Local retailers show resilience in tough times, says Nurek Jun 17, 2009
"I am encouraged by the combination of data which shows that not only are we experiencing fairly rapid reductions in interest rates, but household debt is coming down. So at the macroeconomic level, the general creditworthiness of consumers should improve. This means customers will continue to buy. "We have a robust economy, and our real potential depends on how well the public and private sectors can work together as well as independently of each other We should remember, however, that our... (Business Report, South Africa)
Space Systems/Loral Selected to Provide New Satellite to Hughes for High-Speed Internet Access in North America Jun 17, 2009
Risks and uncertainties include but are not limited to (1) risks associated with financial factors, including the global economic downturn, our history of losses and financial covenants in SS/L's credit agreement; (2) risks associated with satellite manufacturing, including competition, contractual risks, creditworthiness of customers, performance of suppliers and management of our factory and personnel; (3) regulatory risks, such as the effect of U.S. export control and economic sanction laws;... (Primezone Releases)
Homebuyer tax credit eludes Mississippians Jun 16, 2009
And while the tax credit program can be a good solution for some, Ken Cyree, dean of the University of Mississippi's business school, said relying on a down payment loan means the borrower may make no personal financial investment into the purchase, something that would not reflect well on the applicant's creditworthiness. "If people are creditworthy, and they are getting this house, that could be a wonderful thing," Cyree said. (The Clarion-Ledger)
CFTC Ponders Greater Oversight Jun 5, 2009
Derivatives are financial instruments used to make bets on or hedge against changes in interest rates, currencies or creditworthiness. lect. (New York Post -- Business)
CONSOL Energy Will Restart Buchanan Mine Jun 4, 2009
These risks, uncertainties and contingencies include, but are not limited to: the deteriorating economic conditions; an extended decline in prices we receive for our coal and gas affecting our operating results and cash flows; reliance on customers honoring existing contracts, extending existing contracts or entering into new long-term contracts for coal; reliance on major customers; our inability to collect payments from customers if their creditworthiness declines; the disruption of rail,... (PR Newswire)
Geithner Gets a Warmer Reception in China Jun 3, 2009
"I actually haven't been asked about it ," Geithner said, perhaps chafing a bit at the presumption that the U.S. needs to reassure the Chinese of its creditworthiness ... At the annual meeting of China's National People's Congress in Beijing, Wen said, "We have lent a massive amount of capital to the United States, and of course we are concerned about the security of our assets. To speak truthfully, I do indeed have some worries. So I call on the United States to maintain its creditworthiness,... (Time.com)
Dollar soars above 80 US cents May 30, 2009
The US dollar weakened versus 15 of the 16 most-traded currencies today after South Korea said its national pension fund plans to hold fewer US Treasuries relative to other assets, renewing concern record debt sales will undermine the country's creditworthiness. Equities, commodities. (Sydney Morning Herald -- Business)
Bloated U.S. Consumer Unfit for Recovery Marathon: David Reilly May 29, 2009
Falling incomes lead to the collective creditworthiness getting worse, he added. Couple that with crimped lending by banks, and consumers face a sea change in terms of their use of debt, Basile said. (Bloomberg -- Columnists)
Australian Dollar Heads for Record Monthly Advance After Commodities Surge May 29, 2009
The U.S. dollar weakened versus 14 of the 16 most-traded currencies after South Korea said its national pension fund plans to hold fewer U.S. Treasuries relative to other assets, renewing concerns that record U.S. debt sales will undermine the countrys creditworthiness. Equities, Commodities. (Bloomberg -- Australia & New Zealand)
Dollar Weakens, Heads for Monthly Loss, as Stock Gains Spur Yield Demand May 29, 2009
