidance on weaker-than-expected iPhone sales and China's weakening economy, but is that the whole story? Benchmark Managing Partner Kevin Kelly, Fox News contributor Richard Fowler and FBN's Deirdre Bolton with more. Other stories about: Concerns about Apple not just a China story?