S&P Lowers Outlook on Valmont Industries (VMI) to Negative; Sees Persistent Headwinds Over Next ~2 Years Aug 28, 2015 02:09PM

Standard & Poor's Ratings Services said it revised its outlook on the corporate credit rating on Valmont Industries (NYSE: VMI) to negative from stable. At the same time, we affirmed our 'BBB+' corporate credit rating on the company and our 'BBB+' issue-level rating on its senior unsecured notes.

"The negative outlook reflects our view that the recent headwinds Valmont has experienced in a number of its end markets will persist over the next 12 to 24 months, which could... (continue reading...)


S&P Affirms Ratings on Phoenix Cos. (PNX); Sees Continuing to Strengthen Weak Financial Profile Aug 28, 2015 11:54AM

Standard & Poor's Ratings Services said that it affirmed its ratings on Phoenix Cos. Inc. (NYSE: PNX)(Phoenix) and its operating subsidiaries (Phoenix Life Insurance Co. [PLIC] and PHL Variable Insurance Co. [PHLVIC]), including our 'B-' long-term counterparty credit rating on Phoenix and our 'B+' long-term counterparty credit and financial strength ratings on its operating subsidiaries. We removed our ratings on PLIC from CreditWatch Developing and our rating on PHLVIC... (continue reading...)


CRH plc (CRH) Ratings Affirmed by Fitch Following Plans to Acquire C.R. Laurence Aug 28, 2015 11:29AM

Fitch Ratings has affirmed Ireland-based building materials company CRH plc's (NYSE: CRH) Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. It has also downgraded the Short-term IDR to 'F3' from 'F2'. All ratings have been removed from Rating Watch Negative. The Outlook is Negative. This follows the group's announcement of its agreement to purchase C.R. Laurence Co., Inc (CRL) for a total consideration of USD1.3bn (EUR1.2bn).

The 'BBB' senior... (continue reading...)


Moody's Downgrades ADP's (ADP) Issuer Rating to 'Aa3'; Outlook Stable Aug 28, 2015 11:20AM

Moody's Investors Service ("Moody's") downgraded Automatic Data Processing, Inc.'s (Nasdaq: ADP) Issuer Rating to Aa3 from Aa1. As part of the rating action, Moody's downgraded the senior unsecured rating on a revenue bond backed by ADP to Aa3 from Aa1, and affirmed the company's P-1 Short-term Rating. The rating outlook remains stable.

RATINGS RATIONALE

The downgrade of ADP's ratings follows the company's announcement that it is planning a $2 billion debt issuance with... (continue reading...)


S&P Cuts Halcón Resources (HK) to 'SD' Following Debt Exchange Deal Aug 28, 2015 11:14AM

On Aug. 28, 2015, Standard & Poor's Ratings Services lowered its corporate credit rating on Oklahoma City-based Halcón Resources (NYSE: HK) Corp. to 'SD' (selective default) from 'B-'.

We also lowered the issue-level rating on the company's senior unsecured notes due 2020, 2021, and 2022 to 'D' from 'CCC'. The recovery rating on the senior unsecured notes remains '6', reflecting our expectation of negligible (0% to 10%) recovery in the event of a conventional default.... (continue reading...)


