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Leveraged Finance Weekly
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2009-10-02 |
...Fitch downgraded the ratings for the hybrid securities of CPF to `C/RR#' from `CC/RR#' to reflect that CPF has deferred on its dividend payments for its hybrid securities, including its $### million of preferred stock issued to the U.S. Treasury as part of the capital purchase program (CPP). All other Fitch ratings for CPF (IDR of `CCC') are unaffected by this action. Fitch indicated in its Aug. #, #### rating action commentary that the deferral of dividends on CPF's hybrid securities could be imminent. Further, while the hybrids are structured to be deferrable and thus not in default, Fitch considers the deferral to be non-performance, which translates into a `C' rating classification. Fitch has maintained a recovery rating of `RR#' on the preferred and trust preferred securities of CPF. The `RR#' rating implies recovery between #%Â ##% on these issues should the issuer fail or default. Contacts: Kenneth Ritz, +# ### ###-####, New York Sharon Haas, +# ### ###-####, New York Cincinnati...
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| William S. Hart Union High School District, California - GO BANs ser 2009
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2009-10-02 |
...The `A+' rating reflects William S. Hart Union High School District's (the district) currently solid, but deteriorating financial position, exhibited by presently strong general fund balances and prudent management actions to cut expenditures. Management's practical financial actions are offset by a significant budgeted drawdown, a challenging state revenue environment, slowing enrollment growth, and a limited degree of future expenditure flexibility. The local economy is relatively strong, with a fairly stable real estate market, leading income and unemployment levels, and a diversified tax base that has grown at a historically brisk pace, despite a recently moderate decline. New Issue...
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| BA Credit Card Trust, Class B (2009-2) BAseries Notes (US ABS)
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2009-10-02 |
...Fitch Ratings expects to assign an `A' rating to the $### million class B (####-#) BAseries notes issued by BA Credit Card Trust (BACCT). Noteholders will receive monthly interest payments on the ##th business day of each month, beginning Nov. ##, ####. Upon the issuance of this transaction, there will be ## tranches of class B notes outstanding under BACCT. The total invested amount of notes outstanding will be approximately $##.# billion, consisting of $##.# billion of class A notes (including the Emerald Notes Program), $#.# billion of class B notes, $#.# billion of class C notes, and $#.# billion of a class D certificate. For additional information on this expected issuance and performance data, see BACCT's issuance trust update, available on Fitch's web site at www.fitchratings.com. Key Rating Drivers...
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| Citigroup Inc.
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2009-10-02 |
...On Feb. ##, ####, Fitch Ratings affirmed the long-term and short-term IDRs of Citigroup Inc. (Citi), given Citi's systemic importance and the magnitude of support from the U.S. government. However, Citi's Individual rating was downgraded from `C/D' to `E' reflecting comparatively high problem assets and heavy reliance on government financial support. A+ F#+ EIndividual...
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| Citigroup Inc.
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2009-10-02 |
...On Feb. ##, ####, Fitch Ratings affirmed the long-term and short-term IDRs of Citigroup Inc. (Citi), given Citi's systemic importance and the magnitude of support from the U.S. government. However, Citi's Individual rating was downgraded from `C/D' to `E' reflecting comparatively high problem assets and heavy reliance on government financial support. In February ####, Citi announced of a plan exchanging various preferred instruments for common stock; given U.S. government participation in this plan, it became by far the largest shareholder with an ownership stake of approximately ##%. Other support measures by the U.S. government have included two rounds of TARP capital injections, a loss sharing agreement on a $###bn pool of assets, liquidity support, and considerable funding support through the FDIC's TLGP program. Following the exchange, Citi's TCE increased by approximately $##bn and the TCE ratio increased to #.#% pro forma from #.#% for #Q##. The Tier I common ratio stands at approximately...
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| Credit Analysis: The Walt Disney Company
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2009-10-02 |
...The Walt Disney Company's (Disney) ratings continue to reflect the company's leading market positions in core businesses, unique brand franchises, substantial cable network carriage revenues, and strong credit metrics. In addition, the company continues to benefit from leveraging its hit-driven brands across multiple platforms. Credit concerns center on the cyclical volatility of Disney's theme parks and resorts, studio and broadcast networks businesses, and the maturation of the DVD business. The Stable Rating Outlook takes into account the company's current liquidity as well as Fitch's expectations related to the overall long-term secular profile of the company's businesses. Despite the difficult environment, and the expectations for relatively pressured performance over the next #### months, Fitch expects Disney's consolidated net leverage ratio to remain below #x through this downturn, and for its net leverage ratio excluding net non-recourse debt and adjusting for equity and minority...
