Credit Research News - September, 2008

Vultures Circling Hartford Financial

Hartford Financial Services' investors' knees buckled under fears that it could be the next financial firm to collapse.

Alabama county to miss $83M payment on bond debt

Alabama's most populous county was unable to make an $83.5 million interest payment on its enormous sewer debt

First Cash to Discontinue Auto Master Operations

First Cash Financial Services, Inc. today announced that it will discontinue its Auto Master buy-here/pay-here automotive operations

Deloitte Responds to SEC IFRS Roadmap with a Roadmap for Real Estate

While the Securities and Exchange Commission's proposed IFRS rule changes likely leaves some public real estate companies

Financial Services Company Halo Group, Inc. Experiences Explosive Growth

While other financial services companies are downsizing or going bust, Halo Group, Inc. has increased their top line revenue by 875%

Al Brothers Named DCS 2008 Debt Buyer of the Year

Mr. Alfred Brothers, CEO and President of Cavalry Portfolio Services, LLC was named 2008 Debt Buyer of the Year at the DCS Tribute Awards.

Asbury Automotive Group Announces New Debt Facilities

Asbury Automotive Group, Inc. , one of the largest automotive retail and service companies in the U.S., today announced that it has closed on a number of new senior

Pacific Biometrics Inc. Reports FY2008 Operating Results

Pacific Biometrics, Inc. , a leading provider of specialty central laboratory and contract research services, today released its financial results for FY2008.

Some Debt Settlement Agencies Can Lead to Bankruptcy

Credit experts warn that some debt settlement agencies might cause more problems for consumers facing overwhelming debt.

$700B deal struck

As United States lawmakers geared up to vote today on creating a $700-billion government fund to buy bad debt

Credit crisis a boon to one-stop banking

The implosion of two of the nation's leading investment banks has thrust commercial banks into the spotlight.

Airport stays on top of debt

Lingering post-9/11 shock, record-low airfares and soaring fuel prices have packed a wallop to airlines flying into Pittsburgh

DEBT: All borrowed out

The global credit crunch has arrived on Main Street USA, leaving American consumers - the engine of the economy - awash in debt and struggling in a way they haven't known for years

As ads drop, McClatchy gets flexibility with banks

Newspaper publisher McClatchy Co. said Friday it has renegotiated its agreement with lenders to gain flexibility

Oshkosh Announces Improved EPS and Debt Reduction Expectations for Fiscal Fourth Quarter

Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles and vehicle bodies, announced today that it expects to report earnings per share

AccessKey IP, Inc. Announces Debt Restructuring

AccessKey IP, Inc. (Pink Sheets:AKYI) announced today that the Company has finalized the restructuring of its long term debentures

GE Cuts Outlook, Plans to Shrink Credit Unit

General Electric Co. clipped the wings of its finance unit as it reduced its earnings forecast, highlighting both the impact of the credit crisis on corporate America and how companies might respond.

Discover's Earnings Decline Amid Higher Loan-Loss Provisions

Discover Financial Services reported an 11% drop in fiscal third-quarter net income Thursday amid an 80% surge to its provision

First Words From New Fannie, Freddie Chiefs

In their first public comments since the seizure of Fannie Mae and Freddie Mac, the companies' government-appointed chief executives

Fitch Rates Denver, Colorado's Airport $293MM Revs 'A+'; Outlook Stable

Fitch assigns an underlying 'A+' rating to approximately $293 million City and County of Denver, Colorado, (the city), for and on behalf of its Department of Aviation

Americans Burdened with Tax Debt Save Over $35 Million with Tax Resolution Services, the IRS Problem

Taxpayers across the nation have saved in excess of $35 Million dollars over the past 10 years with the help of Tax Resolution Services (TRS),

Fitch Rates Detroit Medical Center (Michigan) 2008 Bonds 'BB'; Outlook Revised to Stable

Fitch Ratings has assigned a 'BB' rating to approximately $342.1 million Michigan State Hospital Finance Authority hospital revenue