5 percent this month as the decision by South Koreas pension fund renewed concerns that record U.S. debt sales will undermine the countrys creditworthiness. The report of the Korean pension funds plan to reduce its weighting of U.S. Treasuries triggered buying of the euro against the dollar, said , director of foreign- exchange Sales in Tokyo at NTT SmartTrade Inc., a unit of Nippon Telegraph & Telephone Corp. With the dollar still sensitive to speculation related to its debt, the... (Bloomberg -- Japan)
Wis. banks see rise in lending, profits May 28, 2009
But, the recession is clearly impacting commercial and retail borrowers creditworthiness as well as overall loan demand. Bauer also noted factors outside of a bank s control that influence credit availability, including the skyrocketing increase in the cost of FDIC deposit insurance for banks, mark-to-market accounting rules, a recent 15 percent state corporate income tax increase, intense regulatory pressure to tighten lending standards and to add to loan-loss reserves, and the exit of many... (Milwaukee Business Journal, WI)
MOODY'S AFFIRMS US TOP RATING May 28, 2009
Moody's Investors Service affirmed its top credit rating for the United States yesterday, amid concerns in financial markets that a rising debt burden could threaten the creditworthiness of the world's largest economy. But the rating agency warned if the US failed to reduce current debt levels once economic growth returns, the Aaa credit grade could eventually come under pressure. (New York Post -- Business)
Is America still AAA?: Não May 27, 2009
Yet somehow the process does not work in reverse, even though there are several independent rating agencies based in the bigger emerging markets that are capable of judging sovereign creditworthiness. This may be about to change. (The Economist)
KC Grupp Reports Estonia's Credit Rating Unchanged According to Moody's and Standard & Poor's May 26, 2009
According to Moody's, the creditworthiness of the Estonian government will most probably survive the deep and possibly long economic decline. The agency noted that the government works hard to keep the budget deficit under control, liquidity is guaranteed and the government is relatively well isolated from the problems of the banking sector. (PR Newswire)
Japan's Bonds Head for Longest Losing Run in 2 Weeks as 20-Year Sale Looms May 25, 2009
The between 10-year Japanese and U.S. debt expanded to the widest in six months last week on concern the creditworthiness of the U.S. will diminish amid record budget deficits. Therell be a bearish tone in the market, said , a senior market economist at Mizuho Investors Securities Co. in Tokyo. (Bloomberg -- Japan)
Brown Goes `Full Circle' as Exploding Debt Casts Doubt on U.K. Bond Rating May 24, 2009
Yesterday, U.S. Treasury Secretary committed to cutting the budget deficit as concern about deteriorating creditworthiness deepened. Britains debt next year will be 66. (Bloomberg)
Dollar Slips Beyond $1.40 Versus Euro on Concern U.S. Credit Deteriorated May 24, 2009
40 against the euro for the first time since January on concern U.S. creditworthiness deteriorated and near-zero borrowing costs made the nations assets less attractive to investors. The yen touched a nine-week high versus the dollar after Japans Finance Minister said the government wont intervene in the currency market and the raised its economic assessment. (Bloomberg -- Japan)
Gilts Post Biggest Weekly Drop Since March as S&P Says U.K. May Lose AAA May 24, 2009
Gilts Slide After S&P Outlook Prompts Creditworthiness Concern - Bloomberg ... Gilts Slide After S&P Outlook Prompts Creditworthiness Concern ... Concern that the U.K.s creditworthiness is deteriorating sent the pound 0. (Bloomberg -- UK)
Canada Dollar Climbs to 7-Month High as Commodity-Linked Currencies Surge May 23, 2009
The ICEs U.S. dropped to the lowest this year on speculation the creditworthiness of the worlds largest economy is deteriorating. This fear is driving gains in the Canadian dollar in that its causing the U.S. dollar to slide, said , a Toronto-based futures and currency broker at MF Global Canada Co. Its pretty clear that the world continues to need hard assets, which Canada has. (Bloomberg -- Canada)
Australian, New Zealand Dollars at Seven-Month Highs on U.S. Debt Concerns May 23, 2009
May 22 (Bloomberg) -- The Australian and New Zealand dollars rose to seven-month highs as investors sold the U.S. currency on concern the Treasury Departments record debt sales will undermine the governments creditworthiness. Australias dollar headed for its 11th advance in 12 weeks as gained this week. (Bloomberg -- Australia & New Zealand)
