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Moody's Corp

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  • *Fitch downgrades Japan to A, five notches below best rating. *Doubts remain over how Japan can reduce debt burden. TOKYO, April 27- Fitch Ratings downgraded Japan's credit rating by one notch after the government failed to take steps in this fiscal year's budget to offset a delay in a sales tax increase, the agency said on Monday.

  • TOKYO, April 27- Fitch Ratings downgraded Japan's credit rating by one notch after the government failed to take steps in this fiscal year's budget to offset a delay in a sales tax increase, the agency said on Monday. Fitch cut its rating on Japan by one notch to A, which is five notches below the top AAA rating. Last year Moody's Investors Service downgraded Japan to...

  • April 24- Atlantic County, where struggling New Jersey gambling hub Atlantic City sits, led the United States in foreclosures in the first quarter, putting pressure on its credit rating, Moody's Investors Service said. The property tax base in Atlantic City itself has shrunk by two-thirds in just five years, down to a projected $7.35 billion for 2015, because of...

  • NEW YORK, April 23- New Jersey's capital city, Trenton, has canceled a bond refunding sale because its credit downgrade on Monday left it unable to save enough money for the deal to meet legal standards, Trenton's finance director told Reuters. Cash-strapped Trenton had planned to sell about $17.8 million of general improvement and sewer utility refunding...

  • Brazil's Petrobras: Graft scheme cost $2.1B in losses Wednesday, 22 Apr 2015 | 7:20 PM ET

    RIO DE JANEIRO— Brazil's state-run oil company Petrobras said Wednesday that it lost $2.1 billion in an eight-year kickback scheme that saw the firm's executives taking bribes for awarding inflated contracts to suppliers. The company was cut to junk status by Moody's Investors Service in late February in large part because of the scandal.

  • Puerto Rico bank warns of imminent government shutdown Wednesday, 22 Apr 2015 | 5:02 PM ET

    SAN JUAN, Puerto Rico— Puerto Rico's Government Development Bank warned Wednesday that it is very likely the U.S. territory's government could be forced to shut down in the next three months because of a lack of funds. Alejandro Garcia Padilla and the presidents of the island's Senate and House of Representatives. "Time is passing, and it's passing quickly," he told...

  • CHICAGO, April 21- The Chicago Board of Education paid a stiff penalty for its fiscal woes on Tuesday as investors demanded fat yields for its $295.7 million general obligation bond sale. Municipal bonds carrying the same ratings as the Chicago school system, A-minus by Standard& Poor's and BBB-minus by Fitch Ratings, would normally trade only 85 to 100 basis...

  • These iron ore players face metal fatigue: Goldman Sunday, 19 Apr 2015 | 8:43 PM ET
    Bars of pig iron sit on the dockside ahead of export at the Port of Mariupol, one of Ukraine's biggest commercial sea ports, in Mariupol, Ukraine.

    Iron ore's price plunge is likely to start claiming corporate casualties among the industry's smaller players, Goldman Sachs said.

  • WASHINGTON, April 18- Japan's sovereign debt rating will come under downward pressure if its government falls behind on its goal of achieving a primary budget surplus in fiscal 2020, Tom Byrne, senior vice president of Moody's Investors Service, said on Saturday. Abe's decision prompted Moody's to cut Japan's sovereign debt rating by one notch to A1 in...

  • Analyst: Demographic, industry problems weigh on casinos Thursday, 16 Apr 2015 | 12:14 PM ET

    Economic growth will slow as the population of older Americans outpaces younger consumers who are "less enthused" about gambling, turning instead to electronic games or watching online entertainment, Keith Foley, an analyst at Moody's Investors Service, wrote in an investors note. In contrast, Wynn Las Vegas receives more than 60 percent of gross revenue from...

  • 7 stocks poised to hit all-time highs Thursday, 16 Apr 2015 | 10:10 AM ET

    There are seven stocks in the S&P 500 that are either at all-time highs already or just 1% away. USA Today reports.

  • FRANKFURT, Germany— Europe's economic outlook is finally beginning to brighten a little. But don't expect European Central Bank head Mario Draghi to sound all that excited when he takes the stage Wednesday for his latest news conference. Draghi will sound a little cautious in order to discourage any thought that the bank might make an early exit from its 1.1...

  • FRANKFURT, Germany— Europe's economic outlook is finally beginning to brighten a little. But don't expect European Central Bank head Mario Draghi to sound all that excited when he takes the stage Wednesday for his next news conference. Draghi will sound a little cautious in order to discourage any thought that the bank might make an early exit from its 1.1...

  • SAO PAULO, April 13- Petrobras hopes to release third-quarter and full-year 2014 financial results after a board meeting on April 22, after more than five months of delays in the wake of a corruption scandal that has spread to the highest levels of government. The excess funds might have been funneled to political parties, including President Dilma Rousseff's...

  • HONG KONG, April 12- China's Evergrande Real Estate Group has cut leverage on its balance sheet over the past two years to a third by classifying some of it as equity, according to analysts' calculations based on its public filings. Evergrande, the most indebted developer among China's top 10 property firms, is seeking additional funding to expand, and a lower...

  • CHICAGO, April 9- Standard& Poor's Ratings Services said on Thursday it will likely downgrade Chicago's A-plus credit rating if the city lacks a plan to "sustainably" fund its pensions by the end of this year. The warning was released in the wake of Rahm Emanuel's re-election on Tuesday for a second term as Chicago mayor. Chicago has projected contributions to its...

  • April 8- Ballooning pension payments, difficult negotiations with labor unions and threatened state funding cuts are some of the challenges facing Rahm Emanuel, who won a second term as Chicago's mayor on Tuesday. As a result, rating agency Moody's Investors Service has dropped Chicago's general obligation credit rating six notches since 2010 to Baa2, two...

  • DUBAI, March 26- Economies and markets in the wealthy Gulf oil exporters barely blinked when Islamist militants overran parts of neighbouring Iraq last year, and they look likely to ride out escalating conflict in Yemen with similar ease. Air strikes against Houthi forces in Yemen by Saudi Arabia on Thursday raised the prospect of a proxy war, with Shi'ite Iran...

  • NEW YORK, March 22- Government bond issuers are adopting new standards intended to thwart a strategy that's plagued Argentina for 13 years, in which buyers snap up distressed debt for pennies on the dollar and then hold out for full payment after other investors have agreed to restructure. Driving the move to change is the situation in Argentina, lawyers and...

  • NEW YORK, March 20- The bill is growing for New Jersey's attempt to revive Atlantic City, its financially distressed gambling hub. The information sheds further light on how much New Jersey taxpayers will shell out for Governor Chris Christie's decision to appoint an emergency manager for the resort city, a move that was opposed by many including Atlantic...