S&P Affirms Ratings on World Acceptance (WRLD) Following NORA Letter Aug 27, 2015 05:17PM

Standard & Poor's Ratings Services said that yesterday it affirmed its 'B+' issuer credit rating on World Acceptance (NASDAQ: WRLD). The outlook remains negative.

"Regulatory risk has escalated for World Acceptance and other nonbank finance companies that target the deep subprime sector of consumer finance," said Standard & Poor's credit analyst Shakir Taylor.

On Aug. 7, World Acceptance received a Notice and Opportunity to Respond and Advise (NORA) letter notifying the... (continue reading...)


S&P Downgrades SFX Entertainment (SFXE) to 'CCC'; Liquidity, Cash Flow Primary Keys to Rating Aug 27, 2015 02:32PM

Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on SFX Entertainment Inc. (Nasdaq: SFXE) to 'CCC' from 'B-'. The rating outlook is negative.

At the same time, we lowered our issue-level rating on the company's senior secured second-lien loan to 'CCC' from 'B-' and revised the recovery rating to '4' from '3'. The '4' recovery rating indicates our expectation for average recovery (30%-50%; upper half of the range) of principal in... (continue reading...)


Fitch Raises J.C. Penney (JCP) IDRs to 'B-'; Outlook Stable Aug 27, 2015 10:52AM

Fitch Ratings has upgraded the Issuer Default Ratings (IDRs) of J.C. Penney Co., Inc. and J.C. Penney Corporation, Inc. (NYSE: JCP) to 'B-' from 'CCC'. The Rating Outlook is Stable. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

A pathway to $1 billion in EBITDA: J.C. Penney has demonstrated a meaningful turnaround in its business over the last seven quarters and Fitch expects the company to generate EBITDA of approximately $650... (continue reading...)


Best Buy (BBY) IDR Upgraded to Investment Grade by Fitch Aug 27, 2015 10:15AM

Fitch Ratings has upgraded its long-term Issuer Default Rating (IDR) on Best Buy (NYSE: BBY) (Best Buy) to 'BBB-' from 'BB'. The Rating Outlook is Stable. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERSThe upgrade reflects Fitch's expectation that management's successful focus on higher margined products and services, coupled with expense reductions, will allow annualized EBITDA to remain at or above $2 billion. At this level,... (continue reading...)


Moody's Places Cameron (CAM) on Review for Upgrade (SLB) Aug 26, 2015 04:42PM

Moody's Investors Service (Moody's) placed the Baa1 senior unsecured ratings of Cameron (NYSE: CAM) (Cameron) under review for upgrade following the announcement of a definitive agreement to be acquired by Schlumberger Limited (Schlumberger, Aa3 stable) in a stock and cash transaction valued at $14.8 billion. The review for upgrade is based on the potential benefit of Cameron's debt being supported by the stronger credit profile and greater financial flexibility of... (continue reading...)


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