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 [...] [...]
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 [...] [...]
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.” [...] [...]
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 Concurrent with this action, Fitch has withdrawn the ratings of Whitney Holding Corporation following the closing of the transaction [...] [...]
JACKSON — Fitch Ratings has affirmed the Jackson Municipal Airport Authority’s (JMAA’s) approximately $45-million revenue refunding bonds series 1998, 2005 and 2007 at “A-.” The bonds are secured by a pledge of general airport revenues collected at the airport, after payment of operating and maintenance expenses, on a first lien pari passu basis. The rating [...] [...]
JACKSON — Fitch Ratings has downgraded Mississippi Baptist Health System’s (MBHS’) $113.9-million Mississippi Hospital Equipment and Facilities Authority revenue bonds, series 2007A, to “BBB+” from “A-.” The rating outlook is revised to “stable” from “negative.” Fitch said the downgrade reflects declining profitability and weakening business position. Profitability continues to decline with earnings deteriorating since the [...] [...]
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