S&P Cuts Vale S.A. (VALE) to 'BBB+'; Sees Risk Profile Weakening Over Next Few Years Jan 23, 2015 03:24PM

Standard & Poor's Rating Services lowered its ratings on Vale S.A. (NYSE: VALE to 'BBB+' from 'A-'. The outlook is stable. At the same time, we lowered our senior unsecured rating on Vale's subsidiary, PT Vale Indonesia Tbk, to 'BBB+' from 'A-'. Vale fully guarantees these notes.

The downgrade reflects our expectation that Vale's financial risk profile will weaken in the next two years to levels incompatible with our previous rating. The downgrade also follows our... (continue reading...)


City National Corp. (CYN) Ratings Placed on CreditWatch Positive by S&P (RY) Jan 23, 2015 03:14PM

Standard & Poor's Ratings Services said today that is has placed its 'BBB+/A-2' counterparty credit ratings on City National Corp. (NYSE: CYN) on CreditWatch with positive implications.

"The CreditWatch positive placement follows Royal Bank of Canada's (AA-/Negative/A-1+) announcement that it has agreed to acquire the bank," said Standard & Poor's credit analyst Rian Pressman. As announced, the $5.4 billion purchase price will include a payment of cash and stock to City... (continue reading...)


Ocwen Financial (OCN) Affiliate Said to Default on Debt (HLSS) Jan 23, 2015 01:36PM

(Updated - January 23, 2015 1:36 PM EST)

BlueMountian Capital claimed "misconduct" by Ocwen Financial (NYSE: OCN) triggered a default on affiliate Home Loan Servicing Solutions (NASDAQ: HLSS) debt. A press release from earlier today is below.

BlueMountain Capital Management, LLC, the investment manager of funds that hold certain Series 2012-T2 and Series 2013-T3 Notes issued in connection with the HLSS Servicer Advance Receivables Trust (the "HSART Trust"), today... (continue reading...)


Moody's Cuts Atlantic City, NJ's, GO Rating to 'Caa1'; Outlook Negative Jan 23, 2015 12:23PM

Moody's Investors Service has downgraded Atlantic City's GO debt to Caa1 with a negative outlook from Ba1. This action resolves the review for possible downgrade that we initiated in December 2014. The city currently has $344 million of outstanding long-term GO debt and $397 million of total debt.

SUMMARY RATING RATIONALE

The downgrade to Caa1 reflects the appointment of an emergency management team of two bankruptcy specialists mandated to consider debt restructuring,... (continue reading...)


Peabody Energy (BTU) Outlook to Negative at S&P; Depressed Coal Prices Expected to Continue Jan 23, 2015 11:35AM

Standard & Poor's Ratings Services said today it revised the rating outlook on St. Louis-based Peabody Energy Corp. (NYSE: BTU) to negative from stable. We also affirmed our 'BB-' corporate credit rating on the company. At the same time, we affirmed our 'BB' issue-level rating on the company's senior secured debt. The '2' recovery rating on the debt indicates our expectation of a substantial (70% to 90%) recovery in the event of a payment default. In addition, we... (continue reading...)


