Press Releases

Fitch Rates Douglas Co. School Dist RE1, CO's GOs 'AA+'; Outlook Stable Feb 9, 2012 05:45PM

AUSTIN, Texas--(BUSINESS WIRE)-- Fitch Ratings assigns an 'AA+' rating to the following Douglas County School District RE1, Colorado (the District) unlimited tax bonds:

--$51.12 million general obligation (GO) refunding bonds, series 2012

The bonds are secured further by the Colorado School Credit Enhancement Program, which is rated 'AA' by Fitch.

In addition, Fitch affirms the following rating:

--$457.4 million in outstanding unlimited tax bonds at 'AA+'.

The Rating Outlook is Stable.

The bonds are scheduled for a negotiated sale on Feb. 15, 2012. Proceeds from the refunding bonds will be used to refund portions of the District's outstanding debt for interest savings.

SECURITY

The bonds are secured by an unlimited ad valorem tax pledge of the District.

KEY RATING DRIVERS

STRONG MANAGEMENT TEAM: A new management team has displayed a comprehensive, conservative budgeting approach designed to reduce the District's reliance on periodic voter-approved levy overrides historically obtained to address growth-related financial pressures.

ROBUST TAX BASE: Serving a population of 290,000, the District's tax base is large and diverse. Income levels remain well above average and local unemployment levels compare favorably to state and national averages.

MANAGEABLE ENROLLMENT PRESSURES: Voters' recent rejection of a large bond authorization has not hampered the District's ability to serve its growing enrollment base given a new strategic alliance with charter schools and capacity available throughout existing District schools.

ADEQUATE FINANCIAL RESERVES: The District's financial cushion has improved in each of the last two fiscal years but still remains modest in size relative to the District's considerable operations.

WHAT COULD TRIGGER A RATING ACTION

REDUCTION IN FINANCIAL FLEXIBILITY: Failure to maintain structural balance and available reserves at or above current levels, given the uncertainty of future voter-approved overrides, enrollment trends, and potential state-aid cutbacks, could cause negative rating action.

CREDIT PROFILE

LARGE RECOVERING ECONOMY

Located between Denver and Colorado Springs, the District covers a large and wealthy area that until recently had strong residential, retail, and office development. Mainly coterminous with Douglas County, the District serves a growing population of 290,000 and an enrollment of 63,000. The District continues to benefit from easy access to both the Denver and Colorado Springs labor markets as well as strong academic performance.

Building activity dropped off notably in 2009 and as a result, the District experienced an assessed value (AV) decline of 8.2% in the 2011 appraisal cycle. However, mid-year building permit values in the county indicate 50% growth over prior year results. Fitch views with caution management's expectation for tax base expansion over the near term but notes that downside risk is low at least until the next revaluation occurs in 2013. Enrollment growth has moderated to an average annual rate of 3.7%, easing debt needs.

FISCAL PRESSURES PROVE MANAGEABLE

The District's financial profile is healthy as a result of prudent changes to financial management. Over the last few years, conservative revenue projections and spending cuts have helped the District increase reserves and reduce its dependence on ballot initiatives for budget balance. While voter support for incremental tax increases was historically strong, with four successful referenda since 1989, it appears to be cooling with failed referenda in both 2008 and 2011. As a result of this modified approach, Fitch expects the District to generally sustain the higher level of balance sheet cushion reflected in fiscals 2010 and 2011 than reported in the years prior.

SPENDING CUTS AND CONSERVATIVE BUDGETING RESULT IN SURPLUS

In fiscal 2010, management imposed District-wide budgeting reforms and cut almost $33 million in expenses and planned increases, a meaningful 7% of the year's $453 million in general fund spending. Due to an operating surplus, the District buoyed up general fund reserves to a strong $46 million, or 10.6% of spending.

