This quantitative analysis provides a fascinating glimpse into auditor tenure and financial officer turnover since the financial crisis of 2008. Over 18 pages of charts and tables measure the impact on the Russell 3000.

(COMMERCIAL BREAK) CHARLIE ROSE, HOST: Welcome to our program. Tonight Jim Collins author of "Great by Choice: Lessons that apply not only to business but also to human beings." (BEGIN VIDEO CLIP) JIM COLLINS, AUTHOR, "GREAT BY CHOICE":...

...Red flags as a screen. In rapidly developing emerging markets, the use of frameworks to assess elements of credit risk provides consistency in identifying relative strengths and weaknesses across a growing pool of rated issuers.

Wealthy and diversified service-based economy that is starting to recover from economic crisis. Financial flexibility via tax increases.

Final Transcript of WOR earnings conference call or presentation, 30-Jun-11 1:30pm ET

...Gulf Bank's (GB) Long and ShortTerm IDRs and Support Rating reflect expected support from the Kuwaiti authorities, if needed. The bank's Individual Rating reflects the improvements made by the bank's new management since 2009, which include progress in strengthening the balance sheet and a greater focus on the bank's core business. It also reflects asset quality problems, which will require time to work through, although Fitch's expectation is that improvements in both profitability and asset quality will continue. In Fitch's opinion, capitalisation seems somewhat tight given the reducing, but still sizeable volume of unreserved impaired assets to the bank's reported equity....

Three of the most exciting areas in the world of information technology have tremendous synergies and are closely connected in the worlds of information and entertainment: electronic games, mobile apps and social media.

...With Rebif giving Merck KGaA a strong foothold in the multiple sclerosis (MS) market, the company was well-positioned to compete against the next generation of MS drugs with its pipeline drug cladribine.

The ratings on Florida Power Corp. d/b/a Progress Energy Florida Inc. (PEF) are on CreditWatch with positive implications, where Standard&Poor's Ratings Services placed them on Jan. 10, 2011, following the announcement that the parent company, Progress Energy Inc., has entered into an agreement to merge with Duke Energy Corp. Duke Energy will be the surviving entity. Completion of the merger is possible by the end of 2011, following approvals from the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission (NRC), the Department of Justice, and North and South Carolina regulators. The CreditWatch Positive listing on Progress and its subsidiaries reflects that the company's credit quality will benefit from the merger with the higher-rated Duke Energy. Standard&Poor's

...We expect Dassault to grow at a steady pace in the near term as software license demand begins to come again from a broader client base, average software prices increase, and license volume picks up.

V.F. Corp.'s first-quarter 2011 earnings of $1.71 per share outpaced the Zacks Consensus Estimate of $1.60, and jumped 18.8% from the prior-year quarter on the heels of robust sales across all brands and improved margins.

...DATE OF VALIDITY: 31.03.2011 Name & Address: Correct Registered Name: Coca Cola Manufacturing Bottling Companies of Egypt Other Trading name: Coca Cola Address: 25 Ahmed Hosny Str, The Coca-Cola Bottling Company of Egypt Building, Nasr City Cairo Cairo, EGYPT P.O.

The ratings on Germany-based automaker BMW AG reflect Standard&Poor's Ratings Services' view of the group's strong business risk profile and modest financial risk profile. The strong business risk profile is supported by BMW's competitive position as a luxury auto manufacturer, its global brand recognition, and diversified geographic operations. These strengths are partially offset by BMW's limited product diversification (its focus on luxury autos), as well as its earnings volatility and by the cyclical nature of auto demand. The modest financial risk profile is supported by BMW's conservative financial policy, and historically robust cash flow generation. At the end of April 2011, unit auto sales for the group were up by 20.4% on the same period of 2010 and

...Executives Joseph W. Saunders: Chairman and CEO Byron H. Pollitt: CFO Jack Carsky: Head of Global IR Analysts James Kissane: Bank of America Merrill Lynch Bob Napoli: Piper Jaffray Moshe Katri: Cowen & Company Christopher Mammone: Deutsche Bank Craig Maurer: CLSA Mosche Orenbuch: Credit Suisse David Koning: Robert W. Baird Andrew Jeffrey: SunTrust Robinson Humphrey Adam Frisch: Morgan Stanley Tien-Tsin Huang: JPMorgan Bruce Harting: Barclays Capital Dan Perlin: RBC Capital Market David Hochstim: Buckingham Research Don Fandetti: Citi Julio Quinteros: Goldman Sachs Rod Bourgeois: Sanford Bernstein James Friedman: Susquehanna Bill Carcache: Macquarie Research Transcript Call Date: 05/05/2011...

...On April 27, 2011, Moody's downgraded the State of New Jersey's general obligation bond rating to Aa3/Stable outlook from Aa2/Negative outlook, and downgraded related appropriation-backed and moral obligation ratings.

Powerful brand name and leading market positions in mutual funds, retail brokerage, and 401(k) (retirement savings) markets Strong distribution capabilities in both direct and workplace markets Very good on-balance-sheet liquidity Profitability dynamics of core businesses are largely influenced by domestic equity markets Less favorable earnings than at monoline asset managers Middling performance and net asset outflows from most of the largest Fidelity domestic-equity mutual funds Standard&Poor's Ratings Services' ratings on FMR LLC consider an exceptionally strong brand name, diverse financial services franchise, and very good on-balance-sheet liquidity.

Final Transcript of FLIR earnings conference call or presentation, 29-Apr-11 11:00am ET

A textual analysis of the financial results for Reed Elsevier NV compared to selected competitors. Also included are quantitative analyses of the company's financial statements, extensive ratio analyses and up to 10-year history of sales, earnings, dividends and security pricing. A business description of the company, including contact information, senior officers and Wright Quality Rating analyses is also provided.

AWAC's strong position in the global alumina industry, with relatively low production costs AWAC's strategic importance to Alcoa Alcoa is a proven and efficient operator of the AWAC alliance Alumina's conservative financial management Reliance on dividend payments from AWAC to service debt commitments Financial flexibility is limited by organizational structure Exposure to volatile movements in exchange rates, the aluminum price, and key input costs The ratings on Australian-based miner Alumina Ltd.

A textual analysis of the financial results for Herbalife Ltd compared to selected competitors. Also included are quantitative analyses of the company's financial statements, extensive ratio analyses and up to 10-year history of sales, earnings, dividends and security pricing. A business description of the company, including contact information, senior officers and Wright Quality Rating analyses is also provided.

... and document-management equipment and software. The firm enjoys leading positions in the several of its target markets, including high-end digital and color production and office equipment. Xerox is now focused on digital and color office printers, professional services, and building its presence with smaller businesses....

Final Transcript of **BMET earnings conference call or presentation, 12-Apr-11 1:00pm ET

Summary

MetroPCS Communications, Inc. (MetroPCS) is engaged in providing wireless broadband communication services at unlimited usage basis, flat rate, and no long term contracts. The major offerings of the company include voice services, data services, custom calling services and advanced handsets. The company offers its service in major metropolitan and surrounding areas. The company operates its business through two markets, namely, core market and Northeast market.