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Jan 23, 2015 06:54AM Taseko Mines (TGB) Rating Lowered to 'B-' by S&P
Jan 22, 2015 02:53PM S&P Affirms American Realty Capital Properties (ARCP) Ratings Following Recent Bondholder Actions
Jan 22, 2015 01:14PM Google (GOOG) Deal Could Have Negative Credit Implications for Sprint (S), T-Mobile (TMUS) and DISH (DISH) - Citi
Jan 21, 2015 03:47PM Regal Entertainment Group (RGC) Removed from CreditWatch Negative by S&P
Jan 21, 2015 11:39AM S&P Raises Outlook on Nexstar Broadcasting (NXST) to Positive; Ratings Affirmed
Jan 20, 2015 03:52PM Moody's Lowers Outlook on Kennametal (KMT) to Negative
Jan 20, 2015 03:46PM S&P Downgrades Endo Int\'l (ENDP) to 'B+'; Removes from CreditWatch Negative
Jan 20, 2015 02:13PM S&P Affirms Zayo Group (ZAYO) Ratings Amid Latisys Acquisition
Jan 20, 2015 10:30AM Parkway Properties (PKY) Assigned 'BBB-' Rating by S&P; Outlook Stable
Jan 16, 2015 04:11PM Fitch Revises Outlook on Greece to Negative; Affirms at 'B'
Jan 16, 2015 03:39PM Southwestern Energy's (SWN) Ratings Affirmed by Fitch; Outlook Stable
Jan 16, 2015 02:25PM S&P Removes General Cable (BGC) from CreditWatch Negative; Affirms 'BB-' Corp. Rating
Jan 16, 2015 11:03AM S&P Moves Outlook on Home Loan Servicing Solutions (HLSS) to Negative (OCN)
Jan 15, 2015 05:28PM Pilgrim's Pride (PPC) Ratings Affirmed by S&P Following Special Dividend
Jan 15, 2015 04:57PM Moody's Lowers Caesars Entertainment PDR to D-PD on Chapter 11 Filing (CZR)
Jan 15, 2015 12:24PM S&P Cuts Koppers (KOP) to 'B+'; Performance Chemicals, Railroad Earnings to Offset Other Segments
Jan 15, 2015 11:19AM Moody's Lifts Outlook on Valeant Pharma (VRX) to Positive
Jan 15, 2015 10:56AM Target (TGT) Ratings Reaffirmed by S&P Amid Exit from Canadian Market
Jan 14, 2015 04:58PM Envision Healthcare (EVHC) Acquisition Announcement is Credit-Negative Event - Moody's
Jan 14, 2015 12:37PM Ocwen Financial (OCN), Altisource (ASPS), Home Loan Servicing (HLSS) Ratings Cut by Moody's
Jan 14, 2015 12:14PM TTM Technologies (TTMI) Rated 'B2' by Moody's; Outlook Stable
Jan 14, 2015 09:42AM S&P Upgrades Textron (TXT) to 'BBB/A-2'; Outlook Stable
Jan 14, 2015 07:42AM UPDATE: S&P Cuts Tesco plc to Junk; Outlook Stable
Jan 14, 2015 07:37AM S&P Raises Sabra Health Care REIT (SBRA) to 'BB-'; Outlook Stable
Jan 13, 2015 02:46PM Citi (Credit) Upgrades Advanced Micro Devices (AMD) to Marketweight
Jan 13, 2015 02:23PM Suncoke Energy Partners (SXCP) Ratings Unaffected on $200M Notes Add-On Offering - S&P
Jan 13, 2015 11:46AM Banco Santander's (SAN) Recent Capital Raise is Positive for Credit Profile - Fitch
Jan 13, 2015 10:28AM HCA Holdings (HCA) Corp. Credit Rating Raised to 'BB' by S&P
Jan 13, 2015 08:56AM S&P Cuts Southwestern Energy (SWN) Ratings to 'BBB-' Following Marcellus Shale Deal
Jan 13, 2015 07:54AM Moody's Cuts Venezuela to 'Caa3'; Outlook Raised to Stable
Jan 12, 2015 05:06PM Duff & Phelps (DUF) Ratings Affirmed by Moody's Amid Intention to Borrow $160M
Jan 12, 2015 05:00PM AmerisourceBergen (ABC) Ratings Affirmed by S&P Following MWI Veterinary Supply (MWIV) Announcement
Jan 12, 2015 09:20AM S&P Lowers Outlook on DuPont (DD) to Negative; Activist Investor Poses Potential Credit Risk
Jan 9, 2015 04:10PM Russia Downgraded to BBB- from BBB by Fitch; Outlook Negative
Jan 9, 2015 01:54PM Westmoreland's (WLB) Ratings Unaffected by Buckingham Coal Acquisition, $50M Loan Add-On - S&P
Jan 9, 2015 01:45PM MeadWestvaco (MWV) Chemical Business Spin is Credit-Negative Event - Moody's
Jan 9, 2015 12:40PM Moody's Raises Outlook on Aircastle (AYR) to Positive
Jan 8, 2015 03:39PM Moody's Cuts Tesco plc to Junk
Jan 8, 2015 02:29PM S&P Lowers Verso Paper Holdings (VRS) to 'SD' Following Conclusion of NewPage Deal
Jan 8, 2015 12:41PM Family Dollar Stores (FDO) Remains on CreditWatch Negative; Qtr. Results Highlight Segment Challenges - S&P
Jan 8, 2015 11:23AM Brocade's (BRCD) Ratings Not Affected by $500M Conv. Note Issuance - S&P
Jan 7, 2015 03:58PM S&P Places Transocean (RIG) on CreditWatch Negative Following Reassessment
Jan 7, 2015 06:34AM S&P Upgrades Lionsgate (LGF) to 'BB-'; Sees Improving Revenue, Cash Flow Visibility
Jan 6, 2015 01:39PM Moody's Reviews Transocean's (RIG) Rating for Downgrade
Jan 6, 2015 12:12PM Drop in Macau Revs is Credit-Negative for Melco Crown (MPEL), MCE Finance, Studio City Finance - Moody's
Jan 6, 2015 12:04PM S&P Lowers Outlook on NCI Building Systems (NCS) to Negative; Affirms 'B+' Corp. Rating
Dec 29, 2014 02:57PM American Realty Capital Properties (ARCP) Remains on CreditWatch Negatve at S&P
Dec 26, 2014 08:33AM DoJ Anti-Kickback Suit is Credit-Negative Event for Omnicare (OCR) - Moody's
Dec 24, 2014 07:34AM Radian Group (RDN) Placed on Review for Upgrade by Moody's (AGO)
Dec 23, 2014 05:11PM Fitch Downgrades Ocwen Financial (OCN) to 'B-'; Outlook Negative
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