The District continued austerity measures in fiscal 2011 in light of significant state funding cuts amounting to $26 million; a reduction of per pupil funding of $250 per student. Despite the loss in revenues and the continued enrollment growth, the District recorded a surplus of $20 million achieved primarily through controlling utility expenditures, Federal IDEA American Recovery and Reinvestment Act funds as well as moving from a traditional medical benefit offering to a Health Savings Account plan. The unassigned general fund balance for fiscal 2011 was a healthy $26.8 million or 6.2% of spending.

Approximately three years ago, the Board of Education instituted a policy change which allowed schools and departments to carry over any discretionary monies that were not spent during a given fiscal period. Of the $66 million in general fund reserves at the close of fiscal 2011, approximately $22 million has been appropriated to the 2012 budget as 'carry forward' funds for use by individual schools and departments. These funds may be spent at the local administrator's discretion to mitigate any budget reductions. Management now estimates that at least 80% of these funds will be available to provide additional financial flexibility over the near term which Fitch views positively.

CONTINUED PRESSURE IN FISCAL 2012 AND 2013

Due to the loss of revenue associated with the decline in assessed values and the ongoing state education funding cuts, the fiscal 2012 adopted budget shows a large $11.7 million fund balance drawdown. As a result of these funding pressures, the District's total general fund reserves are projected to decline to about $56.7 million by conservative mid-year estimates, $20.1 million (4.4%) of which is unassigned. Although preliminary estimates for the fiscal 2013 budget show another large budget gap of $18 to $24 million, depending on state legislative action, the District plans to bridge any budget gaps with spending cuts without further use of fund balance.

ADEQUATE FUND BALANCE POLICY

The District operates under a recently revised fund balance policy, increasing the required reserve amount to 7% of revenue from 5%, but allowing the 3% TABOR reserve to be provided through a letter of credit (LOC). The remaining reserves required under the policy consist of 3% cash reserve and a 1% contingency appropriation.

Fitch does not consider the LOC as a sufficient replacement for a balance sheet reserve, and views the policy change, in effect requiring a 4% reserve, a satisfactory but weakened level. Fitch notes that the LOC substitution is explicitly allowed under Colorado law and is done in response to the narrow circumstances under which the District could use the TABOR reserve.

MANAGEABLE DEBT PROFILE

The District's overall debt levels are approaching high, but are balanced by the area's high wealth. Debt amortization is above average, with 63% of principal retiring in 10 years. In November 2011, in addition to rejecting the mill levy override, voters also turned down a $200 million bond authorization designed to add new classrooms, reinvest in existing facilities and provide technology improvements. As a result, the District is reassessing its capital needs and is contemplating its next bond election.

In the meantime, the District can accommodate enrollment growth by turning to four-track year-round schedules at up to 38 schools and also through a strategic alliance with new charter schools within the District. The current offering will refund outstanding debt and generate estimated net present value savings of $1.6 million, equal to 3.1% of refunded bonds.

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.

In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope, University Financial Associates, S&P/Case-Shiller Home Price Index, IHS Global Insight, Zillow.com, National Association of Realtors, Underwriter, Bond Counsel, Underwriter Counsel, and the Trustee.

Applicable Criteria and Related Research:

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

--'U.S. Local Government Tax-Supported Rating Criteria' (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. Local Government Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648842

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 Analyst:Matt Dustin, +1-512-215-3727Analyst111 Congress Ave., Suite 2010Austin, TX, 78701orSecondary Analyst:Jose Acosta, +1-512-215-3726Senior DirectororCommittee Chairperson:Jessalynn Moro, +1-212-908-0608Managing DirectororMedia Relations:Sandro Scenga, New York, +1-212-908-0278sandro.scenga@fitchratings.com

Source: Fitch Ratings

Trican Well Service Ltd. Announces Fourth Quarter and Year End 2011 Conference Call Feb 9, 2012 05:44PM

CALGARY, ALBERTA--(Marketwire - Feb. 9, 2012) - Trican Well Service Ltd. ("Trican") (TSX: TCW) intends to release its Fourth Quarter and Year End 2011 results on Tuesday, February 28, 2012 after the close of the market.