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| Fitch Affirms MidAmerican Energy Holdings Co. & Subsidiaries; Outlook Stable
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2009-10-02 |
Fitch Affirms MidAmerican Energy Holdings Co. & Subsidiaries; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed the ratings of MidAmerican Energy Holdings Company (MEHC) and its... |
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| Fitch retira calificacion de los VDFB de Consubono XXVIII
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2009-10-02 |
Fitch retira calificacion de los VDFB de Consubono XXVIII ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch retira la calificacion A(arg) de los Valores de Deuda Fiduciaria Clase B (VDFB) por un VN $#.###.###,... |
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| Fitch retira calificacion de los VDFB de Consubono XXIX
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2009-10-02 |
Fitch retira calificacion de los VDFB de Consubono XXIX ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch retira la calificacion A(arg) de los Valores de Deuda Fiduciaria Clase B (VDFB) por un VN $#.###.###,... |
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| Fitch Argentina retira calificacion de los VDFA de Consubond LXV
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2009-10-02 |
Fitch Argentina retira calificacion de los VDFA de Consubond LXV ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina retira la calificacion AAA(arg) de los Valores de Deuda Fiduciaria Clase A por VN... |
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| Fitch retiro la calificacion de los CP de Ribeiro XXIV
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2009-10-02 |
Fitch retiro la calificacion de los CP de Ribeiro XXIV ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch retiro la calificacion B-(arg) de los Certificados de Participacion (CP) por VN $ #.###.###, emitidos... |
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| Fitch Argentina retira calificacion de los VDFB - Consubond LXII
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2009-10-02 |
Fitch Argentina retira calificacion de los VDFB - Consubond LXII ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina retira la calificacion A-(arg) de los Valores de Deuda Fiduciaria Clase B por VN $... |
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| Fitch Argentina retira calificacion de los VDFA - Consubond LXIV
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2009-10-02 |
Fitch Argentina retira calificacion de los VDFA - Consubond LXIV ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina retira la calificacion AAA(arg) de los Valores de Deuda Fiduciaria Clase A por VN... |
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| Fitch Withdraws Nikko Cordial's Ratings on Sale Completion
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2009-10-02 |
Fitch Withdraws Nikko Cordial's Ratings on Sale Completion ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings withdraws Nikko Cordial Securities Inc. (Nikko) and Nikko Citi Holdings Inc.'s ratings following... |
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| Fitch retiro la calific - VRDA de Best Consumer Finance Serie VI
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2009-10-02 |
Fitch retiro la calific - VRDA de Best Consumer Finance Serie VI ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch retiro la calificacion AA(arg) de los Valores Representativos de Deuda Clase A (VRDA) por VN... |
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| Fitch confirma las calificaciones de los fondos Pionero
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2009-10-02 |
Fitch confirma las calificaciones de los fondos Pionero ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo las calificaciones otorgadas a los siguientes Fondos Comunes de Inversion: Pionero Renta Dolares... |
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| Fitch confirma calificacion al fondo GAINVEST FF
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2009-10-02 |
Fitch confirma calificacion al fondo GAINVEST FF ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo la calificacion otorgada al fondo comun de inversion GAINVEST FF en AA(arg)f. Asimismo, confirmo el... |
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| Fitch Affirms Sam Rayburn Municipal Power Agency, Texas' Revs at 'BBB-'; Outlook Stable
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2009-10-02 |
Fitch Affirms Sam Rayburn Municipal Power Agency, Texas' Revs at 'BBB-'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings affirms its 'BBB-' rating on Sam Rayburn Municipal Power Agency (SRMPA),... |
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| Fitch confirma las calificaciones de los Superfondos
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2009-10-02 |
Fitch confirma las calificaciones de los Superfondos ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina confirmo las calificaciones de los siguientes fondos comunes de inversion: Super Bonos Internacionales... |
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| Fitch comenta calificaciones de los fondos Pellegrini
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2009-10-02 |
Fitch comenta calificaciones de los fondos Pellegrini ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina confirmo las calificaciones de los fondos Pellegrini Acciones en A(arg)v, Pellegrini Integral... |
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| Fitch califico los titulos de Secubono XLVI
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2009-10-02 |
Fitch califico los titulos de Secubono XLVI ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch asigno las siguientes calificaciones a los titulos a emitirse bajo el fideicomiso financiero Secubono XLVI: - Valores... |
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| Fitch Rates New York State Dormitory Authority's $406MM PIT Bonds 'AA-'; Outlook Stable
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2009-10-02 |
Fitch Rates New York State Dormitory Authority's $###MM PIT Bonds 'AA-'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned an 'AA-' rating to the Dormitory Authority of the State... |
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| Fitch Rates Chicago, IL Sales Tax Revs 'AA'; Revs & GO Outlooks to Neg; Downgrades Fuel Tax Bonds
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2009-10-02 |
Fitch Rates Chicago, IL Sales Tax Revs 'AA'; Revs & GO Outlooks to Neg; Downgrades Fuel Tax Bonds ## Oct #### #:## PM (EDT) Fitch Ratings-Chicago-## October ####: Fitch Ratings assigns an 'AA' rating to the city of Chicago's (the city)... |
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| Fitch Downgrades MSCI 2007-HQ12; Assigns Outlooks
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2009-10-02 |
Fitch Downgrades MSCI ####-HQ##; Assigns Outlooks ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has taken various rating actions on ## classes of Morgan Stanley Capital Trust I, ####-HQ##. In addition,... |
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| Fitch califico los titulos a emitirse bajo el FF Lucaioli II
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2009-10-02 |
Fitch califico los titulos a emitirse bajo el FF Lucaioli II ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch asigno las calificaciones AAA(arg) para los Valores Representativos de Deuda (VRD) por hasta VN... |
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| Fitch Affirms Consolidated City Utilities of Springfield, MO Revs at 'AA'
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2009-10-02 |
Fitch Affirms Consolidated City Utilities of Springfield, MO Revs at 'AA' ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings affirms the City Utilities of Springfield, Missouri's (CU) public utility revenue... |