Discover profit falls, loan loss provisions weigh

Discover Financial Services , the fourth-largest credit card network in the United States, posted an 11 percent decline in net income

FTC settles with 4 debt negotiators over false claims

The U.S. Federal Trade Commission on Thursday announced the settlement of a nationwide case involving four companies

Tower Semiconductor Announces Signing and Closing of Definitive Agreements with its Lenders

Agreements Will Increase Shareholders' Equity by $250 Million, Improve Future Cash Flow and Financial Results; Agreement Will Result-In a Gain of Approximately $130 Million, to be Recorded in the Third Quarter 2008

Fitch U.S. Public Power Surveillance: Municipal Gas Authority of Georgia Affirmed at 'A+'

In the course of routine surveillance, Fitch affirms the 'A+' rating on the Municipal Gas Authority of Georgia's (the Authority)

Moody's downgrades Convergys senior unsecured debt

Moody's Investors Service said Wednesday it downgraded business outsourcing services provider Convergys Corp.'s senior unsecured debt rating

House Passes Credit Card Limits

The House of Representatives approved legislation that seeks to protect consumers from lending abuses by credit card companies.

Tough challenges ahead

When Gov. Jon Corzine re cently signed the FY 2009 Appropriations Act into law, many believed that he did a good job

Member of The Association of Settlement Companies Helps Consumer Survive Financial Hardship

Nationwide Support Services Settles $113K in Debt for Illinois Physician Stricken with Unexpected Illness

US, examining a bailout, has boosted debt before

The proposed $700 billion bailout of the financial system is staggering, for sure, but there have been times when American debt relative to the size

Debt-relief companies to make refunds to Idaho customers

Three unlicensed companies that offer debt relief services in Idaho have agreed to make refunds to customers, state officials say.

nTelagent's Self-Pay Management System Helps Emergency Departments and Patients Across the Country

Company's Retail Application for the Healthcare Industry Improves Patient Experiences in the ED, Identifies Assistance Programs for Patients

People Seeking Credit Counseling in August Earned $49,308 Annually, Nonprofit Agency Finds

Consumer Credit Counseling Service of Greater Atlanta cites rising unemployment, higher living costs

Microsoft to buy back $40 billion stock and raise $6 billion debt

Microsoft, seeking to revive the price of its shares, which had slumped 30 per cent this year, said it planned to buy back as much as $40 billion

TransUnion.com: National Auto Loan Delinquency Rates Increased Marginally in 2nd Quarter of 2008

TransUnion.com released today the results of its analysis of trends in the auto lending industry for the second quarter of 2008.

UPDATE 1-Alabama county OKs standstill deal on warrants

Alabama's Jefferson County, which is trying to restructure $3.2 billion of troubled sewer-system debt, on Monday

Ahead of the Bell: Financial services firms

Shares of many financial services firms fell in premarket trading Monday as investors waited for specifics about a broad government bailout

New Free Online Tools Help Consumers be Proactive About Debt Management with MyCareOne

Credit counseling and debt management service providers of CareOne Credit Counseling Services have launched a collection of free Web-based financial tools and resources through their new MyCareOne platform (http://mycareone.careonecredit.com).

Debt payments share to GDP going down

THE SHARE OF THE GOVERNMENT’S DEBT payments to the country’s gross domestic product is expected to go down to 7.8 percent

Frank Seeks More Oversight of Paulson's Bad Debt Plan (Update2)

House Financial Services Committee Chairman Barney Frank sought authority to oversee and audit Treasury Secretary

State settles with debt relief companies

The Idaho Department of Finance announced settlements Friday with three out-of-state companies offering debt relief services

Kingsway Financial Services Inc. Q2 2008 Earnings Call Transcript

Kingsway Financial Services Inc. (KFS) Q2 2008 Earnings Call Transcript August 7, 2008 8:30 am ET

Henry Paulson buries US toxic debt

America is poised to spend billions to buy up the toxic bonds that have poisoned the financial system

