Timelines abound in the rebuilding of New Orleans. The U.S. Army Corps of Engineers gives varying estimates of when multiple flood protection projects will be finished, hotels set reopening dates, and officials with The Road Home program estimate when homebuilding dollars will arrive.
SPRINGFIELD -- The Wittenberg University and Springfield communities were surprised May 27 when Wittenberg President Mark Erickson -- praised for having advanced town-gown relations -- announced he would leave after this school year. Few took notice, however, of the June 24 news that Moody's Investors Service had dropped Wittenberg's bond rating two notches to the Baa2 or "junk bond" level.
SAN JUAN, Puerto Rico -- Since the congressional super committee appears unable, or unwilling, to take a lesson from Indiana or Virginia -- where Republican governors have made spending cuts and delivered budget surpluses without damaging the social safety net -- members might wish to consider Puerto Rico and what its governor, Luis Fortuno is doing. Fortuno is Puerto Rico's first Republican governor in 42 years. In 2009 when he took office, the U.S. territory had a $3.3 billion budget deficit. Three years earlier, Moody's Investors Service downgraded the commonwealth's bond rating to junk status while in deep recession.
During Cockrel's tenure as City Council president, his former chief of staff, John Clark, resigned after federal agents caught him on tape accepting $4,000 from Synagro central figure, James Rosendall. Many local residents wondered how Cockrel could claim no knowledge of the actions of his top aide, and they questioned what the incident said about Cockrel's ability'to manage his people. As City Council president, Kenneth Cockrel Jr. held a number of high profile parties paid for by businesses people whose generosity he has not disclosed. Cockrel's staff asked the owner of a Detroit business to pay about half the cost of a $6,000 reception in May at a Mackinac Island hotel where the former council president wined and dined about 100 political and business leaders...That check was reques...
...'s interim administration, a leading credit rating agency, Moody's, followed the lead of Standard & P...'s and downgraded the city's credit rating to junk bond status in January. What has troubled many Det...
As New Orleans recovers from Hurricane Katrina, one of Mayor C. Ray Nagin's goals is improving the city bond rating. When Nagin unveiled his proposed 2007 budget Nov. 1, he said the city's bond rating had been upgraded to "stable" from the "junk bond" rating it had immediately after Katrina.
California is broke. Staggering under a $26 billion budget deficit, the state government last week began issuing IOUs in place of state checks. Its bond rating is BBB, two notches above junk status. Its economy is in the toilet. Colorado is not broke. Its economy is weak in the current recession but performing better than most states'. The state government's credit rating is AA, one notch below prime. Colorado's budget shortfall is only $385 million at the moment, far less than California's, even taking into account the huge size difference between the two states.
What this means is that New York was the hardest hit by the recession," [David Paterson] continued, "but New York doesn't have a credit rating one level removed from junk bond status like California. New York isn't selling off property like Arizona; we don't have a 16 percent unemployment rate like Michigan; we are not pleading for a loan from the federal government like Massachusetts; and New York is not late on its budget and adding $2 billion to the deficit like Pennsylvania. Paterson said in his lifetime, he had often been told "No." "But if I had gone along with any of those 'No's', I would not have gotten where I am," he said, recalling the obstacles he had to overcome being Black and legally blind. "So, 'don't give up' is the story of my life. "Actually, I've had far more diffi...
We present new evidence from a natural experiment to show circumstances in which ownership restrictions can enhance value. Our evidence is based on multiple restricted bond issues by an emerging market issuer at 150 basis points lower than comparable bonds, resulting in a billion dollars saving. This is intriguing: how can an emerging market issuer with junk bond ratings obtain such low yields? We argue ownership restrictions enhance value since they enable an issuer to precommit to renegotiate efficiently with a favored clientele in the potential default states, thereby circumventing deadweight costs of prolonged negotiations, particularly when the restricted clientele also values the underlying collateral higher than other investors. Ownership restrictions can also result in a transfe...
DETROIT General Motors Corp. investors have seen their shares tumble this year to the lowest price in more than a decade as the company's U.S. market share for vehicle sales slumped from 27 percent to 25.4 percent. They've also had to watch GM's bond rating cut to "junk" status by two ratings firms as its losses topped $1 billion in the first quarter and a sales slump for profitable SUVs darkened the carmaker's prospects for the rest of the year.
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