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| Fitch Argentina retira la calificacion de los CP de FF Dulcor I
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2009-10-02 |
Fitch Argentina retira la calificacion de los CP de FF Dulcor I ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina retira la calificacion CCC(arg) de los Certificados de Participacion por VN $ #.###.###... |
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| Fitch Rates Atlanta, Georgia Water & Sewer Revs 'BBB+'; Outlook Stable
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2009-10-02 |
Fitch Rates Atlanta, Georgia Water & Sewer Revs 'BBB+'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings assigns a 'BBB+' underlying rating to Atlanta, GA's (the city) approximately $###... |
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| Fitch Affirms CoBank's L-T IDR at 'AA-'; Outlook Stable
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2009-10-02 |
Fitch Affirms CoBank's L-T IDR at 'AA-'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed the long- and short-term Issuer Default Ratings (IDR) of CoBank, ACB (CoBank) at 'AA-'... |
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| Fitch Rates MTA New York's $597MM Transportation Revs 'A'; Outlook Stable
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2009-10-02 |
Fitch Rates MTA New York's $###MM Transportation Revs 'A'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned an 'A' rating to the following Metropolitan Transportation Authority,... |
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| Fitch Expects to Rate BA Credit Card Trust Class B (2009-2) BAseries Notes
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2009-10-02 |
Fitch Expects to Rate BA Credit Card Trust Class B (####-#) BAseries Notes ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings expects to rate BA Credit Card Trust, class B (####-#) BAseries notes as follows:... |
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| Fitch Rates $203MM Florida Full Faith & Credit Right-of-Way Bonds 'AA+'; Outlook Negative
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2009-10-02 |
Fitch Rates $###MM Florida Full Faith & Credit Right-of-Way Bonds 'AA+'; Outlook Negative ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings assigns an 'AA+' rating to Florida's $###,###,### full faith and... |
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| Fitch Affirms Riverside Military Academy's (Georgia) Revs at 'BBB-'; Outlook Revised to Negative
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2009-10-02 |
Fitch Affirms Riverside Military Academy's (Georgia) Revs at 'BBB-'; Outlook Revised to Negative ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed the long-term 'BBB-' rating on approximately... |
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| Fitch Ratings Maintains D&S on Rating Watch Evolving
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2009-10-02 |
Fitch Ratings Maintains D&S on Rating Watch Evolving ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings maintains the Rating Watch Evolving on the Chilean retailer Distribucion y Servicios D&S S.A. (D&S)... |
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| Fitch Downgrades MSC 2007-TOP25; Assigns Outlooks
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2009-10-02 |
Fitch Downgrades MSC ####-TOP##; Assigns Outlooks ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has taken various rating actions on ## classes of Morgan Stanley Capital I Trust ####-TOP##, including... |
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| Fitch Affirms Farm Credit System's 'AAA' Rating; Outlook Stable
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2009-10-02 |
Fitch Affirms Farm Credit System's 'AAA' Rating; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed the long- and short-term Issuer Default Ratings (IDR) of the Farm Credit System... |
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| Fitch Ratifica Clasificacion de Gasco en A+(cl)
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2009-10-02 |
Fitch Ratifica Clasificacion de Gasco en A+(cl) ## Oct #### #:## PM (EDT) Fitch Ratings-Santiago-## October ####: Fitch Ratings ratifico la clasificacion en escala nacional de Gasco S.A. en 'A+(cl)'. El Outlook de las clasificaciones... |
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| Fitch Rates Pitzer College's (California) Revs 'A'
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2009-10-02 |
Fitch Rates Pitzer College's (California) Revs 'A' ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings assigns an 'A' rating to the approximately $##.# million of California Educational Facilities Authority... |
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| Fitch Affirms Stanly Health Services (NC) Bonds at 'BBB+'; Outlook Stable
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2009-10-02 |
Fitch Affirms Stanly Health Services (NC) Bonds at 'BBB+'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-Chicago-## October ####: Fitch Ratings affirms the 'BBB+' rating on the North Carolina Medical Care Commission's (NCMCC)... |
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| Fitch Ratifico Clasificacion de Acciones de Pampa Calichera
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2009-10-02 |
Fitch Ratifico Clasificacion de Acciones de Pampa Calichera ## Oct #### #:## PM (EDT) Fitch Ratings-Santiago-## October ####: Fitch Ratings ratifico la clasificacion de los titulos accionarios de Inversiones Pampa Calichera S.A. (Calichera)... |
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| Fitch modifica a la baja a A(mex) desde A+(mex) las calificaciones de largo plazo de Facileasing
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2009-10-02 |
Fitch modifica a la baja a A(mex) desde A+(mex) las calificaciones de largo plazo de Facileasing ## Oct #### #:## PM (EDT) Fitch Ratings-Monterrey-## October ####: Fitch modifico a la baja la calificacion corporativa de Facileasing S.A.... |
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| Fitch Withdraws University of Arkansas Fayetteville Campus' Unenhanced Rating
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2009-10-02 |
Fitch Withdraws University of Arkansas Fayetteville Campus' Unenhanced Rating ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings simultaneously affirms and withdraws its unenhanced 'A+' rating on the following... |
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| Fitch Downgrades CGCMT 2006-C4; Assigns Outlooks & LS Ratings
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2009-10-02 |
Fitch Downgrades CGCMT ####-C#; Assigns Outlooks & LS Ratings ## Oct #### #:## PM (EDT) Fitch Ratings-Chicago-## October ####: Fitch Ratings has downgraded, removed from Rating Watch Negative, assigned Rating Outlooks and Loss Severity... |
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| Fitch Affirms Manhattan Beach, CA's $20.3MM COPs Series 2002 & 2004 at 'AA+'; Outlook Stable
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2009-10-02 |
Fitch Affirms Manhattan Beach, CA's $##.#MM COPs Series #### & #### at 'AA+'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: As part of ongoing surveillance, Fitch Ratings has affirmed the 'AA+' ratings... |
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| Fitch: No Rating Impact on Pallas CDO II B.V. From Buyback of Class A-1a
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2009-10-02 |
Fitch: No Rating Impact on Pallas CDO II B.V. From Buyback of Class A-#a ## Oct #### ##:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings says today that the repurchase of Pallas CDO II B.V.'s class A-#a notes will not... |
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| Fitch Downgrades Ares Finance Class F; Revises Class E Outlook to Negative
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2009-10-02 |