Leading global player in the fast-growing oncology indication. Pharmaceutical growth significantly ahead of market growth.

A textual analysis of the financial results for Aspen Pharmacare Holdings Limited compared to selected competitors. Also included are quantitative analyses of the company's financial statements, extensive ratio analyses and up to 10-year history of sales, earnings, dividends and security pricing. A business description of the company, including contact information, senior officers and Wright Quality Rating analyses is also provided.

Israel has completed a review of Iran's nuclear intentions, which overturns previous assessments.

Leading positions in drug distribution and health care information technology; Long-standing customer and supplier relationships; Operates in an industry with high barriers to entry; Favorable demographics, drug price inflation, and an increase in the usage of more profitable generic drugs; and Modest financial risk profile.

Summary

PETRONAS Gas Berhad (PGB) is a gas company based in Malaysia. The company is engaged in processing of natural gas produced from the gas fields offshore the East Coast of Peninsular Malaysia. In addition, The company is also involved in the transmission of the processed gas to customers in Peninsular Malaysia as well as exporting to Singapore. In addition, it is also involved in selling of wide range of industrial utilities including steam, electricity, nitrogen, compressed air to the petrochemical complexes in the industrial zones of Kertih and Gebeng. The gas products obtained through the plants include Ethane, Propane, Butane, Condensates and Carbon Dioxide.

The Scorelogix Job Security Index decreased by 5.7% or 1.7 points in January 2011 when compared to December 2010. JSI increased by 42.2% or 8.1 points in January 2011 vs. January 2010 and increased by 12.0% or 2.9 points vs. December 2009. This current decrease in JSI shows that the economy still hasn't recovered and growth might be slow in the near term.

Scorelogix Job Security Index reports can be purchased individually for the nation, and for selected industrial groups or on a subscription basis. Custom reports for specific geographic regions down to the zip code level and for other industrial groups not currently reported can also be purchased.

Rolls-Royce Group plc was founded in 1971 and is headquartered in London, the United Kingdom. Rolls Royce is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Fleet of low-cost, baseload power generation plants in Ohio and Pennsylvania; Relatively low-risk transmission and distribution (T&D) operations; Generally constructive regulatory relationships; Good cash flow generation and liquidity; and Stable financial profile.

Diminishing water supplies have become a major bottleneck for economic and social development. The government has formulated a policy package aimed at improving water resource management.

Final Transcript of BMW.DE earnings conference call or presentation, 16-Mar-11 10:00am CET

In light of the challenging conditions of the spirit market overthe Christmas period, we revised our revenue assumptions forfiscal year 2010 to a small revenue decrease (in the low singledigit), as the fall in...

While U.S. natural gas pipelines will always be an essential part of the nation's energy infrastructure, their credit is undergoing some strain that may weaken the once-staid industry for bondholders. The primary driver is increasing recontracting risk. While the industry has always faced this risk, it is worsening, in our opinion, due to changing natural gas supply dynamics. In addition, recent gas pipeline accidents have caused nationwide concern about operational failures, so we expect greater oversight of operating and safety measures and an increase in maintenance spending. That said, we expect such expenditures will be moderate in most cases and also expect that many companies should be able to recover those costs through the regulatory process. Many of the U.S.'s

Having taken power, the military is in its most delicate position for decades, and its behaviour is a critical factor in the future direction of the country.

We are maintaining our Neutral recommendation on Transocean shares. With its technologically-advanced and versatile offshore drilling fleet, strong backlog and considerable pricing power, Transocean offers an unmatched level of earnings and cash flow visibility. However, the Deepwater Horizon incident is bound to create some overhang on the stock because of Transocean's involvement and the ensuing uncertainty in the deepwater drilling market. The Swiss court order rejecting Transocean's plea on dividend payments is also a near-term setback, in our view. Consequently, we believe that Transocean's current valuation adequately reflects its fairly balanced risk/reward profile and see limited upside from current levels.

The ratings on Redwood Shores, Calif.-based Oracle Corp. reflect the company's very strong earnings and cash flow protection levels and ample liquidity.

Preliminary Transcript of SRE earnings conference call or presentation, 24-Feb-11 1:00pm ET

With President Mubarak being ousted on 11 February by an astonishing display of 'people power', the army is now in effective control of the country.

While Michelin is exposed to the cyclical automotive sector, its profitability is less volatile than car makers due to a 76% exposure to the resilient replacement tyres market and despite the sharp volatility in rubber price. On the credit front, liquidity is...

Final Transcript of Central Bank of Egypt conference call or presentation, 18-Feb-11 10:00am ET

Final Transcript of MMC earnings conference call or presentation, 15-Feb-11 8:30am ET

Summary

GlobalData's report, 'Withdrawal of Sitaxentan (Thelin) Creates Huge Unmet Need in the Pulmonary Arterial Hypertension (PAH) Market' provides key data, information on PAH Market.

Scope

- Data and information on noval therapy on PAH market

Reasons to buy

- Develop business strategies by understanding the trends and developments in PAH Market

The Scorelogix Job Security Index increased by 2.6% or 0.7 points in December 2010 when compared to November 2010. This current increase in JSI after last month's decrease indicates that the economy is still in a consolidation phase and will take some time to fully recover.

Scorelogix Job Security Index reports can be purchased individually for the nation, and for selected industrial groups or on a subscription basis. Custom reports for specific geographic regions down to the zip code level and for other industrial groups not currently reported can also be purchased.

Summary

National Health Investors, Inc. (NHI) is a real estate investment trust (REIT). It is principally engaged in the purchasing and leasing of healthcare facilities. It also offers mortgage loans to healthcare operators. At the end of 2008, NHI had 289,972,000 dollars worth in real estate, mortgage and notes receivable investments in 123 healthcare facilities in 17 states. The company offered the REIT services for long-term care facilities, acute and long-term care hospitals, medical office buildings, assisted living facilities, retirement centers, and residences for the developmentally disabled. NHI operates in the U.S. and is headquartered at Murfreesboro, Tennessee.

While the worse is behind us now, the recovery in premium andeconomic passengers revenues is still weak and we do not anticipatea return to pre-crisis level before 2013. Besides, while BAhas taken steps to...

Final Transcript of HUM earnings conference call or presentation, 7-Feb-11 9:00am ET

Preliminary Transcript of CI earnings conference call or presentation, 3-Feb-11 8:30am ET

A track record of strong commitment to reform of economic and fiscal management, which has delivered a surge in investment and a period of sustained, robust economic growth.

Introduction

Broadband growth, particularly mobile broadband (mostly HSPA-based), is as strong in Eastern Europe as it is in other regions. The challenge for most operators is that broadband growth is often not sufficient to compensate for the erosion of other revenues, including the core voice services.

The government has a net asset position. The relatively strong regulatory environment mitigates risks related to the large financial sector.

