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Tag Archives: Fitch ratings

Vaya con Dios Southwest — last flight departed Jackson Saturday night

Southwest Airlines’ 7:05 p.m. Saturday flight to Houston’s Hobby International Airport brought to a close Jackson-Medgar Wiley Evers International’s 17-year relationship with the Dallas-based carrier.   The elimination also marks the airline’s first severing of service to a second-tier market serving a population of over 500,000 people. The only other two service closings occurred in Denver and Detroit, though in 1973 ...

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Fitch Ratings taking no action due to Kemper plant delay

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. On April 28, Mississippi Power announced another revision on the scheduled in-service date for Kemper IGCC and a further increase in the construction costs. Further cost increases and/or schedule extensions cannot be ...

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JMAA's airport revenue bonds downgraded due to loss of Southwest

JACKSON — Fitch Ratings has downgraded the Jackson Municipal Airport Authority’s airport revenue bonds of approximately $39.4 million to “BBB+” from “A-.” The rating outlook remains “stable. “ The downgrade reflects concerns related to the pending loss of the airport’s second largest carrier, Southwest Airlines Co. (Southwest, Fitch rated IDR “BBB” with a stable outlook), and its serviced destinations at ...

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Fitch’s ‘negative’ outlook for state credit in place for a while

Mississippi can expect Fitch Ratings Service to maintain its “negative” outlook on the state’s credit for at least another two years, says Karen Krop, a Fitch senior director who evaluated the state’s borrowing and repayment circumstances in designating the credit outlook on Oct. 31. It’s a big picture look at a state’s overall credit quality that provides a direction on ...

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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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Rating agencies keeping a close eye on state’s pensions

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 to get bleaker before it ...

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Mississippi Power appeals rate hike denial

A few hours after a second overrun for its Kemper County coal plant was revealed, Mississippi Power Co. said last week it was appealing the Public Service Commission’s denial of a rate increase the company had requested to help pay for the facility. The company appealed the PSC’s order to the Mississippi Supreme Court. On June 22, commissioners voted 3-0 ...

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City of Pearl: Fitch Ratings Downgrade Not Warranted

Pearl Mayor Brad Rogers said he expects Fitch Ratings to soon issue a correction to the news today that the company is downgrading the city’s credit rating. Rogers said, “The city of Pearl is in the strongest financial position it’s been in in a long time. There are no problems.” Fitch Ratings withdrew its ‘BBB-‘ rating on the city of ...

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