Fitch Downgrades Ares Finance Class F; Revises Class E Outlook to Negative ## Oct #### ##:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today downgraded Ares Finance S.r.l.'s class F floating-rate notes, due March... |
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| Fitch: Essence II Documentation Change Unlikely to Affect Note Ratings
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2009-10-02 |
Fitch: Essence II Documentation Change Unlikely to Affect Note Ratings ## Oct #### ##:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has been informed by the originator and sole noteholder of the Essence II B.V. (Essence... |
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| Fitch Takes Various Rating Actions on Enhanced Variable Rate Muni Bonds
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2009-10-02 |
Fitch Takes Various Rating Actions on Enhanced Variable Rate Muni Bonds ## Oct #### ##:## AM (EDT) Fitch Ratings-New York-## October ####: In connection with the placement of Allied Irish Banks, p.l.c.'s (AIB) short-term Issuer Default... |
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| Fitch Withdraws 'AA-/F1+' Ratings on WA Econ Dev Fin Auth (Heirborne Investments), VRDBs 2006K
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2009-10-02 |
Fitch Withdraws 'AA-/F#+' Ratings on WA Econ Dev Fin Auth (Heirborne Investments), VRDBs ####K ## Oct #### ##:## AM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings withdraws the long-term 'AA-' and short-term 'F#+' ratings... |
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| Fitch Assigns ArcelorMittal's 2039 Bonds Expected 'BBB' Rating
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2009-10-02 |
Fitch Assigns ArcelorMittal's #### Bonds Expected 'BBB' Rating ## Oct #### ##:## PM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today assigned ArcelorMittal S.A.'s (AM) prospective USD#bn ##-year (####) notes issue... |
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| Fitch Affirms FCC Nacrea; Outlook Stable
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2009-10-02 |
Fitch Affirms FCC Nacrea; Outlook Stable ## Oct #### ##:## PM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today affirmed FCC Nacrea's CMBS floating-rate notes due July ####, as follows: EUR###.#m Class A (FR###########):... |
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| Fitch Rates Coconino County (AZ) (Tucson Electric Power Co. San Juan Proj) 2009 Series A PCRBs 'BB+'
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2009-10-02 |
Fitch Rates Coconino County (AZ) (Tucson Electric Power Co. San Juan Proj) #### Series A PCRBs 'BB+' ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned a 'BB+' rating to the anticipated $##.#... |
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| Fitch Rates Pima County (AZ) (Tucson Electric Power Co. San Juan Proj) 2009 Series A PCRBs 'BB+'
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2009-10-02 |
Fitch Rates Pima County (AZ) (Tucson Electric Power Co. San Juan Proj) #### Series A PCRBs 'BB+' ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned a 'BB+' rating to the $##.## million Industrial... |
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| Fitch Downgrades MSCI 2008-TOP29; Assigns LS Ratings and Outlooks
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2009-10-02 |
Fitch Downgrades MSCI ####-TOP##; Assigns LS Ratings and Outlooks ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has downgraded ## classes of Morgan Stanley Capital I Trust (MSCI), series ####-TOP##... |
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| Fitch Afirma Rating Nacional 'AA(bra)'da 1a Emissao de CRIs da Imigrantes Securitizadora
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2009-10-02 |
Fitch Afirma Rating Nacional 'AA(bra)'da #a Emissao de CRIs da Imigrantes Securitizadora ## Oct #### ##:## PM (EDT) Fitch Ratings-Sao Paulo/Chicago-## October ####: A Fitch Ratings afirmou, hoje, o Rating Nacional de Longo Prazo da seguinte... |
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| Fitch Affirms Highwoods Properties, Inc.'s IDR at 'BBB-'; Outlook Stable
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2009-10-02 |
Fitch Affirms Highwoods Properties, Inc.'s IDR at 'BBB-'; Outlook Stable ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed the following ratings for Highwoods Properties, Inc. (NYSE: HIW) and... |
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| Fitch Affirms La Defense III Plc; Revises Outlook to Stable
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2009-10-02 |
Fitch Affirms La Defense III Plc; Revises Outlook to Stable ## Oct #### ##:## PM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today affirmed La Defense III Plc's floating-rate notes and revised the rating outlook for... |
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| Fitch: Alternate Debt Measurement Revealing More Strain for Some U.S. REITs
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2009-10-02 |
Fitch: Alternate Debt Measurement Revealing More Strain for Some U.S. REITs ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: A more reliable method of measuring U.S. REIT leverage is showing that more highly levered... |
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| Fitch Affirms 'BBB-' Rating for Brighter Choice Charter Schools (New York); Outlook Stable
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2009-10-02 |
Fitch Affirms 'BBB-' Rating for Brighter Choice Charter Schools (New York); Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings affirms its 'BBB-' rating on approximately $##.# million of outstanding... |
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| Fitch Rates Merrill Lynch Term Tender Custodial Receipts, Series 2009-AF, 'AA+/F1'
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2009-10-02 |
Fitch Rates Merrill Lynch Term Tender Custodial Receipts, Series ####-AF, 'AA+/F#' ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings assigns a rating of 'AA+/F#' to the $##,###,### Term Tender Custodial... |
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| Fitch Affirms Halifax Regional Medical Center's (NC) Bonds at 'BB+'; Outlook Stable
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2009-10-02 |
Fitch Affirms Halifax Regional Medical Center's (NC) Bonds at 'BB+'; Outlook Stable ## Oct #### ##:## AM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings affirms the 'BB+' rating on approximately $## million of North Carolina... |
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| Fitch Affirms Cogeco Cable's IDR at 'BB+'; Outlook Stable
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2009-10-02 |
Fitch Affirms Cogeco Cable's IDR at 'BB+'; Outlook Stable ## Oct #### ##:## AM (EDT) Fitch Ratings-Chicago-## October ####: Fitch Ratings has affirmed Cogeco Cable Inc.'s (Cogeco) Issuer Default Rating (IDR) and debt ratings as follows:... |
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| Fitch Affirms Winchester Hospital's $58.3MM Bonds at 'BBB+'; Outlook Stable
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2009-10-02 |
Fitch Affirms Winchester Hospital's $##.#MM Bonds at 'BBB+'; Outlook Stable ## Oct #### ##:## AM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings affirms the 'BBB+' rating on approximately $##.# million outstanding bonds issued... |
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| Fitch Downgrades Fullerton School District, CA's GOs to 'AA-'; Outlook Stable
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2009-10-02 |
Fitch Downgrades Fullerton School District, CA's GOs to 'AA-'; Outlook Stable ## Oct #### ##:## AM (EDT) Fitch Ratings-New York-## October ####: In the course of routine surveillance, Fitch Ratings downgrades Fullerton School District's... |
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| Fitch Ratifica en AAA(cl) Clasificacion de JPMorgan Chase Bank N.A.
