Credit Research News - December, 2008

Fed designates CIT Group as bank holding company

The Federal Reserve on Monday said it has approved CIT Group Inc. as a bank holding company, clearing a key hurdle for the firm

S&P downgrades Chrysler further into junk status

Standard & Poor's Ratings Services on Monday cut its corporate credit rating on Chrysler LLC by four notches

Co-op Services Credit Union Joins Invest in America Campaign

In response to tightening credit nationwide and the severe economic impact on the U.S. auto industry, Co-op Services Credit Union

Muzak seeks credit extension, refinance

Muzak Holdings has hired financial adviser Moelis & Co. and law firm Kirkland & Ellis to initiate talks on refinancing its debt

Banking on another bad year in '09

Rising loan losses, the threat of more regulation and tougher competition adds up to another year of poor profits for banks.

Allied International Credit Attains ISO 9001:2000 Certification

Allied International Credit (US) Corp. (AIC) today announced that Intertek Testing Services NA Ltd., an official accreditation body for ISO 9001 standards

S&P cuts CIT Group's counterparty credit rating

Credit rating agency Standard & Poor's on Friday said it cut ratings of commercial financial services company CIT Group Inc.

Movers: GE, Intel, GM, FedEx, Nike, Take-Two Interactive

General Electric (GE) falls 1.23 to 16.16 after S&P's Ratings Services revises outlook on GE and units, including General Electric Capital Corp.,

Johnson's 285 rushing yards lift Colo. State to N.M. Bowl win

Colorado State's Gartrell Johnson was reluctant to talk about his career-high 285 rushing yards, so teammate Tommie Hill took over for him.

The electronic dollar?

Will that be cash or charge? Debit or credit? Bill Me Later, Billeo or PayPal?

PEOPLE IN BUSINESS: Laser Esthetics...Greenberg Realty...Altru...AE2S

Chrissy Kennedy has opened Laser Esthetics of North Dakota Inc. after moving here from Colorado.

Gwinnett will maintain current trash services

Gwinnett County officials said Friday the county’s existing garbage pickup system will continue to operate after a judge blocked the start

Keller Rohrback L.L.P. Announces Investigation of Credit Rating Agencies: Moody's, Standard & Poor's

Attorney Advertising. Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it is investigating Moody's Investor Services, Standard & Poor's

Bridge Bank Establishes the Bridge Bank Chair at San Jose State University

Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, National Association, today announced that it has established a term academic chair at the Center for Banking

Last Baby of the Year Delivers Valuable Tax Breaks

It may be the first baby of the year who grabs the media headlines but it's the last baby of the year who yields the tax savings.

Discover, Capital One Shut Dormant Accounts, Cut Risk (Update2)

Discover Financial Services Inc. and Capital One Financial Corp. are closing accounts of customers who haven’t used their cards for lengthy periods

Ft. Washington Woman Pleads Guilty in Mortgage Fraud Scheme

Jennifer McCall, age 47, of Ft. Washington, Maryland, a chief executive officer of Metropolitan Money Store and owner of JC and JC Investments LLC

S&P warns General Electric may lose AAA credit rating

General Electric Co. has long prized its AAA credit rating. Today, Standard & Poor’s warned that GE might not hang on to that top grade.

Bombardier Announces Signing of Two Syndicated Letter of Credit Facilities

Bombardier (CA:BBD.A: news , chart , profile ) (CA:BBD.B: news , chart , profile ) announces today that Bombardier Transportation

Thrift Regulator Bans ‘Unfair’ Credit-Card Practices (Update1)

Regulators moved to help consumers with credit cards by barring “unfair or deceptive” practices, including fees and interest-rate increases

Jack Henry & Associates Announces Micro Business Capture Solution

Dep@sit(TM) Expands Enterprise Payments Platform with Small Business and Consumer Remote Deposit Solution

Cadwalader Promotes Seven to Partnership

Evidences Continued Growth and Expansion in Financial Restructuring, Financial Services, Intellectual Property, and Tax and ERISA

Lone Star Credit Union Selects Goldleaf ACH Solution

Goldleaf Financial Solutions Inc., a provider of integrated technology-based solutions designed to improve the performance of financial institutions

LI company settles complaints with WVa customers

A Long Island credit services company has agreed to refund $9,400 to 58 customers in West Virginia to settle complaints that it misled them.

