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Governor Andrew Cuomo struck a deal with lawmakers that will let New York City sell an additional 2,000 taxi medallions and permit so-called car services to pick up passengers who hail them outside Manhattan. The bill will generate $1 billion in revenue for the city and help reduce a $4.6 billion budget gap for the fiscal year that starts July 1, Mayor Michael Bloomberg said yesterday in a press briefing in Albany, the capital, to announce the deal. The new law will make getting around town easier, safer and less costly for millions of New Yorkers, Bloomberg said in a statement. The agreement caps Cuomo(TM)s first year as governor, during which the Legislature passed a property-tax limit, a bill legalizing same-sex marriage and a tax-code overhaul that raised rates for those earning $2 million or more and cut them for the middle class. [Read the full article]
-- PHH Corp. has $423 million of senior unsecured notes due in March 2013, and we do not believe that the company will be able to repay this debt exclusively from free corporate cash flows. -- We believe that PHH has adequate liquidity to repay its $249 million in convertible notes due in April 2012. -- We are lowering the long-term issuer credit rating on PHH to 'BB-' from 'BB+' and removing it from CreditWatch. The outlook is negative. -- The ratings reflect our expectation that PHH will execute a clear strategy in the coming months to build sufficient liquidity to repay senior unsecured debt maturing in 2013. We expect a component of this could include the extension of its corporate revolver beyond one year. NEW YORK (Standard & Poor's) Dec. 21, 2011--Standard & Poor's Ratings Services today said it lowered its long-term issuer credit rating on PHH Corp. to 'BB-' from 'BB+'. We also lowered our rating on the company's senior unsecured debt to 'BB-' from 'BB+'. [Read the full article]
NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae announced today that its Sallie Mae Money Market Account has been recognized in the December issue of Kiplinger(TM)s Personal Finance Magazine as the Best Money Market Account of 2011. Sallie Mae was selected for its market-leading savings interest rates, no minimum balance or monthly fee, full service mobile banking, and check writing. This is the second consecutive year Sallie Mae(TM)s banking products have been recognized by Kiplinger(TM)s.Sallie Mae(TM)s Money Market account holders earn a 1.00% APY, ten times the national average. Launched in 2010, Sallie Mae direct banking products are FDIC-insured and include online savings accounts and Certificates of Deposit through Sallie Mae Bank.Free mobile banking features enable customers to check balances, transfer funds, pay bills, and remotely deposit checks online and with smartphones. [Read the full article]
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