Newsweek: Why can't we all get bailouts? May 23, 2009
Come Clean on Credit ScoresIf I understand this right, the Fair Isaac Corp. uses a top-secret formula to determine a number ("FICO") to indicate my creditworthiness. Banks, hospitals, landlords and employers all use it to figure out if I pay my bills. (MSNBC -- Business)
GMAC Financial Services Announces Key Capital and Liquidity Actions May 22, 2009
The agreement provides GMAC with credit support for certain losses that may be incurred during the transition period, which allows time for GMAC to evaluate the creditworthiness of each Chrysler dealer. As previously disclosed under the S-CAP program, GMAC is required to raise $11. (PR Newswire)
Dollar tumbles against euro on investors' unease about inflation May 22, 2009
"It appears inevitable that the underlying creditworthiness of the U.S. will slip below AAA status in the years ahead," wrote Douglas Porter, deputy chief economist of BMO Capital Markets. Still, some analysts see the dollar's slide in a more positive light. (USA Today -- Money)
Crude Oil Rises as Decline in Dollar Spurs Investor Demand for Commodities May 22, 2009
The declined on speculation the U.S. governments creditworthiness is weakening, sapping demand for the currency. Oil also climbed after an index of leading U.S. economic indicators rose 1 percent April, raising expectations of improved fuel demand. (Bloomberg -- UK)
Dollar Is Dirt, Treasuries Are Toast, AAA Is Gone: Mark Gilbert May 22, 2009
Using the definitions outlined by Standard & Poors, a one- step cut into the AA rated category would nudge the U.S.s creditworthiness into a very strong capacity to fulfill its commitments, just weaker than the extremely strong capabilities demanded of AAA rated borrowers. That seems an appropriately nuanced sanction -- albeit one that the rating companies might turn out to be too cowardly to impose. (Bloomberg -- Columnists)
BaFin Head Sanio Says Germany Well Able to Handle $270 Billion Toxic Debt May 22, 2009
BaFin lacked the information that many U.S.-originators didnt care enough about the creditworthiness of borrowers. Ratings Companies. (Bloomberg -- Germany)
Tenant-driven market leads to new and creative concessions May 19, 2009
Partnering and flexibility seem to be key, with how far a landlord is willing to go depending on the creditworthiness of the tenant. Aggressive terms, yes. (San Antonio Business Journal, TX)
Paul Singer's Hedge Fund Seeks PayDay in Default Swaps of Clear Channel May 15, 2009
Hedge funds, insurance companies and asset managers are now using them to speculate on the creditworthiness of companies, sending the amount of contracts outstanding to $28. 2 trillion as of May 8, according to the Depository Trust & Clearing Corp., which runs a central registry that captures most trading. (Bloomberg)
Canadian Hydro Announces Results for the First Quarter Ended March 31, 2009 May 14, 2009
Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements,... (CCNMatthews Press Releases)
Business.view: The more the merrier? May 13, 2009
In a system with fewer, bigger banks, customers are more likely to be doing all of their business with them; thus the banks should know much more about the creditworthiness of their customers than in a fragmented system in which people and companies placed deposits with one bank and borrowed from another. And having fewer banks to keep an eye on makes the lives of regulators easier. (The Economist)
DCP Midstream Partners Reports Solid First Quarter 2009 Results May 8, 2009
the creditworthiness of counterparties to our transactions. weather and other natural phenomena, including their potential impact on demand for the commodities we sell and our third-party-owned infrastructure. (PR Newswire)
Cinch Energy Corp. Releases First Quarter 2009 Results May 7, 2009
The Company manages exposure to credit risk by adopting credit risk guidelines approved by senior management that limit transactions according to counterparty creditworthiness. The Company routinely assesses the financial strength of its joint venture partners and customers, in accordance with the credit risk guidelines. (CCNMatthews Press Releases)
Sun Life Financial reports first quarter results May 7, 2009
We are strong, solid and sustainable. Strong business fundamentals are reflected in the quarter's higher premium revenues, exceptional fund performance at MFS and impressive sales momentum. (Canada Newswire)
ARC Energy Trust announces first quarter 2009 results May 7, 2009