Final Transcript of F earnings conference call or presentation, 28-Jan-11 9:00am ET

Final Transcript of TXN earnings conference call or presentation, 24-Jan-11 4:30pm CT

Banking is at the forefront of the effort to quantify and measure operational risk and as such can be role model beyond the financial services industry. The Basel Committee of the Bank for International Settlements (BIS) has created a new capital accord, known as Basel II. Basel II requires banks to establish an operational risk management (ORM) framework and compute an explicit capital charge for operational risk once it is adopted. This chapter from Goverance, Risk, and Compliance Handbook, by Anthony Tarantino, outlines different approaches, tools, and guidance on operational risk management for financial services companies.

Summary

Kobe Steel, Ltd. (Kobe) operates in manufacturing and services sector. Kobe is a diversified company operating across businesses including steel manufacturing, machinery manufacturing, material manufacturing, distribution of aluminum and copper products, power supply, and real estate. The company manufactures several products that include aluminum and copper products, iron and steel, hydraulic excavators, mini excavators, wheel loaders, crawler cranes, rough terrain cranes, work vessels, electric mining shovels and other products. Kobe also provides services including community and urban development, property, building management and other services.

The Scorelogix? Construction Job Security Index? decreased by 24.0% or 45.7 points in November 2010 when compared to October 2010. This marked a decrease after seven consecutive increases in the index for 2010. Continued problems in the larger economy, including unabated unemployment rates, falling real estate tax revenues, continued pressure from the foreclosure crisis, tight credit, and lower consumer spending, all place significant drag on this sector. Scorelogix anticipates that the government?s stimulus efforts on the public construction sector should continue through to the end of this year but we also continue to predict little or no further significant improvement until the effects of the burst housing bubble are resolved.

Preliminary Transcript of FRX earnings conference call or presentation, 18-Jan-11 10:00am ET

Preliminary Transcript of ACM-A.TO earnings conference call or presentation, 13-Jan-11 10:30am ET

A textual analysis of the financial results for Green Energy Technology Inc. compared to selected competitors. Also included are quantitative analyses of the company's financial statements, extensive ratio analyses and up to 10-year history of sales, earnings, dividends and security pricing. A business description of the company, including contact information, senior officers and Wright Quality Rating analyses is also provided.

Précis Metro and Précis State reports offer comprehensive, concise analysis on the current and expected economic conditions for each of the nation's states (as well as DC, Guam, Virgin Islands, and Puerto Rico) and all metro areas (includes Puerto Rico). Each three-page report covers an individual state or metro area and includes a five-year forecast from Moody's Analytics simultaneous econometric model

...Sony Corporation (A3), established in 1946, is one of the world's leading consumer electronics companies in Japan. In FY2009, Sony recorded consolidated revenue of about JPY7.21 trillion. It had the third-highest sales, following Samsung Electronics, Co., Ltd. (A1) and Panasonic Corporation (A1) among Asian consumer electronics companies. The company is engaged in a wide range of businesses, including digital AV products, game consoles, motion pictures, music, and financial services, and maintains strong market positions in flat panel display (FPD) TVs and digital cameras globally....

Final Transcript of F sales update conference call or presentation, 4-Jan-11 1:00pm ET

A textual analysis of the financial results for Weatherford International Ltd compared to selected competitors. Also included are quantitative analyses of the company's financial statements, extensive ratio analyses and up to 10-year history of sales, earnings, dividends and security pricing. A business description of the company, including contact information, senior officers and Wright Quality Rating analyses is also provided.

This chapter examines the four key processes in financial risk management: risk identification, risk assessment, risk mitigation, and risk transferring.

This 90 pages exclusive report covers and analyzes the 3Q10 results of 35 Latin American corporate bond issuers. This report includes management guidance, Spread Research?s comments & financial models. You will also find 10 exclusive one-on-one company management interviews conducted by our analysts during the 12th Latibex forum in Madrid.

Despite continuing violence, under the terms of a 2008 US-Iraqi agreement, all US combat forces must leave Iraq by the end of 2011. Pressing questions remain over whether security conditions are sufficiently stable to justify this withdrawal, or whether an absence of US forces will trigger a return to more widespread violence.

Final Transcript of ARM corporate analyst meeting, 7-Dec-10 8:30am ET

Leading position in the branded spirits industry, including a superior portfolio of well-established brands, and size advantage in major markets.

Brazil benefits from a young labor force. The working-age population, currently 68% of the national population, is forecast to climb to 70% of the population by 2025 then gradually taper to 63% of the population by 2050. Age-related expenditures (pension and health care costs) are expected to increase steadily to 26% of GDP in 2050 from 14% of GDP today. Demographics are favorable for Brazil in the near term, but aging could pose fiscal challenges over the long-term. Under Standard&Poor's Ratings Services' base-case scenario done specifically for this age-related study, net general government debt in Brazil is expected to fall to 19% of GDP in 2030 from 45% in 2010. From there, however, age-related spending will likely propel

...The negative outlook reflects a very high level of non-performing loans (NPLs) that are unlikely to decline substantially in the near term, and subdued profitability.

Recoveries in diamond sales and prices are buoying economies in Southern Africa, after sharp contraction during the 2008-09 global economic downturn from the peaks achieved in 2007.

Significant global scale that provides strong network effects Healthy free cash flow conversion that provides the potential for deleveraging Rapid technological and competitive change in the markets the company serves Short track record of profitability; and Aggressive near-term leverage The ratings on Luxembourg-based Internet communications company Skype Global S.a.r.l (Skype) reflect Standard&Poor's Ratings Services' view of the risks of rapid technological and competitive change in the markets the company serves as well as low customer-switching costs.

The economy contracted by 0.2% in Q3 and Q2 GDP was revised down to -0.6%, signalling a temporary technical recession.

... Weyerhaeuser, which is converting to a timber REIT, will become the largest of the peer group as measured by revenue, timberland value and product diversity.

Final steps towards forming a government were taken in November after Prime Minister Maliki secured agreements that keep all main parties in the coalition.

...This rating methodology explains Moody's approach to assessing credit risk for companies in the tobacco industry.

Quarterly GDP growth slowed to 0.2% in Q3 as the stimulus from foreign demand eased. Domestic demand did not provide an appreciable offset to this, with retail sales increasing by just 0.3% on the quarter after the stagnation seen in the first half of the year.A relatively strong showing by the manufacturing sector during the summer and the solid Q3 performance of the German economy have led us to revise our forecast for 2010 Italian GDP growth up marginally to 1.0%.

The ratings on Sweden-based commercial vehicle group Volvo (publ), AB reflect our view of the group's leading market positions worldwide in heavy trucks, buses, and construction equipment.