The Company will host a conference call on Wednesday, February 29, 2012 at 9:00 a.m. MT (11:00 a.m. ET) to discuss the Company's results for the Fourth Quarter and Year End 2011.

To listen to the webcast of the conference call, please enter: http://www.gowebcasting.com/3069 in your web browser or visit the Investor Information section of our website at www.trican.ca.

To participate in the Q&A session, please call the conference call operator at 1-800-766-6630 (North America) or 416-695-6622 (outside North America) 15 minutes prior to the call's start time and ask for the "Trican Well Service Ltd. - Fourth Quarter and Year End 2011 Conference Call".

A replay of the conference call will be available until March 7, 2012 by dialing 1-800-408-3053 (North America) or 905-694-9451 (outside North America). Playback passcode: 5257364.

The conference call will be archived on Trican's website at www.trican.ca.

Headquartered in Calgary, Alberta, Trican has operations in Canada, the United States, Russia, Kazakhstan, Australia and North Africa. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Trican Well Service Ltd.
        Dale Dusterhoft
        Chief Executive Officer
        ddusterhoft@trican.ca

        Trican Well Service Ltd.
        Michael Baldwin
        Vice President, Finance and Chief Financial Officer
        mbaldwin@trican.ca

        Trican Well Service Ltd.
        2900, 645 - 7th Avenue S.W.
        Calgary, Alberta  T2P 4G8
        (403) 266 - 0202
        Fax: (403) 237 - 7716(FAX)
        www.trican.ca

Source: Trican Well Service Ltd.

PA Governor Corbett Signs Unemployment Compensation Extension into Law Feb 9, 2012 05:43PM

Lupus Foundation of America Seeks Research Applications to Advance Science and Medicine of Lupus Feb 9, 2012 05:40PM

WASHINGTON--(BUSINESS WIRE)-- The Lupus Foundation of America (LFA) seeks grant applications to advance the science and medicine of lupus and to help improve the quality of lives of all people affected by this disease. The LFA is seeking grant applications to address the following areas of lupus research: cutaneous (skin) lupus, pediatric lupus, adult stem cell transplantation, and neuropsychiatric lupus, which affects the brain and nervous system.

The LFA’s National Research Program, Bringing Down the Barriers™, provides direct funding for researchers at universities and medical institutions nationwide. The LFA is the only national organization to launch the first-ever pediatric lupus research program through its Michael Jon Barlin Pediatric Research Program, which was established with the generous support of the Wallace H. Coulter Foundation.

In addition to its ability to affect almost any part of a person’s body, including the joints, skin, kidneys, heart, lungs, and/or blood, lupus can also severely affect the nervous system and brain, which is why neuropsychiatric lupus (or central nervous system lupus) is of vital focus. When lupus targets the central nervous system, the person may experience seizures, depression among other symptoms, some of which are life threatening. And although these symptoms may suddenly come and go, those affected by this chronic disease will have to cope with its effects for the rest of their lives.

The LFA is also accepting applications for its Gina M. Finzi Memorial Student Summer Fellowship Program, which seeks to foster an interest in lupus research among students under the supervision of an established investigator. Named after the daughter of former LFA President Dr. Sergio Finzi, the Gina M. Finzi Memorial Student Summer Fellowship Program has supported the work of approximately 200 young investigators since it was founded in 1984. Undergraduate, graduate, and medical students are eligible to apply; however, preference is given to students with a college degree.

Binding letters of intent must be submitted by February 16, 2012. Online applications must be submitted by March 23, 2012. Applications for the Gina M. Finzi Memorial Student Summer Fellowship Program do not require a letter of intent and are due March 30, 2012. The LFA uses an electronic grant submission process and all interested grant applicants should submit their letters of intent and proposals via proposalCENTRAL at https://proposalcentral.altum.com/default.asp. For more information and application instructions, visit www.lupus.org/rfa.

About the LFA

The Lupus Foundation of America is the foremost national nonprofit organization dedicated to finding the causes of and cure for lupus, and providing support, services, and hope to all people affected by lupus. The LFA and its national network of chapters, support groups, and community representatives conduct programs of research, education, and advocacy.