When determining whether amounts that are past due are collectable, management assesses the creditworthiness and past payment history of the counterparty, as well as the nature of the past due amount. ARC considers all amounts greater than 90 days to be past due. (Canada Newswire)
US debt on default path May 7, 2009
In taking on an ever-greater mountain of such assets with extremely problematic creditworthiness and dubious value, sovereign debt is increasingly tainted as well ... As a result, we've seen this recent rally on Wall Street, but we've also seen the creditworthiness of US sovereign debt taking a big hit from the perspective of investor psychology and risk assessment. (Asia Times Online)
Home Capital's Strong First Quarter Sustains Momentum: Net Income up 24.9%; Return on Equity was 27.9%; Basic and Diluted Earnings per Share Reach $0.91 May 6, 2009
A methodology has been implemented by the Company to test the adequacy of the general allowance that takes into account asset quality, borrowers' creditworthiness, property location and past loss experience. The Company periodically reviews this general allowance methodology giving due consideration to changes in economic conditions, interest rates and local housing market conditions. (Canada Newswire)
Forum: Reducing the federal deficit will require hard choices May 5, 2009
The United States must increase its revenue or reduce expenses during the next decade in order to preserve its creditworthiness in the world financial markets. There are several ways to balance the federal budget. (Athens Banner-Herald)
Newsweek: How great credit helps you in a recession May 2, 2009
Lenders use it as a proxy for creditworthiness; the higher the score, the more likely the person holding it is to repay a loan. Though FICO started credit scoring in the late 1980s, there are now several different versions of credit scores calculated and sold by all three major credit bureausExperian, Equifax and. (MSNBC -- Business)
BBB warns of advance fee loan scams May 1, 2009
Legitimate lenders may guarantee firm offers of credit to credit-worthy consumers, but first they evaluate the consumer s creditworthiness and confirm the information in the application. The following businesses appear to be operating Advance Fee Loan scams in Massachusetts: Express Link Financial (Waltham, MA) Metro Financial (Boston, MA) Omega One Loans (Andover, MA) Priority Lending Service (Boston, MA) Pulman Financial Services (Malden, MA) Terrasan Financial Services (Boston, MA) Trusted... (Belmont Citizen Herald, MA)
Fresh Flesh Runs Screaming as Zombie Banks Drool Apr 30, 2009
In the perverse Alice-in-Wonderland world of accounting, banks will have to absorb additional writedowns as their creditworthiness improves. for example, wrote off $1. (Bloomberg -- Columnists)
Thomas Sowell: Inside the housing boom and bust Apr 30, 2009
As the St. Louis Post-Dispatch put it, "lending institutions are being far more conservative than they have to be in determining the creditworthiness of minorities.". Later, disastrous default rates and foreclosure rates among "the underserved population" who had been given mortgage loans to satisfy government quotas suggest that the old-fashioned mortgage qualifications that had been pooh-poohed in editorial offices had more basis than the crusades of politicians and the press. (Appeal Democrat, CA)
Thai lesson for the US Apr 29, 2009
US policymakers at the time thought the causes were endemic to Asian markets alone and many commentators dubbed the phenomenon "crony capitalism", where loans were often extended on personal ties rather than underlying creditworthiness. What took place in the US, we now know, was not much different. (Asia Times Online)
Massey Energy Reports First Quarter 2009 Operating Results Apr 29, 2009
Factors potentially contributing to such differences include, among others: the Company's cash flows, results of operation or financial condition; worldwide market demand for coal, electricity and steel; the successful completion of acquisition, disposition or financing transactions; future economic or capital market conditions; foreign currency fluctuations; governmental policies, laws, regulatory actions and court decisions affecting the coal industry or our customers' coal usage; competition... (PR Newswire)
Market Forecaster Apr 28, 2009
