Press Releases

Friday Volume Leaders: Cobalt International Energy Inc. (CIE), Alcatel-Lucent (ALU), Petroleo Brasileiro (PBR), Bank of America. (BAC) Feb 10, 2012 01:15PM

LAS VEGAS, NEVADA -- (MARKET WIRE) -- 02/10/12 -- RocketAlerts is a leading edge investment newsletter which provides you with real-time tracking data on the hottest stocks in the market. Our Stock Vector and Trajectory Analysis Team will tell you not only where the stocks are going and when they will get there but also how they're going to get there so that you can gain a tactical advantage and effectively plot a winning investment course.

While other newsletters overwhelm you with an array of conflicting information, we present you with only the pertinent facts organized in a coherent, easy to understand format so that your investment planning can be quick and effective. With our approach you will get not only all the facts but you will get them early enough to pre-position yourself for maximum gains. With our advanced analysis you will have the confidence to go full-throttle with your investments. To see how you can make your investments blast-off with our absolutely FREE Newsletter please visit our website: RocketAlerts.com.

RocketAlerts tracks these volume leaders: Alcatel-Lucent (ALU), Petroleo Brasileiro (PBR), Cobalt International Energy Inc. (CIE), Bank of America (BAC), Ford Motor Co. (F), General Electric Co. (GE), Citigroup Inc. ©, Sprint Nextel Corp. (S).

RocketAlerts is the Rocket Fuel for your Investment Portfolio. With timely, trusted and accurate information you will be able to boost your performance and make your investments take-off. At RocketAlerts we know that most investors will make the right choices if they have the right tools in their investment belt. We also know that most people are way too busy and simply don't have the time to spend hours searching for all the information they need to pick out the high-caliber opportunities to achieve their investment objectives. At RocketAlerts we do both the grunt work so you don't have to waste time and the detailed analysis leaving you with plenty of time to strategize.

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Contacts:
RocketAlerts.com
Editor
800-495-9870
contact@rocketalerts.com
http://www.RocketAlerts.com/

Source: RocketAlerts.com

Harper Government Announces Investment in Mining Engineering Technology Program Feb 10, 2012 01:15PM

SASKATOON, SASKATCHEWAN -- (MARKET WIRE) -- 02/10/12 -- The Honourable Lynne Yelich, Minister of State for Western Economic Diversification, today announced federal support for specialized equipment for the new Mining Engineering Technology program at the Saskatchewan Institute of Applied Science and Technology (SIAST).

She was joined by SIAST Dean of Technology, Jamie Hilts, at the Saskatchewan Mining Association's 46th Annual General Meeting to announce this $500,000 investment.

"Our Government's top priority remains the economy and job creation," said Minister Yelich. "That is why we are proud to invest in equipment for the new Mining Engineering Technology program at SIAST, which will create jobs in the rapidly-growing mining industry."

The program is the first of its kind in Saskatchewan and is designed to produce industry-ready engineering technologists who are prepared to handle the unique challenges found in Saskatchewan mines. This new program will help address a shortage of engineering technologists in the Saskatchewan mining industry.

"Several SIAST technology and trades programs support the mining industry, but this new program is the first dedicated exclusively to the sector," says Jamie Hilts, SIAST's Dean of Technology. "The funding announced today will go a long way towards ensuring students learn on the type of equipment they'll use when they launch their careers with the mining industry."

Western Economic Diversification Canada works with the provinces, industry associations and communities to promote the development and diversification of the western economy, coordinates federal economic activities in the West, and advances the interests of western Canadians in national decision making.

Subscribe to news releases and keep up-to-date on the latest from WD.

A stronger West. A stronger Canada

Contacts:
Jerra Byrne
Office of the Minister
Western Economic Diversification
Jerra.Byrne@wd-deo.gc.ca
613-954-8097

Patricia Gillies
SIAST Communications
patricia.gillies@siast.sk.ca
306-659-3782
306-230-9233 (cell)

Toll-Free Number: 1 888 338-WEST (9378)
Web Site: WD is online at www.wd-deo.gc.ca

Source: Western Economic Diversification Canada

Fitch Rates Assessment Revenue Bonds of Citizens Property Insurance Corp., LA 'A-'; Outlook Stable Feb 10, 2012 01:15PM

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns an 'A-' rating to the following bonds of the Citizens Property Insurance Corp., Louisiana (Citizens):

--$56.92 million assessment revenue refunding bonds, series 2012.

The bonds are expected to price on or about Feb. 22, 2012.