About Lupus

Lupus is an unpredictable and potentially fatal autoimmune disease in which the immune system is out of balance, causing inflammation and tissue damage to any organ system in the body. The health effects of lupus include heart attacks, strokes, seizures, and organ failure. An estimated 1.5 million Americans and at least five million people worldwide have a form of lupus. For more information, visit www.lupus.org.

About the LFA’s National Research Program

The LFA’s National Research Program, Bringing Down the Barriers™, is dedicated to addressing research issues that have for decades obstructed basic biomedical, clinical, epidemiological, behavioral, and translational lupus research. The LFA’s approach to research is unique because it directs its funding to areas of research where gaps exist in the understanding of lupus, and to promising areas of study in which other public and private organizations have not focused their efforts. Using a three-pronged strategy, the LFA and its national network are committed to advancing the science and medicine of lupus by: directly funding research to close the gaps in lupus research; advocating for expanded investment in research from public and private sources; and leading special initiatives and forging collaborative efforts among stakeholders to address critical issues to advancing the science and medicine of lupus. For more information about the LFA’s National Research Program, visit www.lupus.org/research.

Lupus Foundation of AmericaMaggie Maloney, 202-212-6766Maloney@lupus.orgorDuane Peters, 202-349-1145peters@lupus.org

Source: Lupus Foundation of America (LFA)

Fresh & Easy Announces Opening Dates for Sacramento Stores Feb 9, 2012 05:39PM

Stores will make fresh food more accessible and grocery shopping easier

EL SEGUNDO, Calif.--(BUSINESS WIRE)-- Fresh & Easy Neighborhood Market today announced opening dates for its first five stores in the Sacramento region. These openings will create more than 100 good jobs with benefits. For each new store opening, Fresh & Easy invites neighbors to nominate a local, non-profit organization to receive a $1,000 donation. Charities can be nominated at www.freshandeasy.com/NominateGroup.

Fresh & Easy opened its first stores in Southern California, Arizona and Nevada in 2007 and set out to change the way consumers shop by making fresh meals and groceries more affordable and accessible. The company expanded into Northern California last year and now has more than 180 stores.

“We are absolutely thrilled to open our first stores in Sacramento,” said Fresh & Easy Chief Executive Officer, Tim Mason. “No one works harder to bring customers the freshest, best-tasting, and most affordable food than Fresh & Easy.”

Store opening dates announced today:

March 7th
•		Mack & Franklin						Sacramento
•		Watt & El Camino Ave						Sacramento
March 14th
•		Lincoln & Sterling						Lincoln
•		Elk Grove & Calvine						Elk Grove
•		Natoma St & Blue Ravine						Folsom

As part of Fresh & Easy’s commitment to offer great food customers can trust, the company’s team of chefs has focused on making meals and products that are less processed and more convenient for busy families. All of Fresh & Easy’s products, including ready-to-cook meals, are made with the highest quality ingredients, and contain no artificial colors, flavors high fructose corn syrup or added trans fats. In addition to fresh prepared meals, Fresh & Easy offers fresh baked goods, meats and produce as well as favorite national brand products and household items, all at great low prices.

On average, Fresh & Easy stores use 30% less energy than a typical supermarket, which helps the environment and saves customers money. Fresh & Easy uses LED lighting in external signs and freezer cases, offers customer recycling in every store and uses advanced refrigeration and freezer units to cut back on energy usage. The company also recycles or reuses all of its display packaging, sending the majority back through its distribution center.

For more information about Fresh & Easy, visit www.freshandeasy.com. Also follow the company on Twitter at: www.twitter.com/freshandeasy and become a fan on Facebook at www.facebook.com/freshandeasy.

Fresh & Easy Neighborhood MarketBrendan Wonnacott, 310-384-3833brendan.wonnacott@freshandeasy.com

Source: Fresh & Easy Neighborhood Market