MADISON — Fitch Ratings has placed the ratings of Old Republic International Corporation’s (ORI) and its insurance company subsidiaries, including Mississippi Valley Title Insurance Company, on “Rating Watch Negative.”
Fitch reports: “The Rating Watch reflects uncertainty as to ORI’s ability to continue to avoid a covenant breach under its debt obligations in light of ongoing challenges [...] [...]
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 auction [...] [...]
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.”
The rating [...] [...]
JACKSON — Fitch Ratings affirms Jackson Municipal Airport Authority’s outstanding $43.5-million airport revenue and refunding bonds at “A-.” The rating outlook remains “stable.”
Fitch wrote: “The Jackson MSA is currently experiencing some setbacks from the economic recovery; however, Fitch expects resiliency in traffic levels given the airport’s limited competition from neighboring airports, with the closest medium [...] [...]
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Concurrent with this action, Fitch has withdrawn the ratings of Whitney Holding Corporation following the closing of the transaction and [...] [...]
GULFPORT — Fitch Ratings has affirmed at “A” two City of Gulfport, Mississippi bonds issued on behalf of Memorial Hospital at Gulfport (MHG). The bonds are $25.3 million hospital revenue refunding & improvement bonds, series 1994A and $59.5 million hospital revenue bonds, series 2001A.
Fitch assigned the bonds a rating outlook of “stable.”
Fitch wrote: “The ‘A’ [...] [...]
HATTIESBURG — Fitch Ratings has assigned an initial rating of “A-” to the following South Mississippi Electric Power Association (SMEPA) outstanding bonds:–$40 million Mississippi Business Finance Corporation Gulf Opportunity Zone bonds, series 2009A;
–$22.645 million Claiborne County, MS pollution control bonds, 1985 series G1 and G2.
In addition, Fitch also assigns an implied rating of “A-” on [...] [...]
ATLANTA — Fitch Rating has assigned a rating of “A” to the $400 million senior unsecured notes issued by the Southern Company (Southern). The new notes will mature Sept. 15, 2015. The proceeds of the notes will be used for the proposed redemption of all or a portion of $250 million of 5.75 percent senior [...] [...]
GULFPORT — Fitch has taken various actions on the ratings of Southern Co., Mississippi Power Company (MPC) and Southern’s subsidiaries, including affirming the issuer default ratings (IDRs) and debt ratings of Southern and revising the outlook to “negative” from “stable.” Approximately $18.1 billion of long-term debt is affected by these rating actions.
In addition, Fitch has [...] [...]
PEARL — As part of its continuous surveillance efforts, Fitch Ratings withdraws its ‘BBB-’ rating on the city of Pearl, Mississippi’s (the city) $1.355 million in outstanding tax increment limited obligation refunding and [...] [...]
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