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Tag Archives: credit

Fitch expects state's bond debt to drop below $4B

JACKSON — State Treasurer Lynn Fitch told lawmakers yesterday that she expects Mississippi’s bond debt to drop back below $4 billion by the end of the current budget year, for the first time since 2011. She said that’s good because bond rating agencies want to know that the state is keeping its long-term debt under control. Mississippi had nearly $4.2 ...

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Flaggs wants to see city restore its bond rating

VICKSBURG — Mayor George Flaggs Jr. has said several times since taking office he wanted to get Vicksburg’s bond rating restored in January. He now says city officials may wait a bit longer. “Even though I think we’re ready, I’m told that you do not want to apply unless you are ready to borrow money,” he said. “You don’t want ...

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S&P gives city 'AA-' long-term debt rating

SOUTHAVEN — For the third year, Standard and Poor has assigned the city of Southaven an “AA-” long term rating. The Commercial Appeal reports the rating service cited the city’s financial standing as stable and positive. In its recent report issued on Nov. 18, Standard & Poor noted Southaven’s strong economy, budgetary performance and liquidity of finances as factors for ...

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Fitch gives state 'negative' bond rating; has problems with PERS

JACKSON — The Fitch credit rating agency has downgraded Mississippi’s bond rating outlook from stable to negative. The state’s bond rating remains AA+, only one notch below the highest AAA level, but the agency warns the rating could be lowered unless officials take steps to shore up finances. A lower bond rating would make it more expensive for state government ...

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Fitch takes no action after Kemper plant cost, schedule changes

KEMPER COUNTY — Fitch Ratings is not taking any rating actions following the latest cost revisions and schedule extension for the Kemper integrated gasification combined cycle (IGCC) project. Last week, Mississippi Power Company (Mississippi Power) announced a revision in the scheduled in-service date for Kemper IGCC. The operational date is delayed to the fourth quarter of 2014, from May 2014, ...

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Sanderson gets new, increased credit for future growth

LAUREL — Sanderson Farms Inc.’s existing revolving credit facility through a consortium of banks has been increased from $500 million to $600 million. The credit remains unsecured and certain covenants related to the poultry company’s financial condition and capital expenditure needs have been amended in anticipation of Sanderson’s future growth plans. In addition, the termination date has been extended to ...

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Fitch rates Forrest Health 'A'; outlook is negative

HATTIESBURG — Fitch Ratings has affirmed the ‘A’ rating on Forrest Health, Miss.’s (FH) outstanding debt, listed at the end of this release. The Rating Outlook remains “negative.” SECURITY Debt payments are secured by a pledge of the gross revenues of the obligated group. KEY RATING DRIVERS WEAK OPERATING PERFORMANCE: The maintenance of the Negative Outlook is due to ongoing ...

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

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 the city could pay more ...

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Fitch Ratings gives TVA bonds 'negative' outlook

NORTH MISSISSIPPI — Fitch Ratings has assigned an “AAA” rating to the $1-billion 2012 series B Tennessee Valley Authority (TVA) global power bonds. The bonds were priced Dec. 18, 2012. Proceeds from the 2012 series B bonds will be primarily used to refinance outstanding debt. In addition Fitch awarded a parity global power bond rating of “AAA” on the $22.6-billion ...

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