In addition, Fitch affirms the 'A-' rating on Citizens' outstanding $856.92 million assessment revenue bonds.

The Rating Outlook is Stable.

SECURITY

The bonds are payable from pledged revenues, primarily emergency assessments. The rating is derived from Citizen's ability to levy emergency assessments on nearly every property insurance policyholder in the state for an unlimited duration and in a sizable, cumulative amount to pay debt service on the bonds.

KEY RATING DRIVERS

STRONG ASSESSMENT BASE: The rating reflects Citizens' ability to levy emergency assessments on nearly every insurance policy holder in the state for an unlimited duration and in a sizable, cumulative amount to pay debt service on its bonds.

INSULATED FROM INSURANCE OPERATIONS: Although the emergency assessment is not a special tax, it shares many characteristics of a special tax; its collection is separate from Citizens' insurance operations, and its levy would support a significant level of bond issuance to cover major catastrophic scenarios. Additional security is provided by significant reserve funding.

ONGOING LITIGATION: Litigation related to a delay in paying claims from damages from Hurricane Katrina has resulted in a $104 million judgment against Citizens. While Citizens intends to appeal the ruling, the judge in the case has garnished Citizens' accounts for this amount less an earlier $6 million deposit. While the ruling is extremely detrimental to Citizen's cash position, somewhat offset by the ability to apply accumulated surplus emergency assessment revenue to the judgment, the security underlying Citizens debt offerings remains unchanged and protects bondholders.

POSITIVE FINANCIAL TRENDS: Except for the pending financial loss to Citizens from the judicial ruling, Citizens' financial position has been improving, with growth in claims paying resources following low catastrophe losses since Hurricane Katrina and improved financial oversight.

STABILIZED INSURANCE MARKET: The Louisiana insurance market has stabilized since Hurricanes Katrina and Rita in 2005. The private insurance industry remains strong as the state continues to demonstrate a commitment to maintaining a viable insurance market. Favorably, Citizens' share of the insurance market has declined to pre-Katrina levels.

RESOURCE-BASED ECONOMY: The Louisiana economy continues to be centered on resource development, although the state has undertaken concerted economic development efforts. The unemployment rate remains below the national average and recent employment growth has exceeded national averages.

WHAT COULD TRIGGER A RATING ACTION

Unusually severe hurricane activity that depletes Citizens' claims-paying resources, necessitates significant additional borrowing, and/or negative legislative action could pressure the rating.

CREDIT PROFILE

Citizens, a state-run property insurer of last resort, has statutory authority to levy assessments on insurers and policyholders in Louisiana to cover claims and debt service on issued bonds. The 'A-' rating on Citizens' bonds, which were initially issued in 2006 to fund claims that arose from Hurricanes Katrina and Rita in 2005, reflects this access to special tax-like emergency assessments, the strength of the collection mechanism, and state involvement in ensuring the availability of property insurance in Louisiana.

Citizens is a not-for-profit, tax-exempt entity, established by Louisiana statute to provide coverage for those unable to obtain insurance or affordable insurance in Louisiana's voluntary market. Legislation has been adopted such that it is deemed a governmental entity, with board members appointed by the governor and other state officers, and not an insurance company, and is thus not allowed to declare bankruptcy. It is regulated by the Louisiana Department of Insurance (DOI), although it is not required to obtain or hold an insurer's license issued by the DOI as is required for private insurance companies domiciled in the state. Citizens operates two distinct insurance plans - the Coastal plan and the Fair Access to Insurance Requirements (FAIR) plan - for purposes of calculating different rates to insureds. The financial operations of the two plans are commingled.

Ultimate security for the bonds is derived from Citizens' ability to levy 'emergency assessments' on nearly every property insurance policyholder in the state for an unlimited duration and in a cumulative amount up to statutory regulations to pay debt service on the bonds. The emergency assessment base, derived from the premiums written on property and casualty insurance policies in the state, is large and diverse and provides strong support for bondholders. The assessment is levied as a uniform percentage of up to 10% of that year's aggregate statewide direct written premium (DWP) on the subject lines of insurance, or a maximum of 10% of that specific year's 'plan year deficit'. A plan year deficit results when there is a negative operating result for the year in either plan that exceeds all previous accumulated profits and excess reserves over and above reasonably recurring operating costs.