Constellation Software Announces Increase in Credit Facility

Constellation Software Inc. ("Constellation") (CA:CSU: news , chart , profile ) announced today it has entered into an amendment with its existing bank syndicate

LifeLock's ID-theft products questioned

One credit bureau claims LifeLock Inc.'s identity-theft prevention products mislead consumers.

Alliance Imaging Announces Full Year 2009 Financial Guidance and Reaffirms 2008 Guidance

Alliance Imaging, Inc. , a leading national provider of outpatient diagnostic imaging and radiation therapy services

Revel Consulting Bolsters Software-as-a-Service Practice with Hiring of Senior Managers

Experienced Technology Professionals Add Knowledge and Capabilities to Firm

Altura Credit Union Expands

Failed banks, the downward spiral of the stock market, the credit crunch and the backlash of the subprime mortgage meltdown

Amid Recession, Select Credit Assets Attractive, Says Barclays Capital

Large Risk Premiums in Investment Grade US Credit Assets Could Provide Opportunities

Club Vivanet, Inc. Signs Agreement With CCPC to Allow Merchant Processing for International Business

CLUB VIVANET, INC. (PINKSHEETS: CVIV) has executed a Marketing Agreement with Credit Card Processing Consultants ("CCPC"), Atlanta, Georgia

LifeLock Enters into Agreement with Leading Credit Bureau

TransUnion Involvement to Further Strengthen LifeLock Identity Theft Protection Offering

Credit crunch delays new U-Fairview care center

The nation's credit crunch is forcing the University of Minnesota Medical Center to delay construction of a $200 million building for outpatient care.

Credit crunch delays new U-Fairview care center

The nation's credit crunch is forcing the University of Minnesota Medical Center to delay construction of a $200 million building for outpatient care.

Fed to consumers: Hold tight

Investors sent the stock market soaring Tuesday on news that the Fed pummeled the federal funds rate down to a range as low as zero, but consumers likely won't have much else to cheer about, at least in the short term.

The Prepaid Visa(R) RushCard Reaches Milestone of $2 Billion in Cardholder Deposits

Customer Confidence Continues to Grow as Empowered Members Speak Out

Total Safety Expands to Enhance Workers Safety

To meet the growing demand of safety service solutions, Total Safety opens 4 new service centers- Benicia, CA, Signal Hill, CA, Shreveport

S&P raises Chubb's counterparty credit rating

Standard & Poor's lifts Chubb's counterparty credit rating, outlook for companies is stable

Wachovia tops J.D. Power survey of home equity lines of credit

Three of the top five banks on a J.D. Power and Associates survey looking at the best home equity lines of credit are either about to be acquired

Risk pays off for credit union in Highland Park

The automakers left long ago and many of the once-grand houses are abandoned and crumbling.

Integrated Electrical Services Reports Fiscal 2008 Fourth Quarter and Year End Results

Integrated Electrical Services, Inc. (Nasdaq: IESC) today announced financial results for the fiscal 2008 fourth quarter and year ended September 30, 2008.

Financial Restoration for the U.S. Requires Reform Writes Stanford Business School Finance Professor

The commentary below is authored by James C. VanHorne, the A.P. Giannini Professor of Banking and Finance, Emeritus, at the Stanford Graduate School of Business

CUTS Performance Marketing and Logoworks by HP Announce Partnership

Savings on Small Business Design and Printing Services Now Available for Credit Union Members

Fitch Affirms Buckner Retirement Services (Texas) $105MM Revs at 'A'; Outlook Stable

Fitch Ratings has affirmed its 'A' rating on the approximately $105 million Tarrant County Cultural Education Facilities Finance Corp., Texas revenue bonds, series 2007.