...British Airways (`BA', or `the company'), based in Harmondsworth, United Kingdom, is Europe's third largest airline carrier with nearly 32 million passengers in FY2010 (to 31 March), and flying to over 300 destinations world-wide with a fleet of 238 aircraft at year- end. In FY2010 the company reported revenues of c.GBP8 billion and an operating loss of GBP231 million, following a loss of GBP220 million in FY2009. The company derived about 87% of its revenues from passenger traffic, 7% from its cargo business, and the remainder from other sources. BA has been publicly-owned and listed on the London Stock Exchange since its privatisation in 1987....

The Troubled Asset Relief Program has been a policy success, in that it alleviated systemic risk during the most acute phase of the financial crisis in 2008-09 and appears likely to cost markedly less than anticipated. Yet there are longer-term financial and non-financial costs associated with the programme, particularly 'moral hazard'.

...The ratings for FedEx Corporation (FedEx; NYSE: FDX) reflect the transportation company's improving customer demand, ongoing financial flexibility, and strong liquidity position. Volumes have increased over the past several quarters in all three of FedEx's transportation units, and Fitch's expectation for continued improvement in demand should translate to a gradual strengthening in FedEx's credit profile over the medium term....

Standard&Poor's Ratings Services' 'BBB' rating on Harley-Davidson Inc. reflects the company's dominant position in the U.S. heavyweight motorcycle market and our expectation for stabilized operating performance. Harley is the U.S. market leader in the premium, custom, and touring segments of the heavyweight (651 cc-plus) market. Its market share is more than twice of its nearest competitor at 56% for the 12 month period ended September 2010. The company is also gradually expanding its international sales. Nonetheless, Harley has several larger, better capitalized and diversified competitors. As a result, we view Harley's business risk profile as satisfactory. After a very difficult 2009, we expect total revenue to decline in the low single digit percentage area in 2010 and believe

Well-established positions in the European and U.S. white goods markets. Good geographic diversification.

Final Transcript of BAK earnings conference call or presentation, 12-Nov-10 9:00am ET

Final Transcript of ING earnings conference call or presentation, 10-Nov-10 9:00am CET

With debate about the financial health of U.S. states increasing, we think a comparison with other non-U.S.

GDP grew more strongly than expected in Q2, rising by an annualised 4.5%, up from 3.7% in Q1, with year-on-year growth up to 4.1%.

Preliminary Transcript of DISH earnings conference call or presentation, 5-Nov-10 12:00pm ET

...Credit card loss metrics declined across the industry in 3Q10, despite stagnation in the unemployment rate, due to tighter underwriting, continued improvement in delinquency metrics, and a substantial cleansing of issuer portfolios.

Final Transcript of PFE earnings conference call or presentation, 2-Nov-10 10:00am ET

Summary

Mandalay Bay Resort and Casino (Mandalay Bay Resort) is a hotel and casino group, engaged in luxury end of leisure market. The company operates through its wholly owned resorts in Nevada and Mississippi, as well as investments in four joint ventures with operating resorts in Nevada, Illinois and Michigan. The company's property management segment is engaged in providing of additional services in the hotel, conference center, resort, and golf markets.

Preliminary Transcript of AGN earnings conference call or presentation, 1-Nov-10 8:00am PT

...L-3 Communications reported earnings per share slightly ahead of our estimates for the third quarter and maintained its 2010 EPS guidance.

The government alleges that BCBS-M's deals with hospitals violate federal antitrust statutes by raising hospital prices, preventing other insurers from entering the marketplace, and discouraging discounts. Assistant Attorney General for Antitrust Christine Varney has vowed to challenge similar behaviour by health insurers in other states.

Edited Brief of RDS.A earnings conference call or presentation, 28-Oct-10 2:30pm CET

Final Transcript of XOM earnings conference call or presentation, 28-Oct-10 10:00am CT

Final Transcript of PG earnings conference call or presentation, 27-Oct-10 8:30am ET

Summary

Robert Half International Inc. (RHI) is a US based company providing staffing and consulting services. The company principally engages in providing staffing solutions through its staffing divisions namely, Accountemps, Robert Half Finance & Accounting, The Creative Group, OfficeTeam, Robert Half Technology, Robert Half Management Resources, Protivit and Robert Half Legal. The business of the company is classified into three reportable segments, namely, Temporary and Consultant Staffing, Risk Consulting and Internal Audit Services, and Permanent Placement Staffing.

Final Transcript of MRK.F earnings conference call or presentation, 26-Oct-10 2:00pm CET

Dominant market position in Japan and strong market position in major global auto markets, with exte

Preliminary Transcript of DAL earnings conference call or presentation, 20-Oct-10 10:00am ET

Lennar turned profitable before many U.S. homebuilding peers, though its profitability still remains weak.

Final Transcript of AAPL earnings conference call or presentation, 18-Oct-10 5:00pm ET

Final Transcript of HAL earnings conference call or presentation, 18-Oct-10 8:00am CT

Final Transcript of C earnings conference call or presentation, 18-Oct-10 11:00am ET

Leading positions in the cyclical crane and in the more-stable food service equipment manufacturing segments; Good customer, product, and geographic diversity; and Global, low-cost manufacturing and distribution.

Final Transcript of JPM earnings conference call or presentation, 13-Oct-10 9:00am ET

Final Transcript of WALMEX_V.MX earnings conference call or presentation, 11-Oct-10 3:30pm CT

Nearly one out of every three foreigners in Japan is Chinese. This population provides important labour for agriculture, manufacturing and high-tech industry, and plays an important role in business between China and Japan. How Chinese immigrants fare in Japanese society speaks to the future of Japan as an immigrant-receiving country and multiethnic society.

...Rite Aid's Caa2 Corporate Family and Probability of Default Ratings reflect its highly leveraged capital structure and heavy interest burden which limits the company's medium- term financial flexibility as well as its competitive ability.

Final Transcript of AA earnings conference call or presentation, 7-Oct-10 5:00pm ET

The White House has indicated that it will raise the issue of 'currency misalignment' at the IMF meeting in Washington, which opens today. This is just the latest US policy response that signals growing discontent in Washington with Beijing's approach to global economics, trade and security.

...On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act" or "Act") into law. As part of our effort to be transparent with the market about the changes we may make as a result of the statute, this Special Comment is our second publication that seeks to continue and encourage dialogue with the market regarding the Dodd-Frank Act....

... Discipline in the Sector Manage Volatility Maintain Very Good Liquidity Expand Geographically Enhance Brand Awareness...

Elan Corporation, plc (3072950) - Pharmaceuticals & Healthcare - Deals and Alliances Profile

... Position as largest dedicated retailer of consumer electronics represents a distinct competitive advantage Multiple product lines add diversity Track record of innovative brand and concept development Carphone Warehouse venture provides solid base for European growth Successful and thoughtful acquisition strategy...

Edited Brief of UAL M&A conference call or presentation, 1-Oct-10 9:00am CT

The governing Democratic party is expected to suffer a major defeat in midterm congressional elections on November 2, likely losing control of the House of Representatives, an event that is already being interpreted as a potentially fatal blow to President Barack Obama. However, even after this setback, the president would not be in a weaker position than his recent predecessors, who went on to secure major policy victories and re-election.