U.S. readies massive toxic-debt plan

The U.S. government is preparing to mop up hundreds of billions of dollars in bad mortgage debt, after curbing short-selling

Conrad Black: Lessons to learn from Wall Street's week of no return

The fate of the giant insurance company AIG is a tale with a clear moral. Over a period of 40 years, Hank Greenberg built this company

Morgan Stanley, Goldman Lead Drop in Bond Risk on Fed Debt Plan

Morgan Stanley and Goldman Sachs Group Inc. led a drop in the cost of default protection on corporate bonds as a plan by U.S. lawmakers

Debt excusion on Oct. 7 or cut town, school services?

Nancy Woodle, who saw the taxes on her Lost Lake home shoot up by 70 percent last year, said she is torn about the coming town referendum.

Debt bailout, financial services, Oracle – Vialoux

World equity markets are sharply higher on news that the Federal Reserve and Treasury have proposed bail out of illiquid U.S. financial service debt.

Horizon Lines Making Voluntary $12.5 Million Debt Payment

Horizon Lines, Inc. , today is making a voluntary payment of $12.5 million on its revolving credit facility.

Worldspace, Inc. Reaches Agreement to Defer Debt Payment

1worldspaceTM announced today that it has reached an agreement in principle with each of the four holders

Fitch Affirms SUPERVALU's IDR at 'BB-'; Outlook Positive

Fitch Ratings has affirmed SUPERVALU Inc.'s (SUPERVALU) Issuer Default Rating (IDR) and outstanding debt ratings as follows:

City rates to increase next month

Hattiesburg residents will see a spike in their water, sewer and garbage fees when they get their utility bills in November.

Fitch Rates Maine Municipal Bond Bank's $50MM TransCap Revs 'AA-'

Fitch Ratings has assigned an 'AA-' rating to Maine Municipal Bond Bank's (the bond bank) $50 million transportation infrastructure

Golden Gate may see water rate increase

Golden Gate residents wanting to quench their thirst or wash the dishes may have to dig deeper into their pockets come October.

Scranton City Council considers refinancing

Scranton City Council is being asked to approve the refinancing of a $5.5 million loan that was taken out three years ago to cover budget expenses.

BNY Mellon is 'corporate trustee' for Lehman debt issues

The Bank of New York Mellon Corp. said it is on the creditors committee in the bankruptcy proceedings for Lehman Brothers Holdings Inc.

Budget Outlook Worsens; FY10 Talks Start $176M In Hole

County supervisors got a chilling message this morning as they were told there is a $176 million hole in the FY10 budget

SunLink Health Systems, Inc. Announces Fiscal 2008 Annual and Fourth Quarter Results

SunLink Health Systems, Inc. today announced earnings from continuing operations for its fourth fiscal quarter ended June 30, 2008

Value Financial, Ezcorp renegotiate $115M buyout deal

Value Financial Services Inc. on Sept. 16 reworked an agreement to be acquired by a publicly traded pawn shop and payday loan operator in Texas.

GRU moving operations center

As work gets underway at Depot Park, Gainesville Regional Utilities has been slowly and steadily working on another project

Fitch Affirms St. Luke's Episcopal-Presbyterian (Missouri), Bonds at 'A'; Outlook Stable

Fitch Ratings affirms the 'A' underlying rating on approximately $116 million of Missouri Health & Educational Facilities Authority's health facilities

PNC Equity Partners acquires Virginia vintner

PNC Equity Partners, Pittsburgh, has acquired The Country Vintner Inc.

Fitch Revises Fort Jackson Military Housing (SC) Tax Rev Bonds 2008 Series A to 'AA-'

Fitch Ratings revises its rating on the Fort Jackson Housing LLC's military housing taxable revenue bonds (Fort Jackson, South Carolina) 2008 series

Some Seek Agency to Buy Bad Debt as Long-Term Answer

As the Bush administration has lurched from pillar to post in the financial crisis, some lawmakers and experts were considering a longer-term legislative solution

TransUnion.com Quarterly Credit Card Analysis Reveals That National Credit Card Debt Moves Up Again

TransUnion.com released today the results of its analysis of trends in the credit card lending industry for the second quarter of 2008.