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2009-10-02 |
Fitch Ratifica en AAA(cl) Clasificacion de JPMorgan Chase Bank N.A. ## Oct #### ##:## AM (EDT) Fitch Ratings-Santiago-## October ####: Fitch Ratings ratifica la clasificacion de todos los instrumentos de deuda emitidos por JPMorgan Chase... |
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| Department of Guadeloupe
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2009-10-02 |
...The ratings on the Department of Guadeloupe reflect its low debt: in ####, direct debt accounted for #.#x the current balance and ##.#% of current revenue. Excluding exceptional revenue and expenditure, debt to current balance would have reached ##.# years. Net direct risk was negative in #### due to the amount of cash held by the department. In the medium term, Guadeloupe aims to keep the debt stock under EUR###m, ##% of current revenue. · ...
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| Relatorio Analitico: Banco Fator S.A.
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2009-10-02 |
...Os Ratings Nacionais do Banco Fator S.A. (Fator) refletem a geração de negócios diversificados; a qualidade de seus ativos e liquidez; a boa capitalização; e o bons resultados do planejamento estratégico. Também indicam o porte ainda relativamente modesto, com concorrência acirrada, além de riscos inerentes à sua tesouraria. Estes são atenuados, em parte, pela geração de receitas de serviços, que cobrem os custos operacionais, e pelos satisfatórios controles. · ...
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| Fleet Street Finance Three plc - A Performance Update (Germany/Netherlands CMBS)
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2009-10-02 |
...Status Current (primary servicing) Servicer watchlist No Fitch watchlist No Original Current Change Securitised Whole loan Securitised Whole loan Securitised Whole loan Balance (EURm) ###.# ###.# ###.# ###.# ò ò...
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| City of Aubagne
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2009-10-02 |
...The Rating Watch Negative (RWN), on which the City of Aubagne's (Aubagne) Long and ShortTerm Ratings were placed on ## June ####, was resolved on ## September ####, and the ratings are now on Stable Outlook. The resolution of the RWN reflects Aubagne's decreasing exposure to risks stemming from financial derivatives that could have significantly undermined its current balance in ####. · ...
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| Don't Mind the GAAP for REIT Leverage
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2009-10-02 |
...Fitch Ratings will place more emphasis on net debt to recurring operating EBITDA in its ratings when assessing REIT leverage. Historically, emphasis has been placed on total debt to undepreciated book capitalization (UBC) and total debt to total market capitalization in Fitch's analysis of leverage. This special report addresses why Fitch has migrated toward using net debt to recurring operating EBITDA, as opposed to total debt to UBC and total debt to total market capitalization when assessing REIT leverage. Fitch views net debt to recurring operating EBITDA as a better indicator of leverage levels, based on the metric's measurement of leverage as a ratio of a REIT's total indebtedness to the cash flow generated by its portfolio. The relative stability of GAAP UBC continues to make the total debt-to-UBC metric relevant; however, historical cost accounting financial statements do not capture earnings power and may overstate real estate asset values and, as a consequence, understate leverage....
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| National Grid Gas plc (Formerly known as Transco Plc)
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2009-10-02 |
...National Grid Gas plc (Formerly known as Transco Plc), or NGG, is the monopoly gas transmission owner and operator in the UK, and an owner/operator of four of England's eight gas distribution companies. The company is subject to stable price control regulation, with no exposure to gas prices or volumes. · ...
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| British Sky Broadcasting Group plc (Sky)
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2009-10-02 |
...The upgrade of British Sky Broadcasting Group plc's (Sky) ForeignCurrency LongTerm IDR to `BBB+' on ## September #### reflected further evidence of the robustness of payTV businesses, and Sky's business in particular, in the face of the current global economic downturn. This illustrated the strength of the group's risk profile relative to media sector peers'. In comparison to most other forms of entertainment, payTV provides good value for money and is proving one of the least likely forms of entertainment expenditure to be cut by consumers. This, combined with falling leverage, increased free cash flow and a very strong liquidity profile gives Sky a credit profile more commensurate with a `BBB+' rating than `BBB'. · ...
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| National Grid Electricity Transmission plc
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2009-10-02 |
...National Grid Electricity Transmission plc (NGET) is the monopoly power transmission owner in England and Wales. It is subject to stable price control regulation, with the current fiveyear price control in effect until ## March ####. The company has no exposure to power prices or volumes. · ...