...Through its partnership with Clearwire Corp., Sprint Nextel Corp. (Ba2, negative) is the only nationwide wireless carrier to offer 4G service in the U.S., a point Sprint is emphasizing as it seeks to rebuild its brand.

Advertising: The marketers of POM Wonderful Pomegranate Juice and POMx supplements are cited for making false and unsubstantiated efficacy claims that their products will prevent or treat heart disease, prostate cancer, and erectile dysfunction, according to an administrative complaint issued by the Federal Trade Commission (In re POM Wonderful LLC, FTC, Dkt. No. 9344, 9/27/10).

The construction of new nuclear power plants is under consideration both in countries seeking to acquire their first commercial power plants and where existing reactors are nearing the end of their operating lifetimes; an influx of new orders could prove extremely profitable for the nuclear industry. Consolidated groups of vendors are seeking to sell advanced reactor designs along with the associated construction services and uranium fuel contracts, but face competition from one another.

Leading telecommunications operator in the Nordic and Baltic regions. Geographic diversity within and outside home markets, notably in mobile.

New entrants to Japan's banking industry have established various business models to compete with their more traditional rivals. In this report, we examine Japan's new banking entrants in the past 10 years and analyze their credit quality according to their different business models. It has been a decade since Japanese regulators loosened restrictions and began to grant bank licenses to new entrants, such as online banks and subsidiary banks of industrial corporations. The majority of the new entrant banks have succeeded in attracting a certain segment of customers in the banking industry by providing them with convenience and other benefits through automatic teller machines (ATM), Internet, and cell phone Web sites. However, these new entrant banks make up a limited

...One of the outcomes of the recent recession and the painful restructuring of U.S. auto manufacturing operations has been remarkable strength in used vehicle prices. Healthy prices have important implications for a number of facets of the vehicle industry including residual values on leased vehicles, trade-in values for new car buyers, and the profits of dealers, rental car companies and auction houses...

...The world fears the point in time at which the maximum rate of global petroleum extraction will be reached.

Preliminary Transcript of GIS earnings conference call or presentation, 22-Sep-10 8:30am ET

Final Transcript of ADBE earnings conference call or presentation, 21-Sep-10 2:00pm PT

Final Transcript of CCL earnings conference call or presentation, 21-Sep-10 10:00am ET

... Our decision to downgrade Transocean acknowledges the likelihood that the Macondo offshore oil disaster will affect Transocean's profile in some way, even if the timing is unknown today.

While parlous state finances make downscaling state expenditure imperative, the leadership continues to struggle with whether Cuba's self-employed will be a necessary evil to cushion the effect of lay-offs, which will remain small-scale and under tight state control; or a welcome move towards a new 'market socialism' model.

...Moody's assigns a bank financial strength rating (BFSR) of C- to ICICI Bank, which translates into a baseline credit assessment (BCA) of Baa2.

Final Transcript of FDX earnings conference call or presentation, 16-Sep-10 8:30am ET

Quarterly GDP growth in Q2 has been revised up slightly to 0.5%. Net trade was the only contributor, as manufacturing firms were able to exploit the surge in German demand and, to a lesser extent, the healthy dynamics of demand outside Europe.A slowdown is expected in H2 this year as foreign demand weakens.

Recent positive news about Europe's economy seems to be pushing fears of a double-dip recession further away in the minds of market participants and pundits. On Monday the European Commission (EC) almost doubled its forecast for growth in the 27-member European Union (EU) in 2010 to 1.8%, up from the 1% it projected in May. In the second quarter of the year, Europe's economy expanded at its fastest pace in four years thanks to a rapid increase in exports and reviving consumer demand (see the commentary on Linde Finance B.V. published Sept. 1, 2010, and our commentary on Ciba Specialty Chemicals published July 28). Still, the commission said that the recovery remains "fragile" with "uneven" developments between the states, leaving

...Levi Strauss & Co.'s (LS&Co) B1 Corporate Family and Probability of Default Ratings reflect the company's highly leveraged capital structure as well as its challenge to maintain stability in revenues and operating margins.

Very strong market position; Significant barriers to entry in its business; Solid, consistent earnings and cash flow; Conservative financial profile; and Excellent liquidity.

Recent UN reports have stressed the overall stability of global drug markets during the last two years. Nonetheless, important changes have occurred, even in the two most stable markets for opiates and cocaine, as well as the UN approach to researching illegal drugs.

...On 31 August 2010, Fitch Ratings revised SanofiAventis SA's (Sanofi) Outlook to Negative from Stable, following its nonbinding offer on 29 August to acquire USbased biotech company Genzyme Corp (Genzyme), for USD18.5bn. The offer was rejected by Genzyme's board in a public statement the following day. As currently structured, the acquisition is expected to be financed with debt and cash....

Q2 GDP growth was even stronger than expected, with the 2.2% rise on the quarter the highest since reunification.

U.S. banks' quarterly profitability in second-quarter 2010 reached its highest level since first-quarter 2008.

Terrorist attacks in 2009 fell slightly, a trend which seems to be continuing into 2010. However, the sources of terrorists and location of successful attacks is shifting, both causing new challenges for national counter-terrorism policies and highlighting the weaknesses of international cooperation.

...Moody's assigns a Bank Financial Strength Rating (BFSR) of C-, which translates into a Baseline Credit Assessment (BCA) of Baa1, to Banco Popular Espa?ol, S.A.

Market leader in retail tax preparation; Strong operating cash flow; and Renewed focus on core tax and related businesses.

Final Transcript of ALPHA.AT earnings conference call or presentation, 31-Aug-10 9:15am EET

...Johnson & Johnson ("J&J") is the only remaining Aaa-rated pharmaceutical company globally. J&J's excellent revenue diversity, historically conservative financial policies and solid operating performance have remained key underpinnings to its Aaa credit rating.

...Fitch Ratings expects most Kuwaiti banks' profitability to remain pressured by high impairment charges for the remainder of 2010, as banks build up loan loss reserves due to the sharp deterioration in asset quality seen in 2009.

Bermuda-based distilled spirits producer Bacardi Ltd. is expected to continue to generate strong cash flows in the near term despite lingering weak global macroeconomic conditions.

Final Transcript of AHO earnings conference call or presentation, 26-Aug-10 2:00pm CET

Fourteen years ago, the last nuclear power plant in the U.S. started commercial operations. Safety and cost concerns had long since discouraged the construction of new nuclear facilities in this country.

Preliminary Transcript of TOL earnings conference call or presentation, 25-Aug-10 2:00pm ET

Since there cannot be a purely military resolution of the continuing conflict with al-Qaida and its affiliates, it is critical to win the hearts and minds of actual and potential participants to a rejection of terrorism. To do this, it is necessary first to find a credible basis on which terrorism can be universally condemned.