More Credit Ratings

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Aug 27, 2015 05:17PM S&P Affirms Ratings on World Acceptance (WRLD) Following NORA Letter
Aug 27, 2015 02:32PM S&P Downgrades SFX Entertainment (SFXE) to 'CCC'; Liquidity, Cash Flow Primary Keys to Rating
Aug 27, 2015 10:52AM Fitch Raises J.C. Penney (JCP) IDRs to 'B-'; Outlook Stable
Aug 27, 2015 10:15AM Best Buy (BBY) IDR Upgraded to Investment Grade by Fitch
Aug 26, 2015 04:42PM Moody's Places Cameron (CAM) on Review for Upgrade (SLB)
Aug 26, 2015 12:38PM S&P Downgrades Triumph Group (TGI) to 'BB'; Outlook Negative
Aug 26, 2015 11:23AM Hubbell (HUB-A) Outlook Revised to Negative by S&P
Aug 25, 2015 12:35PM Greif (GEF) CFR Downgraded to 'Ba2' by Moody's
Aug 25, 2015 12:15PM S&P Lowers Outlook on United Technologies (UTX) to Negative; May Downgrade if Balance Sheet Doesn't Improve
Aug 25, 2015 11:41AM Moody's Affirms Ratings, Outlook on Science Applications Int'l (SAIC) Following Review
Aug 25, 2015 09:37AM S&P Downgrades GOL Linhas Aereas Inteligentes SA (GOL) to 'B-'; Outlook Stable
Aug 24, 2015 04:57PM S&P Lowers Outlook on Southern Co. (SO) to Negative Amid Plans to Acquire AGL
Aug 24, 2015 04:42PM Southern Co. (SO) Places on Watch Negative by Fitch Following AGL Resources Acquisition Announcement
Aug 24, 2015 04:14PM S&P Afirms Global Scale, Brazil National Scale Ratings on Gerdau SA (GGB)
Aug 24, 2015 02:19PM Moody's Lifts Outlook on Newell Rubbermaid (NWL) to Positive; Ratings Affirmed
Aug 24, 2015 02:04PM Solera Holdings (SLH) Placed on CreditWatch Negative by S&P Amid Plans for Strategic Review
Aug 24, 2015 11:21AM Moody's Upgrades Best Buy (BBY) to 'Baa1'; Notes Changes to Capitalizing Operating Leases Approach
Aug 21, 2015 02:21PM S&P Downgrades Gulfmark Offshore (GLF) to 'B-'; Outlook Stable
Aug 21, 2015 11:34AM S&P Downgrades Wesco Aircraft (WAIR) to 'B+'; Poor Earnings Tighten Leverage Covenants on Revolving Facility
Aug 21, 2015 09:05AM Coated Paper, Pulp Production Capacity Reduction Will Further Weaken Verso Paper's (VRS) Liquidity - Moody's
Aug 20, 2015 03:39PM S&P Upgraded Middlesex Water (MSEX) to 'A'; Follows Recent Increase in Water Base Rates
Aug 20, 2015 12:32PM S&P Upgrades Gulfport Energy (GPOR) to 'B+'; Notes Ability to Meet Public Guidance
Aug 20, 2015 12:07PM Moody's Sees Valeant Pharma's (VRX) Sprout Acquisition as Credit-Negative Event
Aug 20, 2015 11:18AM S&P Upgrades Synovus Financial (SNV) to 'BB+'; Outlook Stable
Aug 20, 2015 09:57AM S&P Affirms Ratings on Mondelez Int'l (MDLZ) Following Spin of Coffee Business
Aug 19, 2015 11:32AM S&P Revises Business Risk Profile on PGT, Inc. (PGT) to 'Weak'; Affirms Ratings
Aug 18, 2015 05:20PM Aramark Services's (ARMK) Common Stock Buyback is Credit-Negative Development - Moody's
Aug 18, 2015 04:04PM Fitch Upgrades Greece to 'CCC'
Aug 18, 2015 03:37PM Surgery Center's IPO Filing is Credit-Positive Development - Moody's
Aug 18, 2015 01:56PM Moody's Affirms Ratings on BB&T (BBT) Following National Penn Bancshares Acquisition Announcement
Aug 18, 2015 12:36PM Fitch Affirms Ratings on Lexmark (LXK); Includes Undrawn Portion of $500M Revolving Facility
Aug 18, 2015 10:00AM Townsquare Media (TSQ) Corp. Rating Affirmed by S&P; Senior Unsecured Debt Downgraded
Aug 17, 2015 04:47PM S&P Upgrades General Dynamics (GD) to 'A+'; Int'l Business Replacing Lost U.S. Military Sales
Aug 17, 2015 03:00PM Liberty Interactive (QVCA) Ratings Unaffected on zulily (ZU) Acquisition Announcement - Moody's
Aug 17, 2015 12:39PM Flowers Foods (FLO) Ratings Affirmed by Fitch Following Move to Acquire Dave's Killer Bread
Aug 17, 2015 11:50AM Moody's Places Pentair's (PNR) Ratings on Watch for Downgrade
Aug 17, 2015 10:44AM S&P Lowers Outlook on Pentair Ltd. (PNR) to Negative Following Planned ERICO Acquisition
Aug 14, 2015 11:32AM Moody's Upgrades Crown Castle (CCI) to 'Ba1'; Notes Recent Strong Performance, Leverage Reduction
Aug 14, 2015 11:01AM Moody's Sees Chesapeake's (CHK) G&T Costs as 'Significantly' Higher than Nat Gas Peers; Will Pressure Margins
Aug 14, 2015 07:18AM S&P Lowers Outlook on Rowan Cos. (RDC) to Negative; Following Utilization, Dayrate Assumption Adjustments
Aug 14, 2015 07:16AM Moody's: Alibaba's (BABA) Q116 Results Support 'A1' Rating
Aug 13, 2015 02:34PM Moody's Lowers Outlook on Terex (TEX) to Stable; Ratings Affirmed
Aug 13, 2015 12:22PM S&P Places Terex (TEX) on Review for Downgrade Following Konecranes Merger News
Aug 13, 2015 11:29AM S&P Downgrades GrafTech (GTI) to 'B+'; Notes Highly-Leverages Financial Risk Profile
Aug 13, 2015 10:59AM Moody's Downgrades ONEOK (OKE) to 'Ba1'; ONEOK Partners (OKS) Ratings Affirmed
Aug 12, 2015 05:19PM American Apparel (APP) Downgraded to 'Caa3' by Moody's
Aug 12, 2015 05:15PM S&P Downgrades Titan Int'l (TWI) to 'B-'; Reflects Weak Credit Measures
Aug 12, 2015 03:20PM S&P Lowers Outlook on RCS Capital (RCAP) to Negative
Aug 12, 2015 12:20PM Fitch Assigns Long-, Short-Term IDRs to Hewlett-Packard (HPQ) Ahead of Separation
Aug 12, 2015 11:34AM Moody's Downgrades Barrick Gold (ABX) to 'Baa2'; Outlook to Stable
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