Frank Says U.S. May Consider Setting Up Agency to Buy Bad Debt

House Financial Services Committee Chairman Barney Frank said financial market turmoil is likely to force Congress

Standard & Poor's raises ratings on Peabody Energy

Standard & Poor's raises ratings on Peabody Energy based on improved financial performance

GreenMan Technologies Announces Strategic Divestiture of Its Tire Recycling Operations for Over $26

Company to Retire $13 Million Laurus Credit Facility and Realign Business Around Larger Market Opportunities in Recycled Products, Renewable Fuels, Alternative Energy and Other Green Technologies

Companies marketing 'prepaid debt cards' to college students

Many colleges have tightened rules on credit-card marketing on campus in order to discourage students from racking up huge amounts of debt.

Small Business Makeover: Expansion nearly led to a meltdown

Dustin Culton owns the Omaha Chocolate Co., but he returned to his former full-time job last year in order to pay bills he incurred through opening a second location.

Keith “Lex” Malas Joins Broadpoint to Expand Debt Origination Effort

Broadpoint Capital, Inc., a broker-dealer subsidiary of Broadpoint Securities Group, Inc. (NASDAQ: BPSG), today announced the hiring in its Debt Capital Markets Division of Keith A

Why cost of financials' debt insurance has soared

Over the past week and throughout the downturn in the credit markets, the cost of insuring financial services firms' debt has consistently increased.

The Lie of a 'No New Taxes' Budget, or Why Arnold Should Use His Veto

Details of the budget deal reached today by legislative Democrats and Republicans have not been officially released

Peach to vote on SPLOST Tuesday for jail, other projects

After Tuesday, it'll be at least six years before Peach County residents get another chance to vote on a special purpose local option sales tax.

County adopts budget in 4-1 vote

One vote kept the Rockwall County commissioners from unanimous approval of the 2008-09 budget Tuesday in the regular meeting

Choking On Credit Card Debt

Steve Soliz picked up his first credit card when he was a freshman in college. He applied just outside the campus bookstore.

Fitch Downgrades Southern Ocean County Hospital (New Jersey); Outlook to Negative

Fitch Ratings has downgraded New Jersey Health Care Facilities Financing Authority's $53.3 million revenue bonds

Return of 8% for Harvard Endowment

The endowment of Harvard University, among the most watched in the country, said Friday that it had earned an 8.6 percent

School tax levy for 2009 will go down

A proposed property tax levy for residents of the Forest Lake Area School is now in place — well, sort of.

FlagshipPDG Announces Second Quarter Results

PDG Environmental, Inc. (dba FlagshipPDG) (OTCBB: PDGE), a leading provider of environmental remediation

Patriot Capital Funding Receives Proceeds of $13.9 Million From Full Repayment of its Debt

Patriot Capital Funding, Inc. (NasdaqGS: PCAP), a specialty finance company providing flexible financing solutions to small- to mid-sized companies

Stone & Youngberg Holdings LLC Announces New Board Appointments

Managing Directors Grant Hamill and Richard A. Beames Named to Firm's Board of Directors

Fairfield Convention Center in the red

Financial woes have prompted a change in management by the Fairfield Arts and Convention Center Board.

Medical Debt is Soarin

A frightening statistic from the Federal General Accounting Office study reported that as many as 95 percent of all hospital bills include overcharges

Halo Debt Solutions, Inc. Gives Debt Settlement a Face-Lift

Halo Debt Solutions, Inc. sets a new standard of customer care for debt settlement programs.

High rating for school district

The Florence school district has earned an A+ rating by Standard and Poor's Ratings Services.

Commuter boat cutbacks floated

The MBTA’s proposal to cut Hingham and other commuter boat service has not been well received.

