Moody's executive says ex-analyst's allegations of inflated ratings are groundlessSeptember 30th, 2009 Moody's exec denies claims of inflated ratingsWASHINGTON — The chief credit officer of Moody's Investors Service told Congress Wednesday that a former analyst's allegations of inflated ratings and conflicts of interest at the firm are groundless. Richard Cantor testified that the firm reviewed the complaints by ex-analyst Eric Kolchinsky, who was suspended from his job, and found them to be "unsupported." Kolchinsky has refused to cooperate with Moody's inquiry into the matter, Cantor said.
Moody's lowers rating on Sotheby's due to deeper than expected auction downturnSeptember 2nd, 2009 Moody's lowers rating on Sotheby'sNEW YORK — Moody's Investors Service on Wednesday lowered its rating on Sotheby's one step further into junk status with the expectation that a downturn in the auction market will be deeper and longer than anticipated. Moody's downgraded its long-term rating to Ba3 from Ba2.
Moody's upgrades Jo-Ann Stores' rating on improved financial picture and performanceSeptember 2nd, 2009 Moody's upgrades Jo-Ann Stores' ratingNEW YORK — Moody's Investors Service on Wednesday upgraded its rating on Jo-Ann Stores Inc. as the retailer has improved its operating performance and financial picture.
Moody's Investors Service considers downgrade for Sallie Mae ratings, citing profit, cash flowAugust 27th, 2009 Moody's mulls downgrade for Sallie MaeNEW YORK — Moody's Investors Service said it is considering downgrading long-term ratings for the nation's biggest student lender, Sallie Mae, citing earnings and cash-flow generation at the company. Sallie Mae, formally called SLM Corp., faces significant uncertainties over the political and consumer lending environment for student lenders, Moody's also said.
Standard & Poor's takes California off credit watch, easing the way for state to sell bondsAugust 19th, 2009 S&P takes California off negative credit watchSACRAMENTO, Calif. — A major bond-rating agency has taken California off its negative credit watch but says the state's financial situation remains precarious.
Applied Industrial shares decline on investment rating downgradeAugust 4th, 2009 Applied Industrial shares fall on downgradeWASHINGTON — Shares of Applied Industrial Technologies Inc. fell Tuesday after an analyst downgraded the industrial parts distributor's investment rating.
Iceland says IMF postpones action on $2.1 billion loan and release of Nordic fundsJuly 31st, 2009 Iceland says IMF postpones action on $2.1 bln loanREYKJAVIK, Iceland — Iceland's government said Friday that the International Monetary Fund has postponed a decision on releasing additional funds for the nation's economic recovery program. Iceland was hoping for a decision before the IMF executive board begins a two-week vacation on Aug.
Moody's raises rating outlook on Advance Auto Parts, affirms debt ratingsJuly 30th, 2009 Moody's lifts rating outlook on Advance Auto PartsNEW YORK — Moody's Investors Service said Thursday it raised its rating outlook on auto parts retailer Advance Auto Parts Inc. to positive from stable and affirmed its debt and liquidity ratings for the company.
Moody's places Manpower debt rating under review for possible downgradeJuly 27th, 2009 Moody's places Manpower debt rating under reviewNEW YORK — Moody's Investors Service on Monday placed the Baa2 long-term debt rating of Manpower Inc. under review for possible downgrade, saying the staffing company's credit could be weakened by declining profitability and revenue.
Moody's cuts rating on Irish government debt amid worries over bank bailoutsJuly 2nd, 2009 Moody's downgrades Irish government debtLONDON — Ireland's debt rating was downgraded by Moody's on Thursday amid mounting worries about the country's public finances and the cost of the government's bailout of the banking system. The New York-based agency said it had lowered its rating by one notch to AA1 from the top AAA level and warned that another downgrade was possible.
Whitney Holding hit by Fitch Ratings downgradeJuly 1st, 2009 Whitney hit by Fitch Ratings downgradeNEW ORLEANS — Fitch Ratings has cut its rating on regional banker Whitney Holding Corp. citing its nonperforming assets, much of them related to Florida real estate.
Moody's upgrades debt rating on Ohio utility company DPL and subsidiaryJune 26th, 2009 Moody's upgrades DPL and Dayton Power debt ratingsNEW YORK — Moody's Investors Service said Friday it has upgraded the senior unsecured debt rating for utility company DPL Inc. and the senior secured debt rating for its subsidiary Dayton Power & Light Co.
Capital infusion will ease banks' rating pressure: Moody'sJune 8th, 2009 NEW DELHI - The government's decision to infuse fresh capital in public-sector banks (PSBs) will ease the rating pressure that they face because of the quality of loans, says the economic intelligence arm of global rating agency Moody's. "Asset quality at PSBs (public-sector banks) is bound to deteriorate over the short-to-medium term, while the level of restructured loans is also expected to increase significantly, therefore elevating their credit risk profile," said Nondas Nicolaides, vice president and senior analyst at Moody's.com in a statement Monday.
Moody's Investors Service cuts Discover Financial senior unsecured rating to 'junk' levelJune 1st, 2009 Moody's cuts Discover Financial debt ratingNEW YORK — Moody's Investors Service on Monday cut its senior unsecured debt rating for Discover Financial Services into non-investment grade territory, citing risks the credit card company faces from the prolonged credit crunch and recession. The New York-based ratings agency also assigned a negative outlook to Discover Financial, signaling further downgrades are possible if business conditions worsen.
Moody's downgrades New York Times, McClatchy credit ratingsApril 25th, 2009 New York Times, McClatchy credit ratings cutNEW YORK — Moody's Investors Service on Friday downgraded the credit ratings of The New York Times Co. and McClatchy Co.
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