Client News Release
Fitch Downgrades the Ratings of Protective Life Corp. and Subsidiaries (Business Wire) and Wedding-site operator Knot falls on downgrade (AP)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 11/07/2008 - Upgrades/Downgrades industry news provided by Financial News USA (OTC: FNWU). NEW YORK--(BUSINESS WIRE)--Fitch Ratings has downgraded the Issuer Default Rating (IDR) of Protective Life Corp. (NYSE: PL) to 'A-' from 'A' and its senior debt ratings to 'BBB+' from 'A-'. In addition, Fitch has downgraded PL's trust preferred ratings to 'BBB' from 'BBB+'. The insurer financial strength (IFS) ratings of PL's primary life insurance subsidiaries have been downgraded to 'A+' from 'AA-'. The Rating Outlook is Negative. This rating action reflects Fitch's view that the risk-based capital level of PL's primary life insurance subsidiaries has deteriorated in
2008 and will continue to be pressured over the near term due to investment losses and reserve strain associated with the company's term life insurance business. [Read the full article]
NEW YORK (AP) -- Shares of wedding Web site operator Knot Inc. retreated Wednesday ahead of its third-quarter earnings report, scheduled for Thursday. An analyst downgraded the stock amid concerns the about the effects of the economic downturn.
William Blair analyst Meggan Friedman downgraded the stock to "Market Perform" from "Outperform" and lowered third-quarter estimates "to reflect slower growth in national advertising and a decline in publishing."She analyst now expects sales of $24.9 million for the quarter, down from $27.1 million. [Read the full article]
NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned an 'AA-' long-term rating to the Illinois State Toll Highway Authority's (the authority) approximately $400
million toll highway variable-rate senior priority revenue bonds, series 2008B. The bonds are scheduled for negotiated sale on or about Nov. 6, 2008 and are secured by a senior lien on the net revenues of the toll-road system. Proceeds will be used to fund portions of the authority's $6.2 billion Congestion Relief capital program. Fitch has also affirmed the 'AA-' rating on the authority's $3.1 billion of outstanding parity debt. [Read the full article]
NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns an 'AA' rating to the State of Ohio's (the state) $30 million cultural and sports capital facilities bonds, series 2008B. The bonds are expected to sell via negotiation on or about Nov. 19, 2008. The bonds mature Oct. 1, 2009-2018; there is no redemption prior to maturity. Fitch also affirms the 'AA' rating on approximately $2.4 billion of outstanding appropriation bonds of the state and certain agencies rated by Fitch. The Rating Outlook is Stable.
The 'AA' rating on bonds backed by Ohio's lease appropriations reflects the state's general credit standing, sound lease structures, the broad state purposes of financed projects, and constitutional authorization for these types of bonds. [Read the full article]
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