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| Criterio de Calificacion para RMBS en Colombia
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2009-10-02 |
...Este informe presenta el enfoque de Fitch para el análisis de emisiones respaldadas por créditos hipotecarios residenciales (RMBS - Residential Mortgage-Backed Securities) o RMBS en el mercado colombiano. Aunque la metodologÃa le da énfasis especial a la escala de calificación nacional colombiana, ésta también es relevante para la asignación de calificaciones en escala internacional en moneda local. Debido a que este informe no aborda riesgos de tipo soberano, tales como riesgos de transferencia y de convertibilidad, el informe no es aplicable a calificaciones en escala internacional en moneda extranjera. Para más detalles sobre calificaciones internacionales en moneda extranjera, favor referirse al informe de metodologÃa de Fitch "Criteria for Existing Asset Securitization in Emerging Markets  Sovereign Constraints". En comparación con otros paÃses latinoamericanos, el mercado hipotecario colombiano es relativamente maduro y desarrollado. Similar a otros mercados activos de RMBS en la...
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| Palmetto Health, South Carolina - South Carolina jobs-economic dev authority hosp rfdg & improv rev bonds ser 2009
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2009-10-02 |
...Palmetto Health (PH) has the leading market share of ##% in its primary service area (PSA). PH's primary competitor is Lexington Medical Center (LMC; revenue bonds rated `A+' by Fitch Ratings), which has a market position of ##.#%. PH has a strong liquidity position for the rating category, demonstrated by ### days cash on hand, ##.#x cushion ratio, and ##.#% cash to debt. All of PH's liquidity measures compare favorably with Fitch's `BBB' category medians. PH has had consistent and positive profitability over the past three fiscal years and continues to improve from operations through the June ##, #### (unaudited) interim period. As of June ##, ####, PH had a #.#% operating margin and ##.#% operating EBITDA margin. PH has leverage indicators that are consistent with `BBB' category medians, as illustrated by #.#x EBITDA coverage, #.#x operating EBITDA coverage, and #.#% MADS as a percentage of revenue as of June ##, ####. Key Rating Drivers...
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| Fitch Affirms Enhanced Variable Rate Muni Bonds (10/01/09)
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2009-10-02 |
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| Maryland Community Development Administration (Residential Revenue Bond Program) - res rev bonds (non-ATM) ser 2009C
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2009-10-02 |
...The `AA' rating is based on cash flow projections, which demonstrate a very strong #.###x starting asset parity in stressed prepayment scenarios, including the incorporation of a high loan loss and the removal of unpledged or conditionally pledged funds that are currently within the indenture. The loan portfolio consists of ##% government-guaranteed and ##% privately insured mortgages, limiting potential loss exposure. Maryland Community Development Administration (CDA, or the administration) plans to maintain the general bond resolution at a minimum asset-to-debt parity ratio of ###%. Privately insured, including interest-only (IO), loans have strong underwriting guidelines and a mortgage insurance requirement of ##% unless the loan-to-value ratio is ##% or lower. CDA has a long and successful history of administering single-family programs; current delinquency levels under the indenture have risen sharply, but management maintains significant flexibility in its ability to work with delinquent...
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| Colombian RMBS Rating Criteria
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2009-10-02 |
...This report introduces Fitch Ratings' approach to the analysis of residential mortgage- backed securities (RMBS) in the Colombian market. While it places particular emphasis on the Colombian National Rating Scale, it is also relevant to the assignment of ratings in the local currency scale. This report does not address sovereign-related risks, such as transfer and convertibility, and therefore, is not applicable to ratings assigned in the foreign currency scale. See Fitch Research on "Criteria for Existing Asset Securitization in Emerging Markets Sovereign Constraints," dated March ##, ####, available on Fitch's web site at www.fitchratings.com for more details on foreign currency ratings. Compared with other Latin American countries, the Colombian mortgage market is relatively mature and developed. Similar to other active RMBS markets in the region, the Colombian RMBS market follows a framework developed by the national government with the primary objective of providing the low-income...
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| Banco Latinoamericano de Comercio Exterior S.A.
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2009-10-02 |
...Banco Latinoamericano de Comercio Exterior's (Bladex) ratings reflect its expertise, high asset quality, adequate reserves, sound risk management policies, strong capitalization, lean operational structure, and ample liquidity. They also factor in the bank's loan and funding concentration, narrow product offering, and low returns. Bladex's performance was disrupted by the global financial crisis as it was forced to reduce growth and collect its loan portfolio to sustain liquidity. Operating revenues were driven by loan growth until #Q##; however, in the aftermath of the collapse of Lehman Brothers, a cautious credit approach, the cost of liquidity, and the impact of global volatility on the investment portfolio weakened the bank's bottom line. The trend improved in #### as growth stabilized and costs remained under control. Nevertheless, this was offset by increased credit costs in anticipation of asset quality deterioration. Hence, profitability declined to a ROAE of about #% and a ROAA...
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| Banco Latinoamericano de Comercio Exterior S.A.
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2009-10-02 |
...Banco Latinoamericano de Comercio Exterior's (Bladex) ratings reflect its expertise, high asset quality, adequate reserves, sound risk management policies, strong capitalization, lean operational structure, and ample liquidity. They also factor in the bank's loan and funding concentration, narrow product offering, and low returns. Bladex's performance was disrupted by the global financial crisis as it was forced to reduce growth and collect its loan portfolio to sustain liquidity. Operating revenues were driven by loan growth until #Q##; however, in the aftermath of the collapse of Lehman Brothers, a cautious credit approach, the cost of liquidity, and the impact of global volatility on the investment portfolio weakened the bank's bottom line. The trend improved in #### as growth stabilized and costs remained under control. Nevertheless, this was offset by increased credit costs in anticipation of asset quality deterioration. Hence, profitability declined to a ROAE of about #% and a ROAA...