Final Transcript of ANN earnings conference call or presentation, 20-Aug-10 8:30am ET

Fitch Upgrades Tyson's IDR to 'BB '; Outlook Positive 13 Aug 2010 8:31 AM (EDT) Fitch Ratings-Chicago-13 August 2010: Fitch Ratings has upgraded the Issuer Default Rating (IDR) and other debt ratings of Tyson Foods, Inc. (Tyson; NYSE:...

Heavy debt and lease burden and weak balance sheet Participation in cyclical, capital-intensive, and price-competitive airline industry Operating pressure from high fuel costs and low-cost airline competitors Somewhat limited financial flexibility, with no general committed bank revolving credit and few unencumbered assets for sale, secured borrowing, or sale-leasebacks Dominant and defendable market position in the less competitive duopolistic domestic market Proactive tiered-pricing model, cost-control efforts, and fleet renewal program could improve competitiveness The rating on Montreal-based Air Canada reflects Standard&Poor's Ratings Services' view of the airline's credit risk profile, which remains constrained by significant financial leverage and debt servicing burden, high operating cost structure, cyclical industry demand, and increasing competitive pressure in domestic markets.

Final Transcript of ING earnings conference call or presentation, 11-Aug-10 9:00am CET

...Federal aid to state governments is likely to be approved by the Congress as early as this week, a development that was considered unlikely just last month.

Edited Brief of HPQ conference call or presentation, 6-Aug-10 1:45pm PT

Various governments have seen a need for Western-educated imams in mosques in their countries. This being accepted, the debate has moved on to focus which institutions should become the training centres. The outcome is vital for the West and Islam alike, as whoever controls imam training will eventually control the understanding of Islam for generations to come.

The armed forces have just completed Vostok-2010, the largest military exercise held since the Soviet era. It was designed to test recent structural changes, but had the supplementary aim of acting as a warning to China that Moscow is prepared to defend its resource-rich Far East.

...The "mega" Japanese banking groups -- namely Mizuho Financial Group (Mizuho; rated `A'), Sumitomo Mitsui Financial Group (SMFG; rated `A'), and Mitsubishi UFJ Financial Group (MUFG) -- had a good start in the first quarter of fiscal year to endMarch 2011 (Q1FYE11).

Preliminary Transcript of MA earnings conference call or presentation, 3-Aug-10 9:00am ET

Final Transcript of BP conference call or presentation, 2-Aug-10 4:00pm UKT

...The Australian banking system is concentrated, being dominated by the four major domestic banks, which have gained market share during the global financial crisis.

Final Transcript of BSY.L earnings conference call or presentation, 29-Jul-10 9:45am UKT

Preliminary Transcript of VMED earnings conference call or presentation, 28-Jul-10 1:00pm UKT

A rising workforce participation rate until 2030 has been seen as India's 'demographic dividend' and a crucial driver of economic growth. However, recent research suggests that the benefits will fail to materialise unless radical institutional and infrastructural reform takes place.

Preliminary Transcript of UTX earnings conference call or presentation, 21-Jul-10 9:00am ET

Final Transcript of BK earnings conference call or presentation, 20-Jul-10 8:00am ET

...Moody's assigns a bank financial strength rating (BFSR) of C- to Commerzbank AG, which translates into an unsupported baseline credit assessment (BCA) of Baa1.

Excellent franchise driven by a community-banking business model Broadly diversified revenue base stabilizes earnings Very strong preprovision earnings help offset credit costs Elevated, but manageable credit costs Challenging future loan growth Regulatory uncertainty related to ultimate implementation of the financial-services legislation Standard&Poor's Ratings Services' strong ratings on Wells Fargo&Co.

Unexpected first rise in rates in July suggests central bank remains fairly confident about recovery - even if growth is more modest in H2

...On April 30, 2010, Fitch Ratings downgraded the long-term issuer default rating (IDR) of American General Finance Corp.

...Qatar National Bank's (QNB) IDRs reflect the probability of support from the Qatari authorities, if ever required. The Individual Rating reflects QNB's dominant domestic franchise, close links to the Qatari government/public sector, and its sound financial profile underpinned by good capitalisation and liquidity and strong income generation capability. It also reflects large concentrations in loans and deposits....

...On 13 July 2010, Moody's announced its decision to downgrade Portugal's government bond ratings by two notches to A1 from Aa2.

The ratings on Smithfield, Va.-based Smithfield Foods Inc. reflect its hog production segment's continued very weak operating performance, the volatility of feed costs, the cyclicality of the swine industry, and the company's very high debt leverage. Although Smithfield benefits from its position as the leading producer, processor, and marketer of fresh and processed pork in the U.S., the company continued to incur losses in its key hog production business in fiscal 2010. However, fiscal 2010 losses were smaller than those in fiscal 2009 because feed costs improved. In addition, Smithfield has announced a cost-saving initiative aimed at obtaining $30 million to $55 million in annual savings on top of the costs savings that the company expects to obtain from its

Despite the evident desire in Moscow and Washington to play down the political implications of the case, Russian intelligence operations in the West remain extensive, long-term and aggressive.

Strong market presence in diversified media segments of broadcasting, publishing, printing, and business services industries.

...The stable outlook for the steel sector reflects our expectation for continued growth in regional demand, particularly from China.

...The IDRs of ABN AMRO Bank N.V. (ABN AMRO) are at their Support Rating Floor, reflecting Fitch Ratings' opinion that Dutch state support will continue to be available to the bank in case of need.

The steep economic downturn of the past two years tested the foundation of the global automaker industry, as many of the world's major markets experienced their biggest declines in demand in decades. The downturn was most pronounced in North America, Europe, and Japan; the growing markets of Brazil and China were affected to a lesser extent. Standard&Poor's Ratings Services believes that since last fall, the business and financial environments globally have improved. We believe all automakers, and most suppliers, are better-positioned this year to benefit from a slow recovery in demand thanks to aggressive cost-cutting and government support that helped the industry avoid even greater financial disarray. Although some industry participants are optimistic about a smooth recovery to

CHARLIE ROSE, Host: Welcome to our program. Over the weekend, I went to the G-20 summit in Toronto for a conversation with Prime Minister Recep Tayyip Erdogan of Turkey. Turkey is fast becoming a major player on the global stage....

Final Transcript of YHOO shareholder or annual meeting, 24-Jun-10 10:00am PT

The ratings on Schaumburg, Ill.-based Motorola Inc. reflect continued operational challenges in the Mobile Devices unit, low profitability and returns, and high adjusted debt leverage.

...In late 2009, the disclosure of a sharp widening of the government's fiscal deficit significantly altered the economic prospects of the country and, with it, that of the banks.

The blowout of the Macondo well and ongoing oil spill -- among the worst environmental disasters in US history -- has become a major test for President Barack Obama's administration. The impact extends beyond the US offshore oil sector to include the sector's debt financing, insurance premiums, and regulatory oversight worldwide.

