Finance

SP Defends Higher Municipal Credit Ratings

Over the last year, the credit agency upgraded 41 percent of local governments ratings, drawing skepticism from some.

CHICAGO, Oct. 31, 2014 /PRNewswire/ –Aviv REIT, Inc. (NYSE: AVIV) today reported results for the third quarter ended September 30, 2014. All per share results are reported on a fully diluted basis.

Q3 Highlights

  • $194.1 million of acquisitions
    • $99.8 million of SNF acquisitions at a blended initial cash yield of 9.2%
    • $82.0 million of ALF acquisitions at a blended initial cash yield of 8.0%
    • $12.3 million acquisition for land and entitlements for future identified new construction ALFs
  • Invested $24.6 million for property reinvestment and new construction...

SERGEANT BLUFF | Beau Streck of Pioneer Bank successfully completed the 2014 Iowa Bankers Association’s Commercial Lending School held Oct. 5-10 in Cedar Rapids.

The school is an intense program sponsored by the Iowa Bankers Association that provides both basic and advanced analytical techniques.

Streck had more than six years of financial industry experience when he joined the Pioneer team in June 2014. 

A SPECIALIST rating agency plans to introduce sovereign ratings for 20 African countries within the next two to three years, to provide more meaningful ratings for Africa than those offered by the mainstream agencies.

Agencies such as Fitch, Moody’s and Standard and Poor’s tend to rate most African countries’ creditworthiness in the B category — or speculative grade — making it difficult for investors to differentiate between the countries on ability to repay debt.

A lower credit rating results in higher borrowing costs because the borrower is at higher risk of default. On the African scale, all the sovereigns sit towards the bottom end of the scale...

(Adds details of other subprime auto investigations, background
on Allys business, paragraphs 2-5; adds bylines)

By Peter Rudegeair and Joy Wiltermuth

NEW YORK Oct 31 (Reuters) – The US Securities and
Exchange Commission is investigating the subprime auto lending
and securitization practices at No. 2 US auto lender Ally
Financial Inc, the company said on Friday.

Since the start of the year, Ally has issued $2.75 billion
in three deals of bonds backed by subprime auto loans, down from
$4.06 billion across four deals last year, according to data
from Thomson Reuters IFR. In August, Ally issued a $750 million
subprime auto-backed bond...

On Friday, we featured the major comment letters from money fund managers written in response to the SECs proposal on the Removal of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund Rule. (See Crane Datas Oct. 17 News, Fund Cos. Have Concerns on SECs Removal of Credit Ratings Proposal.) Today, we focus on comments from industry organizations like the Investment Company Institute and the Securities Industry and Financial Markets Association. The proposal, which is part of the SECs money market reform package, would remove references to credit ratings of nationally recognized statistical rating organizations (NRSROs) from Rule...

Standard Poors Ratings Services said it raised its corporate credit rating on CyrusOne Inc. (NASDAQ: CONE), which we rate on a consolidated basis with CyrusOne LP, to B+ from B. The rating outlook is stable.

At the same time, we are assigning our B+ issue-level rating and 3 recovery rating to the companys proposed $600 million senior unsecured credit facility, consisting of a $450 million revolving credit facility due 2018 and a $150 million term loan due 2019. The 3 recovery rating indicates our expectation for meaningful (50%-70%) recovery for lenders in the event of a payment default.

In addition, we are revising our recovery rating on the companys existing 6.375% senior...

BOSTON, Oct. 30, 2014 /PRNewswire/ — STAG Industrial, Inc. (the Company) , a real estate investment trust focused on the acquisition and management of single-tenant industrial properties throughout the United States, today announced its financial and operating results for the third quarter of 2014.

Third Quarter Highlights:

— Generated Core Funds from Operations (Core FFO) of $21.0 million
compared to $17.5 million for the third quarter of 2013, an increase of
20%. This represents $0.36 per diluted share compared to $0.35 per
diluted share in the third quarter of 2013, an increase of 3%. For the
nine months ended September 30, 2014, Core FFO increased...

Standard Poors Rating Services said today that it has raised issue and counterparty credit ratings on Fidelity National Financial (NYSE: FNF) to BBB from BBB- and its financial strength ratings on FNFs operating title insurance companies (Fidelity National Title Insurance Co., Chicago Title Insurance Co., Alamo Title Insurance Co., and Commonwealth Land Title Insurance Co.–collectively, FNF Title) to A from A-. The outlook is stable.

We based the rating upgrades on our view that FNF Title will maintain its strong competitive positon and financial profile. FNF Titles rating benefits from our positive view of its business profile strength, which has outperformed its rated peers,...

NEW YORK, Oct. 29, 2014-Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction Starwood Retail Property Trust 2014-STAR, Commercial Mortgage Pass-Through Certificates, Series 2014-STAR (SRPT 2014-STAR). The collateral supporting SRPT 2014-STAR consists of a single floating-rate, interest-only mortgage loan secured by the borrowers leasehold interest in MacArthur Center, a retail shopping mall in Norfolk, Virginia, and fee simple interest in three other retail shopping malls: The Mall at Wellington Green in Palm Beach County, Florida; Northlake Mall in Charlotte, North Carolina; and The Mall at Partridge Creek in Macomb...