Kaulkin Ginsberg Report Says Increased College Student Credit Card Debt Causing Financial Straits

College students are known for carrying student loan debt; however a new report, The Student Market for Credit Cards:

Fitch Affirms Group Health Cooperative (Washington) at 'A-'

Fitch Ratings has affirmed the 'A-' rating on Group Health Cooperative's (GHC) approximately $205.9 million of outstanding series 1991

Hercules Technology to Participate in RBC’s 2008 Financial Services Conference in Boston

Hercules Technology Growth Capital, Inc. (NASDAQ:HTGC), the leading specialty finance company providing venture debt and equity to venture capital

Bogus credit counseling, credit card and debt consolidation services around - credit card debt

Thousands of companies are everyday stealing money right from people who need it the most! Illegitimate companies

EDS senior unsecured debt raised to 'A' after H-P buys co - S&P

Standard & Poor's Ratings Services raised its senior unsecured debt rating on Electronic Data Systems Corp. to 'A' from 'BBB-'

Alabama debt talks continue but promise no quick end

Negotiations between creditors and Alabama's Jefferson County that could avert a bankruptcy filing are continuing but promise no quick resolution

Credit Solutions Settles Record Debt, Sets Highest Standards in Q2/08 Customer Service Industry Surv

U.S. consumer credit increased at an annual rate of 5% in Q2/2008, bringing the total outstanding consumer credit up to a whopping $2,586.3 billion

Study by nTelagent, Inc. Finds Two-Thirds of Healthcare Bad Debt Caused by Insured Patients

Contrary to popular belief, the healthcare industry's bad debt problem can't be blamed solely on the uninsured, according to a just-published national study

Treasuries Beating U.S. Assets Vindicate Bernanke (Update3)

Maxwell Bublitz got a lot of grief when he said Treasuries would rebound from the worst bear market in four years

Volt completes directory systems and services sale

Volt Information Sciences Inc. said Monday it completed the approximately $179 million sale of its directory systems and services and its North American publishing operations

Mediacom Communications Announces Agreement to Repurchase 30% of its Outstanding Shares from Shivers

MEDIACOM COMMUNICATIONS CORPORATION announced today that it entered into a definitive agreement to repurchase all of Mediacom's Class A

TransUnion.com: Mortgage Loan Delinquency Rates Rise for the Sixth Straight Quarter

TransUnion.com released today the results of its analysis of trends in the mortgage industry for the second quarter of 2008.

Dallas County likes to keep its fat reserve

Dallas County commissioners have cut about 75 jobs and imposed department-wide hiring and salary freezes.

Religion Digest

Grace United Methodist Church will hold an informal service at 8:15 a.m., contemporary service at 9:30a.m. and traditional worship at 11 a.m. today

Gustav Relief Sends Red Cross Into Debt

The American Red Cross said yesterday that it is going deep into debt to fund a $70 million Hurricane Gustav relief effort

Fitch Rates Greater Cleveland Regional Transit Auth, Ohio's $28MM Rfdg GOs 'A'

Fitch assigns an 'A' rating to the Greater Cleveland Regional Transit Authority (GCRTA, or the authority), Ohio's approximately $28 million

GEM Completes Acquisition of Island Environmental Services (IES)

Receives Funding From The ComVest Group; Secures $13.5 Million in Comprehensive Financing; Outlines Plans for New Regional Business

Allen-Vanguard discontinues debt rating services and associated costs - Quick Facts

Allen-Vanguard Corp.(VRS.TO: News ) announced that it has discontinued employing debt rating services provided by Moody's Investor Services

CORRECTING and REPLACING ABM Industries Announces Third Quarter Fiscal 2008 Financial Results

Company Achieves 86% Increase in Operating Profit Over Year-Ago Quarter ABM to Sell Amtech Lighting

Services, productivity up but job market weak

The dominant U.S. service sector improved last month and businesses boosted productivity in the second quarter but evidence of labor market weakness

Fitch Rtes Gwinnett County Devel. Auth. (Georgia) $14.5MM Revs 'AAA'; Outlook Stable

Fitch Ratings assigns an 'AAA' rating to the Development Authority (the authority) of Gwinnett County (the county),

S&P cuts Oshkosh Corp.'s credit ratings

S&P lowers ratings for Oshkosh Corp. to "BB-" from "BB," citing weaker expected demand

District adopts tax rate, budget

San Marcos CISD trustees have adopted a budget totaling nearly $70 million.