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| Conseco Inc. (And Insurance Subsidiaries)
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2009-10-02 |
...Conseco Inc.'s (Conseco) ratings were downgraded one notch and placed on Rating Watch Negative on March #, #### to reflect the negative changes to the company's financial profile and performance, and the resulting decline in financial flexibility related to its outstanding debt. Of particular concern are the impact of investment portfolio losses and risk-based capital (RBC) changes on key bank facility financial covenants. Fitch Ratings projects stress investment losses in the $### million $### million range for the remainder of #### and ####. The Rating Watch status reflects Fitch's concern regarding Conseco's overall financial profile and its ability to redeem or refinance its debentures on Sept. ##, ####. Debt covenants of immediate concern are those related to statutory capital and RBC ratios. Conseco's position versus these covenants was affected by the #### Senior Health Insurance Company of Pennsylvania (SHICP) spinoff transaction and investment portfolio impairments. A heightened...
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| Credit Analysis: RPM International Inc.
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2009-10-02 |
...RPM International Inc.'s (RPM) ratings reflect its manageable leverage, the stability of its earnings and cash flow, and the company's ability to consistently generate free cash flow (FCF). Additional factors include RPM's long operational history, its growth through acquisitions, and its balanced portfolio of products. Offsetting concerns center on RPM's asbestos liabilities, which are expected to remain relatively static, and the company's overall sensitivity to macroeconomic conditions, particularly to the still-soft fundamentals of the commercial and residential construction and real estate markets. In the company's fiscal year #### ending May ##, ####, unadjusted debt to operating EBITDA increased to a still acceptable #.#x from #.#x in fiscal ####. The increase was driven mainly by lower sales volumes caused by weak demand in both operating segments, Industrial and Consumer, which reduced operating EBITDA to $### million, compared to $### million in fiscal ####. The impact was mitigated...
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| 1822 Raices Valores Fiduciarios
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2009-10-02 |
...Aspectos cualitativos La capacidad de gestión y administración de Provinfondos S.A. S.G.F.C.I. es buena. Al ## de agosto de #### administraba cerca de $### millones entre seis fondos. Asimismo, se observa idoneidad y profesionalidad del personal a cargo de la toma de decisiones. La Sociedad Depositaria -El Banco de la Provincia de Buenos Aires- inició sus actividades en ####. Es una institución autárquica de derecho público, cuyo origen, garantÃas y privilegios están declarados en el Preámbulo de la Constitución Nacional. La propietaria de su capital es la provincia de Buenos Aires, de la cual es además su agente financiero. Aspectos cuantitativos La calidad crediticia del fondo es muy buena. Al ## de agosto de ####, los instrumentos en cartera se encontraban calificados en AAA por un ##.##%, en rango AA por un ##.##%, en rango A por un #.##% y en rango B por un #.##% del fondo. Composición del portafolio...
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| 1822 Raices Pesos
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2009-10-02 |
...Aspectos cualitativos La capacidad de gestión y administración de Provinfondos S.A. S.G.F.C.I. es buena. Al ## de agosto de #### administraba cerca de $### millones entre seis fondos. Asimismo, se observa idoneidad y profesionalidad del personal a cargo de la toma de decisiones. La Sociedad Depositaria -El Banco de la Provincia de Buenos Aires- inició sus actividades en ####. Es una institución autárquica de derecho público, cuyo origen, garantÃas y privilegios están declarados en el Preámbulo de la Constitución Nacional. Aspectos cuantitativos La calidad crediticia del fondo es muy buena. Al ## de agosto de ####, los instrumentos en cartera se encontraban categorizados en I por un ##.##%, en II por un ##.#%, en III por un #.##% y en IV por un #.#% del portafolio. Composición del portafolio...
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| 1822 Raices Valores Negociables
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2009-10-02 |
...Aspectos cualitativos La capacidad de gestión y administración de Provinfondos S.A. S.G.F.C.I. es buena. Al ## de agosto de #### administraba cerca de $### millones entre seis fondos. Asimismo, se observa idoneidad y profesionalidad del personal a cargo de la toma de decisiones. La Sociedad Depositaria -El Banco de la Provincia de Buenos Aires- inició sus actividades en ####. Es una institución autárquica de derecho público, cuyo origen, garantÃas y privilegios están declarados en el Preámbulo de la Constitución Nacional. La propietaria de su capital es la provincia de Buenos Aires, de la cual es además su agente financiero. Aspectos cuantitativos Habiendo analizado las variables de rendimiento y riesgo en forma mensual de los últimos tres años de operación del fondo, se concluye que el fondo presenta un adecuado rendimiento, adecuados indicadores de riesgo y una regular eficiencia en su relación en comparación con fondos con similares objetivos de inversión. Composición del portafolio...
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| 1822 Raices Renta Pesos
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2009-10-02 |
...Aspectos cualitativos La capacidad de gestión y administración de Provinfondos S.A. S.G.F.C.I. es buena. Al ## de agosto de #### administraba cerca de $### millones entre seis fondos. Asimismo, se observa idoneidad y profesionalidad del personal a cargo de la toma de decisiones. La Sociedad Depositaria -El Banco de la Provincia de Buenos Aires- inició sus actividades en ####. Es una institución autárquica de derecho público, cuyo origen, garantÃas y privilegios están declarados en el Preámbulo de la Constitución Nacional. La propietaria de su capital es la provincia de Buenos Aires, de la cual es además su agente financiero. Aspectos cuantitativos La calidad crediticia del fondo es buena. Al ## de agosto de ####, los instrumentos en cartera se encontraban calificados en rango AA por un ##.##% y en rango A por un ##.##% del portafolio. Composición del portafolio...
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| Whitbread PLC
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2009-10-02 |
...Fitch Ratings in April #### changed UKbased Whitbread PLC's (Whitbread) Outlook to Negative from Stable, due to the agency's expectation that operating performance would weaken in the financial year ending February #### (FY##) -- as a result of the tough operating environment for hotels in the UK. Due to a higher pension deficit (GBP###m as of FYE## under IAS##, from GBP##m at FYE##), Whitbread's adjusted debt ratio increased to #.#x (#.#x in FYE##) -- and Fitch sees this ratio migrating towards #.#x by FYE##. · ...