North Island Credit Union Selects Iconix Truemark Service

North Island Credit Union, one of the largest financial institutions in San Diego County, has selected the Iconix(R) Truemark(R) service

Sealed Air's Lenders Agree To Eased Credit Terms

Sealed Air Corp. (SEE) reached an agreement with lenders that eases terms on its debt, giving the struggling maker of bubble wrap and plastic

Credit service aims to educate

Although people everywhere are struggling financially, it is boom times for one area non-profit credit counseling service, which plans to call the City of Salem its next home.

Startup banks on making money from free broadband

For the past three years, a startup called M2Z Networks has been figuring out a way to blanket the nation with a free wireless broadband

Credit counseling service gets $5,000 grant

Consumer Credit Counseling Service, a division of Goodwill Industries of KYOWVA Area Inc. received a $5,000 grant from the National Federation for Credit Counseling Inc.

Huntsman Terminates Merger Agreement and Settles With Hexion and Apollo for $1 Billion

Huntsman continues multi-billion dollar Texas lawsuit against Credit Suisse and Deutsche Bank

More credit-card holders who pay late are defaulting

More credit-card holders who fall behind on their payments are eventually defaulting, deepening losses for thousands of banks that issue plastic.

Manassas to Raise Utility Connection Fees

The Manassas City Council on Monday approved a $5 increase to utility connection fees.

ATLANTA’S BOTTOM LINE: Discontent rises as city continues to slash services

Public safety among residents’ worries as Atlanta deals with projected shortfall of at least $50 million.

Running up the score

While Diane Alten's son, a high school senior, is in the throes of applying to college, the Newton mother is already worrying about her ninth-grade daughter.

Credit union ranked for member service

The University of Iowa Community Credit Union has been recognized for its high marks on a measurement know as "Return of the Member."

Banks and consumers brace for new credit card rules

The U.S. credit card industry, harshly criticized for imposing surprise fees and interest rate hikes on consumers, may face a day of reckoning on Thursday.

Rohr joins AgCountry

Jason Rohr has joined AgCountry Farm Credit Services as an associate insurance specialist. In this position he is responsible for sales

The Well

Siemens Financial Services has taken a 30 percent equity interest in Houston-based TORP Terminal LP.

Hawaiian Telcom to File Change of Venue Motion to Move Case to Hawaii

Hawaiian Telcom Communications, Inc. announced today that on Monday, December 15, 2008 it will file a motion to approve a stipulation

Standard & Poor's lowers rating on Blyth Inc.

Standard & Poor's Ratings Services on Friday said it lowered the rating on home decorative and fragrance products maker Blyth Inc.

GM and GMAC: Till Death Do Us Part?

General Motors (GM Quote - Cramer on GM - Stock Picks) and major investor Cerberus Capital Management appear to be on the verge of getting a divorce

C&F Financial Corporation Receives Preliminary Approval for $20 Million Investment Under Treasury

C&F Financial Corporation , the one bank holding company for C&F Bank, announced that it has received preliminary approval

S&P raises rating for Foster Wheeler

S&P raises corporate credit rating for Foster Wheeler to 'BB+' on strong cash flow, backlog

Walkers SPV Completes Senior Management Team with New Hire

The Walkers group's Special Purpose Vehicles (SPV) service provider, Walkers SPV Limited, announced the completion of its senior management team

ePlus Technology Achieves HP Oracle Solution Elite Status

ePlus inc. today announced that ePlus Technology inc., a wholly owned subsidiary, has achieved HP PartnerONE Oracle Solution Elite

Most Washington state farmers getting loans, but for some it’s a challenge

While some Washington farmers will find credit somewhat more expensive and harder to find this year, most will be able to raise enough money

Ovation Credit Services Goes Green in an Effort to Inspire Change

Ovation Credit Services, a leading credit repair company, announces its efforts to go green and encourage change among other businesses.