It s the first annual decline, after the market increased 100-fold over the previous seven years as investors used the derivatives to protect against bond losses and speculate on creditworthiness. Millions of lost jobs mean billions in lost tax revenue for the U.S. government, and billions in additional Treasury debt to fund a federal budget deficit that may soar to more than four times last year s record 454. (Midwest Bulls Eye, NE)
Another Chance To Prosper Apr 28, 2009
The key difference, according to Chief Executive Renaud Laplanche, is that Lending Club sets the interest rates for loans based on its own formula for assessing the creditworthiness of potential borrowers. "We think that is the best way," Laplanche said. (San Francisco Chronicle -- Technology)
Profits mask coming storm Apr 28, 2009
Remember, these big institutions all participated in one way or another in the grossly deceptive schemes and practices that created and artificially inflated fundamentally risky investment assets, grossly overstated their creditworthiness, and sold them on to unsuspecting investors - the massive swindle that brought us into this crisis in the first place, a crisis that emerged right on Wall Street itself. Hence, it is nothing for such firms and their accounting and credit rating accomplices to... (Asia Times Online)
AMCORE Financial, Inc. Reports 1st Quarter Results; Announces Corporate Restructuring Apr 28, 2009
These factors include, among others, the following possibilities: (I) heightened competition, including specifically the intensification of price competition, the entry of new competitors and the formation of new products by new or existing competitors; (II) adverse state, local and federal legislation and regulation or adverse findings or rulings made by local, state or federal regulators or agencies regarding AMCORE and its operations; (III) failure to obtain new customers and retain existing... (Primezone Releases)
Stress Test Scores `C' If Name Ends in `itigroup': Mark Gilbert Apr 28, 2009
April 23 (Bloomberg) -- Tomorrow, the U.S. authorities are scheduled to disclose the methodology for the stress tests that will gauge the creditworthiness of the 19 largest U.S. banks. Below are a few examples of the kinds of searching, penetrating questions the Treasury Department should ask. (Bloomberg -- Columnists)
Citigroup tops forecasts, but caution lingers Apr 19, 2009
7 billion mark-up caused indirectly by investors growing more worried about the bank's creditworthiness. Those worries decreased the value of Citigroup debt on the market. (AZCentral -- Business)
Bernanke: financial innovation needs regulation Apr 19, 2009
Lenders stopped worrying about the creditworthiness of borrowers and offered them ever-riskier mortgages. Many were made by commission-driven mortgage brokers, who had nothing to lose if the loan went bad. (The Star Online, Malaysia -- Business)
WHAT HE SAID: Read the speech Apr 18, 2009
As credit reporting advanced, models for credit scoring gradually emerged, allowing for ever-faster evaluation of creditworthiness, identification of prospective borrowers, and management of existing accounts. All these developments had their positive aspects, including for people in low- and moderate-income communities. (USA Today -- Money)
Pay up or your car engine will stop Apr 18, 2009
It's no mystery why interest in the gadgets soaring: the creditworthiness of American consumers is declining as they lose jobs in record numbers and find it harder to tap into home equity. Financially stretched consumers have to figure out what bills they are going to pay -- and what payments they have to postpone. (CNN -- Tech)
Thailand's Credit Rating Downgraded to BBB by Fitch Amid Political Turmoil Apr 16, 2009
The inability of successive governments to resolve disruptive civil unrest has led to a deterioration in Thailands creditworthiness, , an associate director in Fitchs sovereign group, said in the statement. Bangkok is in its fifth day of emergency rule following the breakup of anti-government riots that killed two and injured 135 people. (Bloomberg -- Asia)
Fiji tells Aussie banks to cut rates Apr 16, 2009
Fiji has looked to promote micro-finance in recent years as a path to growth, although former RBF governor Savenaca Narube noted borrower creditworthiness remained an issue in a speech made to a business forum last May. Commonwealth Bank of Australia (CBA) said it was reviewing the effect of the RBF's directives on its Fiji arm, Colonial Fiji, which specialises in banking, life insurance and health care. (Sydney Morning Herald -- Business)