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| Enel SpA
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2009-10-02 |
...Enel SpA's (Enel) IDR was removed from Rating Watch Negative and affirmed at `A'/Stable on ## July ####. This followed the completion in Q### of a EUR#.#bn capital increase, the execution of a substantial portion of planned asset disposals, and the receipt of the extraordinary dividend from its fully owned Spanish subsidiary Endesa, S.A. (`A'/Stable) related to the sale of assets to E.ON AG (`A'/Stable) in ####. · ...
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| Venus-1 Finance S.r.l. A Performance Update (Italy CMBS)
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2009-10-02 |
...This transaction is a securitisation of two portfolios of nonperforming loans (NPLs), Monviso # and Monviso #, both originated in Italy by Sanpaolo IMI Group (now part of the Intesa Sanpaolo group (`AA'/`F#+')) and acquired in #### by ABN AMRO Bank N.V. (ABN, rated `AA'/`F#+'). FBS Luxembourg S.a.r.l. (FBS) also acquired a small portion (EUR#m) of the Monviso # portfolio in ####. At closing, the portfolio comprised predominantly unsecured nonperforming loans (NPLs), with ##,### unsecured claims outstanding (##% of all claims at closing) and only #,### secured claims (#%). The total unsecured NPLs represented ##% of total gross book value (GBV), with the remainder of the portfolio secured by mortgaged secured NPLs. GBV was equal to EUR###.#m at closing. As of the June #### interest payment date (IPD), the reported GBV was EUR###.#m, down from EUR###.#m at closing, resulting in a paydown of the notes of EUR##.#m. On # October Fitch Ratings affirmed the notes, as shown above. The following...
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| City of Mantova
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2009-10-02 |
...The City of Mantova's operating margin averaged ##% per year in ########, covering debtservice requirements #x. Growing revenue from improved collection procedures, dividends and urbanisation fees allowed Mantova to cut the property tax rate and offset declining government transfers while maintaining high quality of municipal services. Although current spending growth could shrink the operating margin below ##% during ########, Fitch Ratings nevertheless expects it to be #x debt service requirements. · ...
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| Deutsche Bank AG
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2009-10-02 |
...The ratings of Deutsche Bank AG (DB) are based on its strong position in commercial banking in Germany and its good global international franchise in corporate and investment banking. The IDR benefits from Fitch Ratings' expectation that DB will gain a majority stake in Deutsche Postbank (DPB), which will make it Germany's leading retail bank. Further positive rating factors include revenue diversification, sound liquidity and diversified funding, ongoing risk reduction and improving capitalisation. The ratings also factor in DB's vulnerability to market volatility and risks from corporate/investment banking. · ...
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| Deutsche Bank AG
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2009-10-02 |
...The ratings of Deutsche Bank AG (DB) are based on its strong position in commercial banking in Germany and its good global international franchise in corporate and investment banking. The IDR benefits from Fitch Ratings' expectation that DB will gain a majority stake in Deutsche Postbank (DPB), which will make it Germany's leading retail bank. Further positive rating factors include revenue diversification, sound liquidity and diversified funding, ongoing risk reduction and improving capitalisation. The ratings also factor in DB's vulnerability to market volatility and risks from corporate/investment banking. · ...
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| Fitch Affirms Access Group, Inc. Series 2005-B; Outlook Stable
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2009-10-02 |
Fitch Affirms Access Group, Inc. Series ####-B; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed, removed from Rating Watch Negative, and assigned Stable Rating Outlooks to the... |
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| Fitch Withdraws Jackson County Schneck Memorial Hospital Project (IN) 2006B Enhanced Bond Ratings
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2009-10-02 |
Fitch Withdraws Jackson County Schneck Memorial Hospital Project (IN) ####B Enhanced Bond Ratings ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings withdraws the enhanced 'A-/F#' ratings assigned to the... |
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| Fitch Affirms Prince George's County, MD Solid Waste Revs 'AA-'; Outlook Stable
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2009-10-02 |
Fitch Affirms Prince George's County, MD Solid Waste Revs 'AA-'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: In the course of routine surveillance, Fitch Ratings affirms the underlying 'AA-' rating... |
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| Fitch confirma las calificaciones de los fondos 1822
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2009-10-02 |
Fitch confirma las calificaciones de los fondos #### ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina confirmo las calificaciones otorgadas de los siguientes fondos: #### Raices Pesos en A(arg)f,... |
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| Fitch Affirms Bloomfield, New Mexico's GOs at 'A-'; Outlook Stable
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2009-10-02 |
Fitch Affirms Bloomfield, New Mexico's GOs at 'A-'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-Austin-## October ####: In the course of routine surveillance, Fitch Ratings affirms the 'A-' rating on the city of Bloomfield,... |
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| Fitch Rates TransDigm's New Senior Subordinated Notes 'B-/RR5'; Affirms IDR at 'B'
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2009-10-02 |
Fitch Rates TransDigm's New Senior Subordinated Notes 'B-/RR#'; Affirms IDR at 'B' ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed the Issuer Default Ratings (IDR) for TransDigm Group Inc.... |
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| Fitch Downgrades Yorkville, IL's GOs to 'A-' & Debt Certs to 'BBB'; Outlook Stable
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2009-10-02 |
Fitch Downgrades Yorkville, IL's GOs to 'A-' & Debt Certs to 'BBB'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: In the course of routine surveillance, Fitch Ratings downgrades the rating on the United... |
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| Fitch Affirms Raytheon's IDR at 'A-'; Outlook Stable
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2009-10-02 |
Fitch Affirms Raytheon's IDR at 'A-'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed Raytheon Company's (RTN) ratings as follows: --Issuer Default Rating (IDR) at 'A-'; --Senior... |
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