Visa CEO loses his credit cards

Imagine running the world's largest credit card network, and not having your own plastic.

Filogix To Acquire Cyence International Inc.

Davis + Henderson Income Fund (CA:DHF.UN: news , chart , profile ) today announced that its Filogix Segment, Canada's leading mortgage technology provider

SECU Employees and Members Continue to Give Generously to North Carolina's State Employees Combined

State Employees' Credit Union (SECU), a not-for-profit financial cooperative that serves North Carolina's state employees

Treasury Criticized on Hill Over TARP

Lawmakers criticized the Treasury Department's handling of its $700 billion financial-industry rescue program, saying the effort had been mismanaged

Providence Service sees credit rating drop

Tucson-based Providence Service Corp. has had its corporate credit rating downgraded two notches by Standard & Poor's, to "B-minus" from "B-plus

Midwest credit unions pledge $10B in car loans

A consortium of credit unions in four Midwestern states is pledging $10 billion in loans to car buyers and teaming with General Motors

Sun Discloses Plans To Enter Cloud Computing

To move into the cloud, Sun is phasing out its Network.com service, a computing utility based on its own data center where usage was charged by the hour.

The Rising Threat Of Credit Card Debt

Delinquency rates are increasing even as consumers try to limit spending.

Revaluation Services For OTC Derivatives See Heavy Demand

Companies providing revaluation services for over-the- counter derivatives expect strong growth in 2009, despite the regulator-driven

Language Line Services Launches Language Line(R) Direct Connect

New Offering Connects Financial Counselors With Limited-English Clients to Help Save Homes

Fitch Rates Alaska USA Federal Credit Union IDR at 'A-/F1'

Fitch Ratings has assigned Alaska USA Federal Credit Union (Alaska USA) long- and short-term Issuer Default Ratings (IDRs) of 'A-' and 'F1'

Viewpointe Adds Southeast Corp Credit Union as Its First Pointe2Pointe Internet Connectivity Custome

Viewpointe(R), a leading provider of check image exchange and archive services, announced today that Southeast Corporate Federal Credit Union

Kashkari’s TARP Testimony to the House Financial Services Committee

Good morning. Mr. Chairman, Ranking Member Bachus, and Members of the Committee, thank you for asking me to testify before you today

Are Credit Unions in Trouble?

The federal agency that oversees credit unions is stepping in with a two-tier plan to bolster institutions battered by investments

Healthcare M&A Rides the Credit Crunch, More at iiBIG Forum

iiBIG's upcoming Investment and M&A Opportunities in Healthcare, scheduled for January 27-28, 2009 at the Nashville Convention Center in Tennessee

Selling Source, LLC Names Michael Pooley EVP of Business Development at DataX, Ltd.

Selling Source, LLC Chief Executive Officer Derek LaFavor announced today that Michael Pooley has joined DataX, Ltd.,

Delta and American Express Announce Multiyear Extension for Co-Branded SkyMiles Credit Card

Delta Air Lines and American Express today announced a multiyear extension of their exclusive Co-brand Credit Card partnerships.

Quicksilver Gas Services LP Acquires Lake Arlington Dry System

Quicksilver Gas Services LP (NYSE Arca: KGS) announced that it has completed the purchase of the Lake Arlington Dry System

CME Group's Duffy to Testify on Credit Markets at U.S. House Hearing; Promote Benefits

CME Group, the world's largest and most diverse derivatives exchange, announced that CME Group Executive Chairman Terry Duffy

ITT Names David Melcher President of ITT Defense Electronics & Services, Gretchen Mcclain Appointed

ITT Corporation today announced two key executive appointments. David Melcher, previously head of strategy

Beaverton, Washington County credit ratings up

The credit rating for Washington County and its largest city, Beaverton, is going up while the rest of the economy is going down.