The levy of emergency assessments can occur in multiples, i.e. the levy for the 2005 plan-year deficit of up to 10% of the assessment base, supporting the outstanding and refunding bonds, can be in addition to a levy for a future plan-year deficit, also up to 10% of the assessment base. The subject business lines are very broad and include all property and casualty insurance, including fire and vandalism, windstorm and hail, homeowners, and commercial multi-peril. The assessment base has steadily grown over time, oftentimes at a double-digit rate. The emergency assessment base is approximately $2.2 billion, resulting in potential generation of up to $220 million per year per plan year deficit in support of debt service. The emergency assessment rate in fiscal 2012 is set at 3.9% and is expected to produce over $85 million for debt service payment.

Providing bondholder protection, emergency assessments are collected by insurers in the state and deposited directly with the bond trustee, keeping their collection separate from the financial operations of Citizens. There is also a reserve fund equal to maximum annual debt service (two-thirds of which is funded through surety bonds and one-third of which is cash funded) and an emergency assessment stabilization fund, currently funded in the amount of over $86 million that provides for another year of debt service payment.

Emergency assessments, however, are not the first source of liquidity for Citizens to meet catastrophe-related claims. Citizens would first tap its available funds on hand, which include accumulated surpluses, lines of credit, and reinsurance policies. Current cash on hand had been approximately $161 million prior to the garnishment of $98 million of these funds for the payment of a judgment against Citizens. The judgment is the outcome of a class action lawsuit (Oubre et al. v. Louisiana Citizens Fair Plan), whereby Citizens was found to not have expeditiously paid claims related to damages from Hurricane Katrina. Partly offsetting the sizable cash award is $75 million in accumulated surplus emergency assessment revenue held by the bond trustee that can be applied to payment of the judgment, thereby reducing operating cash by $23 million rather than the full $98 million. Although Citizens is seeking to have the judgment overturned, its immediate financial cushion to fund claims has been reduced, increasing the likelihood that alternate resources would be tapped in a potential catastrophic situation.

Alternate resources include a $50 million line of credit and a reinsurance program that provides additional protection up to $500 million, net a $75 million deductible. Together, remaining available cash and these funds would prove sufficient to cover an approximate 1-in-70-year storm event. Should losses exceed these resources, statutorily, Citizens would first levy a regular assessment, similar in calculation to the emergency assessment but not inclusive of Citizens' own rate-payers. The levy on the regular assessment base of $2 billion would produce potential annual revenue of $200 million. Following the levy of a regular assessment, Citizens could then levy a surcharge on its own policyholders of up to 10% of the ratio of the regular assessment to the DWP, which would generate approximately $20 million annually. Fitch believes that, in most situations, these combined resources would prove sufficient to fund claims related to significant wind events and that the overall credit quality of Citizens has not been diminished by the recent court judgment.

Regular assessments are paid to Citizens by insurers, who can then recoup those amounts from their policyholders in the subsequent year through premiums; the surcharge is collected by Citizens. Citizens has only levied a regular assessment and a surcharge once, in 2005, following Hurricanes Katrina and Rita. The regular assessment and surcharge revenues are not pledged or available to pay debt service on the bonds.

While the assessment for the outstanding bond issues does not seem onerous, the capacity of ratepayers in Louisiana to absorb multiple levies of emergency assessments is a risk factor. Citizens' share of the insurance market has declined over time, from 14% in 2008 to 9% in 2012, which does limit its exposure and provide some offset. The state has demonstrated strong support for Citizens and the enabling statute contains a non-impairment clause from the state for the benefit of bondholders. Additionally, the state allows for a state income tax credit for insurance ratepayers for their annual, individual emergency assessment.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Guidelines for Rating Assessment-Secured Debt Issued by State-Sponsored Property Insurers,

dated April 27, 2011;

--'Tax-Supported Rating Criteria', dated Aug. 15, 2011;

--'U.S. State Government Tax-Supported Rating Criteria', dated Aug. 15, 2011.

Applicable Criteria and Related Research:

Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648898

U.S. State Government Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648897

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch RatingsPrimary AnalystMarcy Block, +1-212-908-0239Senior DirectorFitch, Inc.One State Street PlazaNew York, NY 10004orSecondary AnalystGretchen Roetzer, +1-312-606-2327Director (Insurance)orCommittee ChairLaura Porter, +1-212-908-0575Managing DirectororMedia RelationsSandro Scenga, +1-212-908-0278sandro.scenga@fitchratings.com

Source: Fitch Ratings

Fitch Withdraws Ratings for City of Oakland Operating Fund Feb 10, 2012 01:15PM

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the 'AAA' fund credit rating and the 'V1' fund volatility rating assigned to the City of Oakland Operating Fund managed by the Treasury Division of the City of Oakland.