Standard&Poor's Ratings Services' ratings on Pembroke Pines, Fla.-based Claire's Stores Inc., a specialty retailer of value-priced jewelry and fashion accessories for preteens, teenagers, and young adults, reflect the company's participation in the competitive, fragmented, and cyclical fashion accessory industry, weak top-line performance, highly leveraged capital structure, and very thin cash flow protection measures.

...Moody's assigns an E bank financial strength rating (BFSR) to Russian Agricultural Bank (RusAg), which translates into a B1 Baseline Credit Assessment (BCA).

...Headquartered in London, Kingfisher plc (Baa3/P-3, stable outlook) is the UK's largest home improvement operator with leading positions in selected international markets.

Q2 growth expected to pick up from 3% pace in Q1 despite some weakness in latest consumer spending data, with full-year growth still seen close to 3.5%

The U.S. housing sector is key to the recovery of the financial markets, and market participants are carefully following the direction and movement of various home price indices and other key economic trends. Although many sources provide regular and frequent sales and pricing data to the market, a core group of four indices serve as the benchmarks that observers generally rely on most to form their opinions, forecasts, and expectations about the housing market: The Federal Housing Finance Authority (FHFA) Purchase-Only Index, the LoanPerformance Index, the National Association of Realtors (NAR) Median Home Price Index, and the S&P/Case-Shiller Index (which is a Standard&Poor's index independent of Standard&Poor's Ratings Services). Each of these indices is calculated at

Beijing wants to steady the economy at the same time as it tries to read the implications of euro-area instability. China's foreign relations remain uncertain despite appearances to the contrary.

Global Credit Research Liquidity Risk Assessment 2 JUN 2010 Liquidity Risk Assessment: American Honda Finance Corporation American Honda Finance Corporation Torrance, California, United States Broad Industry: Industrial Specific Industry:...

Adequate liquidity position. A wide range of technology, products, and services, with some industry-leading market positions.

Dominant market position; Substantial economies of scale; and Strong franchise. Participation in a highly competitive industry.

...During the tumultuous period that characterised 2007- 2008, the market upheaval resulted in several casualties, amongst them many hedge funds.

Improved traffic volumes across most commodity types, favorable pricing, good network operating efficiency, and benefits of operating leverage drove positive first-quarter 2010 performance for the large U.S.

Final Transcript of BA corporate analyst meeting, 20-May-10 8:00am ET

The proposed measures follow three previous sets of sanctions that have failed to dissuade Iran from continuing with its nuclear programme. If the resolution is passed, its real significance will be seen not in the specific provisions that it contains, but rather in what it symbolises in terms of international agreement and the measures that individual countries and companies may subsequently undertake.

A portfolio of traditional and contemporary brands; Multiple price points and distribution channels; Restructuring of its retail segment; and Operating results continue to improve quarter over quarter.

Oil output problems and continued delay in forming coalition now seen holding GDP growth to about 5.5% this year after estimated 4.2% in 2009

DOES SHALE GAS CHANGE THE U.S. ENERGY MAP? by David Lundberg, New York Global energy demand continues to strengthen as the major economies emerge from recession and fire-up their factory engines again. Many observers are now arguing that an energy source to satisfy this growing demand in the U.S.--and eventually the world--might be natural gas found in shale rock. From a credit ratings standpoint, the newly discovered natural gas plays remain a key concern over the medium to longer term. AS LIABILITIES ACCUMULATE FOR COMPANIES INVOLVED IN THE OIL SPILL, SO COULD RATING ACTIONS The recent oil spill has prompted us to revise our outlooks downward on two oil companies. Operational and estimated environmental clean-up costs, which could exceed $3

Preliminary Transcript of NSANY earnings conference call or presentation, 12-May-10 5:15pm JT

Higher oil prices and output to drive GDP growth of just over 3% this year, but high inflation, sanctions and lack of FDI keep medium-term prospects subdued

Final Transcript of TSN earnings conference call or presentation, 10-May-10 9:00am ET

...The outcome of the U.K. general election on 6 May 2010 resulted in a hung parliament. Although the Conservative party won the most seats, it failed to win enough to form a majority government. There are likely to be days of uncertainty as the political parties discuss different options for a minority or coalition government. However, despite political uncertainty, the credit impact is neutral for bondholders of UK banks and the banks themselves. We expect a UK government with no clear majority to direct most of its energy towards restoring growth in the economy, whilst accomplishing the key, albeit difficult task of deficit reduction...

Edited Brief of CCMMV earnings conference call or presentation, 6-May-10 9:00am ET

Worries over the credit standing of a number of Eurozone sovereigns have driven their funding costs up significantly over the past few weeks. The deteriorating conditions prompted the Eurozone members and the IMF to approve a €110 billion rescue package for Greece on May 3, 2010. Standard&Poor's Ratings Services' downgrades of Greece (BB /Negative/B), Portugal (A-/Negative/A-2), and Spain (AA/Negative/A-1 ) on April 27 and 28 have spurred numerous questions about the impact of developments in the Eurozone on Asia's economies and sovereign ratings. Here are some answers. The picture of sovereign risks across the world isn't uniform. We have raised our ratings on a few emerging market governments in Asia (such as Indonesia) in the past year, and taken negative

CHARLIE ROSE, HOST: Welcome broadcast. Tonight, the president of Iran, Mahmoud Ahmadinejad. (BEGIN VIDEO CLIP) MAHMOUD AHMADINEJAD, IRANIAN PRESIDENT (via translator): Last year when I was visiting New York I said I was ready to...

Preliminary Transcript of MA earnings conference call or presentation, 4-May-10 9:00am ET

Final Transcript of TII earnings conference call or presentation, 29-Apr-10 10:00am ET

GBI Research's new report 'The Future of the Oil Fields Services Industry to 2015 - Rebound in Exploration and Drilling Activity Drives Growth' provides an in-depth analysis of the global oil field services industry and highlights the various concerns, shifting trends and major regions in the global oilfield services industry. The report provides forecasts of the global oilfield services industry to 2015. The report also provides segmental forecasts of the global exploration and evaluation services market, global drilling services market and global completion and production services market. The report provides in-depth analysis of the key trends and challenges in the global oilfield services industry. The report also provides an analysis of the geographical trends in each of the market segments. An analysis of the competitive scenario and market share analysis is also provided for each of the market segments. The report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research's team of industry experts.

Edited Brief of BASFY.PK earnings conference call or presentation, 29-Apr-10 8:30am CET

Collaboration and social technologies have been a hot item for business leaders during the recession-plagued years of 2008 and 2009, and we see this continuing.

Tax Policy: A Treasury Department official again backed a bank tax to recoup bailout costs in an April 27 speech to a European audience, though he acknowledged differences in regulatory reform approaches on both sides of the Atlantic.

Global Credit Research Liquidity Risk Assessment 26 APR 2010 Liquidity Risk Assessment: Citigroup Inc. Citigroup Inc. New York, New York, United States Broad Industry: Banking Specific Industry: U.S. Bank Holding Co. Short Term Rating:...