Schwab Bank Announces New Credit Card That Makes It Easy to Save and Invest

Unlimited 2% Cash Back on Purchases, no Annual Fees, no Foreign Exchange Fees, or Minimum Purchase Requirements

Small Businesses Open to New Credit Avenues

Amid reports of a credit crunch, many small businesses in need of loans may be turning to more nontraditional lenders

SeraCare Reports Fourth Quarter and Full Fiscal Year 2008 Results

Achieved Double-digit Growth in Core Diagnostic & Biopharmaceutical Products and BioServices Segments in Fiscal Year 2008

MetLife Announces Expected 2008 Financial Results & 2009 Guidance

Full Year 2008 Premiums, Fees & Other Revenues Expected to Grow 11% Over 2007

Full-fare fliers get extra perks, even in coach

One of the more vexing problems for airlines has been the $800 business traveler sitting in coach next to the $75 leisure traveler

Say good-bye to credit?

If you haven't yet had your credit limit slashed on one of your credit cards, it's highly likely you will -- if Meredith Whitney is right, that is.

Money available for farmers in 2009, but loan offices cautious

Executives from lending agencies say there will be money available for farmers to borrow for the spring 2009 planting

With Trouble in Detroit, Madison Avenue Cringes

EACH year, the employees of the Detroit office of Mullen, who work on advertising for General Motors’ used cars and credit cards

Credit counseling crunch

For decades, Consumer Credit Counseling Service of Yakima Valley has helped residents weather financial crises.

How the Credit Crisis Will Change the Way America Does Business

There have been more than a dozen financial crises since the end of World War II.

Citi to cut 121 local jobs

Citi announced Friday that it will lay off 121 employees at its Washington County facility in the first quarter of 2009.

Farmers assured ’09 credit available

Arkansas’ best farmers received reassurances this week that credit will be available for crop production in 2009.

Lawmakers mull next step in Detroit rescue plan

Lawmakers on Friday turned their attention to passing a bailout package for ailing U.S. automakers as a disastrous unemployment report graphically reminded them what's at stake if the Detroit Three were allowed to collapse.

Fitch Downgrades Republic Services' IDR to 'BBB-' Following Merger Closing; Outlook Stable

Fitch Ratings has downgraded the ratings of Republic Services, Inc. following the closing of its merger with Allied Waste Industries, Inc., as follows:

Unemployment, Mtge Data Suggest Deeper Consumer Credit Losses

New dismal unemployment and mortgage data Friday foreshadow deeper pain for home-loan lenders, credit-card issuers and auto- finance lenders

Analysts Cut Credit-Card, Bank Views On Rising Unemployment

Several analysts cut earnings estimates for credit-card companies and banks Friday to reflect a more severe view of consumer credit losses

U.S. House Panel Leaders Push Aid as Automakers Plead (Update3)

Failure to aid U.S. auto companies “would be a disaster,” House Financial Services Chairman Barney Frank said as lawmakers

Moody's lowers ProLogis debt rating

Moody's Investors Services lowered its rating on real estate investment trust ProLogis' senior unsecured debt to "Baa2" from "Baa1."

Darkness and Light at GE Capital

GENERAL ELECTRIC’S shareholders have taken quite a pummeling lately, largely because of uncertainty at the GE Capital Corporation

ProLogis' credit ratings downgraded

Fitch Ratings downgraded ProLogis Inc.’s credit ratings on Wednesday because of the company’s weakened earning power during the current global capital crisis

Black & Veatch Expanding Credit, Capital and Liquidity Risk Management Service for Energy and Water

Black & Veatch, a leading global engineering, consulting and construction company, announced today that its management consulting division

Service Industries in U.S. Probably Contracted Faster (Update1)

U.S. service industries probably contracted in November at the fastest pace on record, sinking the economy deeper into what may become the worst recession

Mutual Merchant Services Expands Processing Services to Medical Industry

Mutual Merchant Services, Inc. (PINKSHEETS: MUTM) (German WKN# A0Q8CV) is pleased to announce that it has signed a contract with 1st Federal DMC

Treasuries Fall as Stock Gains Cut Demand for Record Low Yields

Treasuries fell as U.S. efforts to combat a deepening recession buoyed stocks around the world, eroding demand for government debt with yields at record lows.