Fitch has withdrawn the ratings as the city of Oakland has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no long provide ratings or analytical coverage for the City of Oakland Operating Fund.

As of Dec. 31, 2011, the weighted average rating factor of the trust assets was consistent with an 'AAA' fund credit rating, and the risk-adjusted duration of the trust assets was consistent with a 'V1' fund volatility rating.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Bond Fund Rating Criteria', Aug. 16, 2011;

--'Local Gov't Pools' Ratings Weather Volatile Environment', Aug. 23, 2011.

Applicable Criteria and Related Research:

Global Bond Fund Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648577

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch RatingsPrimary AnalystRuss ThomasDirector+1-212-368-3189Fitch, Inc.70 West Madison StreetChicago, IL 60602orSecondary AnalystViktoria BaklanovaSenior Director+1-212-908-9162orChairpersonRalph AuroraSenior Director+1-212-908-0528orMedia Relations:Brian Bertsch, +1-212-908-0549 (New York)brian.bertsch@fitchratings.com

Source: Fitch Ratings

Romney Touts Innovation at CEA-NVTC Presidential Series Feb 10, 2012 01:15PM

ARLINGTON, Va.--(BUSINESS WIRE)-- This morning, the Consumer Electronics Association (CEA)® and the Northern Virginia Technology Council (NVTC) welcomed presidential candidate and former Massachusetts Governor Mitt Romney as the featured speaker at their cosponsored Presidential Series breakfast.

Introducing Governor Romney, Gary Shapiro, president and CEO of CEA, remarked, “If we tasked headhunters with selecting a president based on relevant management and government experience, financial and budgeting acumen, leadership and integrity, they would identify Mitt as a top candidate. Mitt has a vision and a passion for the nation. And it revolves around excellence, innovation, technology and tapping into what makes us great as Americans.�

Romney repeatedly spoke to the need for an economic and governmental climate that supports and promotes innovation. If elected president, Romney stated, he would make important changes to grow America’s innovation economy including changing government regulation to encourage risk, opening markets for American goods abroad, and improving immigration policies so that foreign-born, American-educated individuals can stay in America and contribute to the U.S. economy.

“Governor Romney’s vision for American competitiveness and a culture of innovation reflect that of CEA’s own Innovation Movement,� said Shapiro. To join CEA’s Innovation Movement for free, visit DeclareInnovation.com. “Technology and innovation, and their role in spurring the nation's economic growth, will be important issues in the 2012 presidential election, and today we heard from one candidate who understands what entrepreneurs and businesses need.�

NVTC and CEA have extended invitations to all of the presidential candidates to address the region's technology community as part of the Presidential Series. For more information about the series, visit nvtc.org.

About CEA:

The Consumer Electronics Association (CEA) is the preeminent trade association promoting growth in the $195 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces the International CES – The Global Stage for Innovation. All profits from CES are reinvested into CEA’s industry services. Find CEA online at www.CE.org, www.DeclareInnovation.com and through social media; https://www.facebook.com/#!/CEAfeed, http://twitter.com/ceafeed, http://blog.ce.org/.

UPCOMING EVENTS

• Digital Music Forum East February 22 - 23, 2012, New York, NY
• CEA Economic RetreatFebruary 28 - March 2, 2012, Vail, CO
• LA Games ConferenceApril 23 - 24, 2012, Los Angeles, CA
• CES on the HillApril 24, 2012, Washington, D.C.
• Digital Patriots DinnerApril 25, 2012, Washington, D.C.
• 2012 Spring Technology & Standards ForumMay 14 - 18, 2012, Dallas, TX
• Producers Guild of America’s Produced By ConferenceJune 8 - 10, 2012, Culver City, CA
• CE WeekJune 25 - 29, 2012, New York, NY
• CEA Line ShowsJune 27 - 28, 2012, New York, NY
• iStage CompetitionJune 2012, New York, NY
• 2012 SINOCESJuly 5 – 8, 2012, Qingdao, China
• CEA Industry ForumOctober 14 - 17, 2012, San Francisco, CA
• CEO Summit and Board RetreatOctober 17 - 19, 2012, CA
• CES New York Press Preview featuring CES Unveiled @ NYNovember 12, 2012, New York, NY
• 2013 International CESJanuary 8 – 11, 2013, Las Vegas, NV

Consumer Electronics AssociationLaurie Ann Phillips, 703-907-7654laphillips@CE.orgwww.CE.orgorLaura Hubbard, 703-907-4326lhubbard@CE.org

Source: Consumer Electronics Association