Global reports $4M loss; center's 'on schedule'

Prescott Valley residents should not be alarmed by the fact Global Entertainment, the operator and manager of Tim's Toyota Center

Allen Vanguard announces discontinuation of debt rating services and associated costs

Allen-Vanguard Corporation (TSX: VRS: 3.63, -0.36, -9.02%) ("Allen-Vanguard" or the "Company") of Ottawa, Canada today announced that it has discontinued employing the debt rating services provided by Moody's Investor Services

Burlington Coat Factory Announces Fiscal 2008 Operating Results

Burlington Coat Factory Investments Holdings, Inc. and its operating subsidiaries (the "Company"), a nationwide retailer based in Burlington

Fitch Rates N Sonoma Cnty Hosp Dist, California's $10.1MM COPs 'A-'; Outlook Stable

Fitch Ratings assigns an 'A-' rating to North Sonoma County Hospital District, (the district), California's $10.1 million certificates

Experian Unveils Surprising Credit and Small-Business Economic Trends at Vision 2008 Conference

Experian(R), a global information services company, today announced that its industry leading 28th annual Vision Conference is being held Oct. 5-8, 2008

Taxes would go toward school construction debt

Henderson County Board of Commissioners voted unanimously Tuesday to allocate projected funds from a 0.25 cent sales tax

John Hancock Investors Trust Declares Quarterly Distribution

John Hancock Investors Trust declared its quarterly distribution today as follows:

Fitch Rates Telemar's Proposed Notes 'BBB-'; Affirms Ratings

Fitch has taken the following actions for Tele Norte Leste Participacoes S.A. (TNE) and Telemar Norte Leste S.A. (TMAR), collectively refer to as Oi:

Credit Card Debt Consolidation Services: How They Operate

Many people get themselves dug into such a deep hole with credit card debt that they feel like the only way out of it is to use credit card debt consolidation services.

Raser Technologies Closes Geothermal Financing

Provides Summary of Closing and Funding Agreement for Project Financing and Tax Equity Capital for Development of Raser's 10 MW Utah Geothermal Power Plant

Golub Capital Provides Senior Debt Financing in Support of the Acquisition of Mobile Dentists, Inc.

Golub Capital today announced that it has provided Sentinel Capital Partners with a senior credit facility to support the acquisition of Mobile Dentists, Inc.,

La Vernia trustees propose budget

A public hearing to open the Aug. 25 meeting of the La Vernia Independent School District’s board of trustees meeting

No public comments on proposed Taylor County budget, tax rate

Nobody cared to discuss Taylor County's budget and tax rate Tuesday morning.

AFS Technologies, Inc. Completes the Acquisitions of IRM Corporation and Motek Information Systems,

AFS Secures $13.0 Million in Equity Financing Led by CIBC Capital Partners and a $25 Million Credit Facility with Wells Fargo Foothill

The Neglected Epidemic and the Surgeon General's Report: A Call to Action for Better Oral Health

The first US surgeon general's report on oral health will be released soon. Oral diseases have been called a "neglected epidemic,"

College students feel fast-rising fee increases

Edgar Rodriguez plans to graduate from the College of New Jersey before construction of its $30 million art and multimedia building

401(k)s tapped for loans less than in 2007

Despite reports this year that more people were borrowing from their 401(k) plans to cover daily expenses, the latest data from several plan providers

Business Debt Reduction Sets You Free Of Debts

Business is often synonymous with risks, as there is no set criterion for success in any kind of business.

Keep gripes brief -- and always be polite

Dear Readers: The Fixer likes to think Chicago has some of the savviest consumers around.