Total System Services to end WaMu services

JPMorgan Chase to take over card processing at WaMu from Total System Services

BB&T to host free webinar on online services for small businesses

BB&T Payment Solutions on Dec. 10 will host a free educational webinar for small business owners on the advantages of online financial services.

TradeCard Members Find Protection During Credit Crisis

Trade Platform Helps Suppliers Obtain Payment Protection and Financing; Buyers Stabilize Their Supply Chains, and Financial Institutions Reduce Risk, Despite Current Conditions

US Airways CEO: Demand may improve in January

US Airways CEO says demand may improve a little in January, but outlook still murky

Pair of credit unions ink merger pact

Texas Transportation Federal Credit Union in San Antonio has merged with Greater TEXAS Federal Credit Union, headquartered in Austin, as of Dec. 1, 2008.

Hospitals, Healthcare Providers to Save with New Premier Agreements for Credit Card Services

Premier Purchasing Partners, LP, today announced agreements in a new category - credit card services

Park City Group Secures Bank Line ofCredit to Complete Acquisition of Prescient Applied Intelligence

Business Integration Yields Major Expense Reductions and Expanding Product Offerings to Combined Customer Base

Philip R. Johnson, Bank Credit Expert, Joins Pacific Coast National Bank

Pacific Coast National Bank (PCNB) announces the appointment of Philip R. Johnson as Senior Vice President/Credit Administrator

Pa. county sets up court for credit card defaults

Judges in a central Pennsylvania county have established a special court to deal with credit card default cases.

Goldman Faces Loss of $2 Billion for Quarter

Goldman Sachs Group Inc., known for avoiding many of the blowups that have battered its Wall Street rivals, now is likely to report

I.R.S. Debates Way to Deal With Foreign Tax Shelters

The Internal Revenue Service is debating how to settle tax disputes with scores of wealthy American clients who use offshore private

Outlook for results smack Goldman, Morgan Stanley

Stocks in the U.S. financial sector fell sharply Monday as investors sold off shares after last week's stellar run and analysts trimmed earnings outlooks for Morgan Stanley and Goldman Sachs, each of which fell more than 15%.

David W. Nelms, Chief Executive Officer of Discover Financial Services, addresses The Executives'

"Credit Cards in a Credit Crisis", Mr. Nelms will address Discover's strong position in the current state of the economy and the credit crisis.

Wings Financial Federal Credit Union to Open Newest Branch at JFK

Wings Financial Federal Credit Union, one of the largest credit unions in the United States and the first credit union dedicated to employees

Kenexa to Present at the Credit Suisse Annual Technology Conference

Kenexa(R) , a global provider of talent acquisition and retention solutions, today announced that its Chief Financial Officer, Don Volk, is presenting at the Credit Suisse Annual Technology Conference in Scottsdale

Viewpointe Hires Mark Ryan as Support Services COO

Viewpointe(R), a leading provider of check image exchange and archive services, announced today that it has hired Mark Ryan as its shared services chief operating officer (COO).

Realtors(R) Federal Credit Union Hires Thomas A. Glatt as First CEO

The REALTORS(R) Federal Credit Union board of directors today announced that veteran credit union leader, Thomas A. Glatt Sr.,

GE Provides $79.5 Million Credit Facility to Market Leader in Franchised Auto Body Repair

GE Antares Capital today announced it served as administrative agent for a $79.5 million senior secured credit facility

BlackRock Realty Engages Riverstone Residential to Manage Residential Real Estate Property Portfolio

A landmark outsourcing agreement for the management of a 62-property portfolio has brought two industry leaders together in a unique business alliance.

Financial Services Ad Spend Drops 10%

NEW YORK A sharp decrease in advertising spending by the mortgage and loan sectors led a 10 percent slide in expenditures