Fitch Ratings Downgrades U.K. to AA from AA+ Jun 27, 2016 04:06PM

Fitch Ratings has downgraded the United Kingdom's Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) to 'AA' from 'AA+'. The Outlooks are Negative. The issue ratings on the UK's senior unsecured Foreign and Local Currency bonds have also been downgraded to 'AA' from 'AA+'. The Country Ceiling has been affirmed at 'AAA' and the Short-Term Foreign Currency IDR at 'F1+'.Under EU credit rating agency (CRA) regulation, the publication of sovereign reviews is... (continue reading...)

S&P Downgrades Bon-Ton Stores (BONT) to 'CCC'; Outlook is Negative Jun 27, 2016 03:53PM

S&P Global Ratings lowered its corporate credit rating on the The Bon-Ton Stores Inc. (Nasdaq: BONT) to 'CCC' from 'CCC+'. The outlook is negative.

At the same time, we lowered the issue-level rating on the company's second-lien senior secured notes to 'CCC-' from 'CCC;, commensurate with the corporate credit rating. The '5' recovery rating remains unchanged, indicative of our expectation for modest recovery toward the lower end of the 10% to 30% range in the event of... (continue reading...)

S&P Upgrades Timken (TKR) to 'BBB'; Outlook is Stable Jun 27, 2016 03:25PM

S&P Global Ratings said that it has raised its corporate credit rating on Canton, Ohio-based Timken Co. (NYSE: TKR) to 'BBB' from 'BBB-'. The outlook is stable.

At the same time, we raised our issue-level ratings on the company's debt to 'BBB' from 'BBB-'.

"We upgraded Timken Co. to reflect that we have revised our assessment of its financial risk profile to modest from intermediate," said S&P Global credit analyst Daniel Lee. The company has been able to maintain stable... (continue reading...)

Jabil Circuit (JBL) Ratings Affirmed by Fitch; Outlook Raised to Positive Jun 27, 2016 03:00PM

Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) and senior unsecured ratings on Jabil Circuit, Inc. (Nasdaq: JBL; Jabil) at 'BBB-'. The Rating Outlook has been revised to Positive from Stable. The affirmation affects $2.3 billion of total debt outstanding as of Feb. 29, 2016. A complete list of rating actions follows at the end of this release.

The affirmation reflects Jabil's substantial scale and scope in the electronic manufacturing services (EMS)... (continue reading...)

UK cut to AA from AAA at S&P; Outlook Negative Jun 27, 2016 01:45PM

(Updated - June 27, 2016 1:45 PM EDT)

UK cut to AA from AAA at S&P; Outlook Negative

From S&P:

  • In the nationwide referendum on the U.K.’s membership of the European Union (EU), the majority of the electorate voted to leave the EU. In our opinion, this outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the U.K. We have reassessed our view of the U.K.'s institutional assessment and now no longer consider it a strength... (continue reading...)

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Jun 24, 2016 06:57AM U.K Vote Has No Immediate Effect on Domestic Banks - S&P
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