Mississippi Business Journal » credit rating

Dems: Rejecting Medicaid expansion will hurt state’s rating

Associated Press — Tue, 19 Mar 2013 11:46:51 +0000

JACKSON — Mississippi House Democrats said yesterday that the state could hurt its own financial standing if it rejects Medicaid expansion, but Republican Gov. Phil Bryant said he’s not convinced that would happen and he still opposes putting more people on the government health program. Democrats pointed to a statement made last week by Moody’s [...]

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Moody’s cuts Coast city’s credit rating, cites cash reserves

Associated Press — Mon, 25 Feb 2013 12:56:42 +0000

GULFPORT — A credit agency has cut Gulfport’s rating by a notch. Moody’s Investors Service says the city’s cash reserves are suffering because of hurricane recovery projects the city hasn’t collected federal money for and because sales tax collections are lagging. John Kelly, Gulfport’s chief administrative officer, tells the Sun Herald the lower rating means [...]

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Rating agencies keeping a close eye on state’s pensions

Ted Carter — Fri, 30 Nov 2012 22:13:47 +0000

Mississippi state government ended fiscal 2012 with the same solid credit ratings with which it started the year. Whether the Magnolia State maintains its strong credit in the years to come could hinge on the effectiveness of measures to fund the Public Employees’ Retirement System of Mississippi, or PERS. The pension funding picture is expected [...]

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Fitch gives Mississippi Power ‘negative’ outlook; cites Kemper costs

MBJ Staff — Tue, 21 Aug 2012 15:21:50 +0000

GULFPORT — Fitch Ratings has rated Mississippi Power Company’s (MPC) issuance of $200 million series 2012A 4.25% senior notes due March 15, 2042 as “A.” These notes are part of the same series of debt securities as the $250 million senior notes issued on March 9, 2012. These notes are senior, unsecured obligations of MPC. [...]

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Fitch downgrades Mississippi Power after PSC blocks rate hike

MBJ Staff — Tue, 03 Jul 2012 20:36:21 +0000

GULFPORT — Fitch Ratings has downgraded the Issuer Default Rating (IDR) of Mississippi Power Company (Mississippi Power) to “A-“ from “A” and revised the Rating Outlook to “negative” from “stable.” Fitch wrote: “The downgrade is driven by the recent Mississippi Public Service Commission (MPSC) order to deny Mississippi Power’s revenue increase request to earn a [...]

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Fitch returns rating status of Old Republic to ‘negative’

MBJ Staff — Wed, 27 Jun 2012 19:56:31 +0000

RIDGELAND — Fitch Ratings has revised the rating watch status for Old Republic International Corporation (ORI) and its insurance company subsidiaries to “negative” from “positive” following the company’s announcement to withdraw the spin-off of Republic Financial Indemnity Group Inc. (RFIG). Fitch had most recently placed the ratings on rating watch positive March 23 after ORI’s [...]

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A.M. Best upgrades outlook on Gulf Guaranty Life

MBJ Staff — Fri, 04 May 2012 13:21:53 +0000

JACKSON — A.M. Best Co. has revised the outlook to “positive” from “stable” and affirmed the financial strength rating of “B- (Fair)” and issuer credit rating of “bb-” of Gulf Guaranty Life Insurance Company. A.M. Best wrote: “The ratings reflect the company’s more than adequate level of risk-adjusted capitalization, improved net income reported in 2011 [...]

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Fitch places student loan trusts on ‘Rating Watch Negative’

MBJ Staff — Wed, 28 Sep 2011 17:22:43 +0000

JACKSON — Fitch Ratings has placed 16 U.S. student loan ABS trusts on “Rating Watch Negative.” The action includes the Mississippi Higher Education Assistance Corp.-1999 Trust Indenture and Mississippi Higher Education Assistance Corp.-2004 Indenture of Trust. In taking the actions, Fitch has cast a wide net selecting trusts that contain more than 20 percent tax-exempt [...]

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Fitch makes rating decisions on three banks

MBJ Staff — Wed, 07 Sep 2011 17:55:01 +0000

GULFPORT and JACKSON — Fitch Ratings has made rating decisions on three banks. Fitch upgraded Whitney Bank’s long-term issuer default rating (IDR) to “BBB+” in the wake of the company’s June 2011 acquisition by Hancock Holding Company (HBHC). Additionally, Fitch has assigned initial long- and short-term IDRs to Hancock Holding and Hancock Bank of “BBB+/F2.” [...]

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Fitch revises Whitney’s ratings after Hancock merger

For the MBJ — Tue, 07 Jun 2011 12:52:23 +0000

GULFPORT — With the closing of Hancock Holding Company’s (HBHC’s) purchase of Whitney Holding Corp (WTNY) June 4, Fitch Ratings has revised the “Rating Watch” on Whitney Bank (previously Whitney National Bank) to “positive” from “evolving.” Concurrent with this action, Fitch has withdrawn the ratings of Whitney Holding Corporation following the closing of the transaction [...]

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