SEC: Ratings Firms Need More Scrutiny Apr 16, 2009
The agencies are crucial financial gatekeepers, issuing ratings on the creditworthiness of public companies and securities. Their grades can be key factors in determining a company's ability to raise or borrow money, and at what cost which securities will be purchased by banks, mutual funds, state pension funds or local governments. (CBS News)
Fool's Goldman Tarnished By AIG Cash Apr 15, 2009
"Far from miscalculating the creditworthiness of AIG, we acted in a way which most people would think of as a good example of responsible risk management," van Praag wrote. Goldman's defensive posture seemed at odds with the 1. (New York Post -- Business)
* Standard & Poors lowers Taiwan rating Apr 15, 2009
Statement said Taiwans banking sector constitutes another weakness in the nations creditworthiness, despite the cushion offered by the nations strong net external asset position such as foreign reserves and current account surpluses as well as the dynamic and entrepreneurial information technology sector. Taiwans fragmented banking sector, with its comparatively low profitability, is another weak point in its credit fundamentals, Tan said. (Taipei Times, Taiwan -- World Business)
Japan Stocks: Aeon, Daikin, Funai, Gree, Ibiden, Marubeni, Softbank, Usen Apr 13, 2009
(1808 JT) climbed 16 percent to 73 yen, surging for a second day after Credit Suisse Group AG raised its rating on the contractor to outperform from neutral, as the inventory of completed condominiums declines and creditworthiness improves. (6501 JT) fell 3. (Bloomberg -- Japan)
Standard & Poor's Publishes White Paper on Credit Rating Agency Business Models Apr 13, 2009
Ratings exist first and foremost to provide investors with an independent view of creditworthiness and are one among many important tools for investors. Standard & Poor's constantly seeks to better understand the needs of investors where credit ratings are concerned. (PR Newswire)
More of this story» Apr 10, 2009
20 percent of credit reports were missing major credit, loan, mortgage or other consumer accounts that demonstrate the creditworthiness of the consumer. 26 percent of credit reports contained credit accounts that had been closed by the consumer but incorrectly remained listed as open. (Dowagiac News, MI)
Report: Downgrade All Municipal Bonds Apr 9, 2009
Moodys Investors Service assigned a negative outlook to the creditworthiness of all local governments in the United States, the agency said Tuesday, the first time it had ever issued such a blanket report on municipalities, the New York Times reports. The report signaled how severely the economic downturn was affecting towns, counties and school districts across the nation. (Newsmax)
SVB Financial Group Announces Selected Unaudited Preliminary Financial Results Expected for First Quarter 2009; Company to Host Conference Call to Discuss Preliminary Results Apr 8, 2009
Factors that could cause actual results to differ include, among others: (i) continued deterioration or other changes in the state of the economy or the markets in which the company conducts business or are served by the company, (ii) additional adjustments in the company's calculation of financial results or the application of accounting principles, including as a result of review of these preliminary estimates by the company's independent auditors, (iii) discovery of new information by the... (PR Newswire)
Being Morgan Stanley Means JPMorgan Wins as Credit Swaps Beat Shareholders Apr 7, 2009
The dichotomy gives New York-based , the second- biggest U.S. bank by assets, an advantage in over-the-counter derivatives and prime brokerage, where clients depend on a banks creditworthiness ... Bank creditworthiness isnt in the spotlight as much as it was in September and October, before the U.S. government provided capital to the nine biggest banks and started supplying federal guarantees on their new debt issues for three years. (Bloomberg)
Wagoner Didn't Deserve It Apr 2, 2009
Not surprisingly, then, during the same period the average creditworthiness of many Americans continued a two-decade decline. Crushing Price Pressures. (BusinessWeek)
AEP Prices New Common Stock Apr 2, 2009
COLUMBUS, Ohio, April 1 /PRNewswire-FirstCall/ -- American Electric Power (NYSE: ) announced today that it has priced a public offering of 60 million shares of common stock at $24. 50 per share for gross proceeds of approximately $1. (PR Newswire)