... by a scant 13 basis points in March, capping the first quarter charge-off rate at 11.12%, the highest quarterly rate in the 20-plus year history of Moody's Credit Card Index.

Our outlook for U.S. homebuilding companies remains mixed, as the nascent housing recovery appears to have gotten off to a slower-than-expected start this year. Single-family housing starts bounced off a historical floor last year but have held relatively steady at weak levels in recent months. And after reaching a new cyclical low point in February of this year, new home sales have yet to turn the corner. Although several rated homebuilders have cut their cost structures and recently reported lower pretax losses, we believe many will struggle to return to sustainable profitability in this environment unless they can substantially improve their market shares. The following list ranks all rated U.S. homebuilders from strongest to weakest based on rating and outlook.

...Upon review of 2009 year-end statutory statements filed by Moody's universe of rated U.S. life insurance companies, we come to the conclusion that the industry remains well capitalized, even after taking into account the benefit of "cosmetic" changes that boosted 2009 year-end RBC ratios, but did little to alter true "economic" capital.

Modest leverage for rating category; and Good liquidity from healthy free cash flow and a sizable cash and marketable securities balance.

Western governments declared 2010 the 'make or break' year for efforts to put Afghanistan on a path to stability, reconstruction and development. The international community adopted a strategy that demands an increased commitment from European governments including the acceptance of greater operational risks. The attempt to create conditions enabling a gradual reduction of international support comes at a time when societies in many European countries are suffering acute 'mission fatigue'.

World's largest industrial gas company, with increasing footprint in Asia and the Middle East. Low volatility of cash flows from long-term contracts, and significant number of contracts with energy pass-through clauses.

Higher industrial output seen driving solid 0.4% Q1 GDP rise, with 1.6% growth forecast for 2010, but consumer demand still weak and deflation concerns persist

Beijing's deployment of naval assets in the Gulf of Aden caught New Delhi off balance. An initial Indian attitude of anxiety and defensiveness is being replaced by a mixed strategy that includes gestures of cooperation. However, while maritime security relations have become complex, they remain primarily about seeking strategic advantage.

Another solid rise in GDP likely in Q1 this year after 0.4% growth in Q4 2009, outpacing the Eurozone, but coming fiscal squeeze may keep growth subdued

...In January 2010, Fitch Ratings revised the Outlook on Nissan Motor Co., Ltd.'s (Nissan) Foreign and LocalCurrency LongTerm Issuer Default Ratings (IDRs) to Stable from Negative, and simultaneously affirmed the LongTerm IDR at `BBB-'....

Activity regained momentum in Q1 as strong and broadening export growth lifted industrial output, but interest rates now seen on hold until H2

Much of this sales surge is attributable to an 8,000 dollar federal tax credit, enacted as a stimulus measure, which is due to expire on April 30. This support, and government intervention in the mortgage market through the provision of liquidity to Fannie Mae and Freddie Mac, will be challenging for policymakers to unwind -- a process that risks destabilising the fragile housing recovery.

A stable political system. Relatively high economic prosperity. Membership of Economic and Monetary Union (EMU).

CHARLIE ROSE, HOST: Welcome to the broadcast. Tonight, David Remnick, the editor of "The New Yorker" magazine and his new biography of President Obama called "The Bridge -- The Life and Rise of Barack Obama." (BEGIN VIDEO CLIP)...

...Alcatel-Lucent (rated B1, negative outlook) was formed as the result of the merger of Alcatel and Lucent Technologies Inc.

Growth probably remained very strong in Q1 despite credit tightening, helped by export recovery, but inflation is picking up slowly

Standard&Poor's Ratings Services latest default study of ratings on Japanese entities confirms that issuer credit ratings are significant indicators of default risk, and that default rates in Japan are not significantly different from global levels while somewhat lower in many rating categories.

Final Transcript of NGG conference call or presentation, 31-Mar-10 3:00pm UKT

GDP growth of around 3% now forecast this year after stronger than expected Q4 2009; Uribe ally ahead in polls for May presidential election

The business community and pro-trade liberalisation elements in Congress are pushing the administration of President Barack Obama to articulate an Asian regional trade policy and press China voluntarily to revalue the renminbi. However, the administration is under intense political pressure to 'get tough' with its Asian trading partners.

The superior credit profile of Bentonville, Ark.-based Wal-Mart Stores Inc. reflects the company's leading market positions in the supercenter, discount department store, and warehouse club businesses; excellent geographic diversity; a long record of solid sales and earnings growth; and strong returns on capital.

CHARLIE ROSE, HOST: Welcome to the broadcast. We begin this evening with the foreign minister of Pakistan, in Washington for talks with the Obama administration about the future of Afghanistan and Pakistan. He is Shah Mahmood...

...The discount broker (DB) segment, once a new and untested business model, is here to stay. With proper execution, it can result in a franchise and financial profile that, for most of the larger firms, is consistent with investment-grade ratings.

Well-diversified portfolio of casino properties Established and effective customer loyalty program Experienced management Highly leveraged balance sheet Limited ability to generate positive free cash flow Volatility of cash flows given reliance on consumer discretionary spending Capital intensity inherent in the gaming industry Standard&Poor's Ratings Services' 'CCC ' corporate credit rating on Las Vegas-based Harrah's Entertainment Inc.

Strong competitive position as the world's leading international tobacco company. Wide geographic and brand diversification, with exposure to growth markets.

CHARLIE ROSE, HOST: Welcome to the broadcast. Tonight, the defense minister of the state of Israel Ehud Barak talks about meetings in Washington and the future of the Israeli/Palestinian peace process. (BEGIN VIDEO CLIP) EHUD BARAK,...

Activity subdued in Q1 after 8% GDP drop in 2009, but upside risks to 2010 growth forecast of 4.3% are rising as rate cuts look set to continue

The U.S. appears set to enter a new era with the passage of major health care reform—the Patient Protection and Affordable Care Act—which President Barack Obama signed into law today. The book hasn't closed on this controversial law yet; it will almost certainly face amendments in the short term, and some of its chief provisions, such as mandatory insurance purchases, will likely come under fire in the courts. Also, it will be months, or even years, before many of the law's chief provisions take effect. Yet, the fact remains that the passage of this law is a landmark: The U.S. has the potential to achieve near-universal health care coverage for its citizens for the first time. The addition of millions

Early Q1 data suggest recession is deepening and GDP decline of 3% is now forecast for 2010, making targeted deficit reduction even harder

...Positive factors supporting Henkel AG & Co. KGaA's (Henkel) ratings include its solid market positions in the western European laundry and homecare sector, and its strong presence in emerging markets, where 38% of Henkel's 2009 sales were generated. Henkel holds a global market leadership position in consumer and industrial adhesives, although this exposes the group to cyclical industries such as automotive and electronics. Negative rating factors include the group's relatively low profitability, the relatively small size of its cosmetics and toiletries segment outside Germany, and its fragmented product portfolio in laundry and homecare....

AA/Stable; $3.8 billion outstanding Various appropriation-backed bonds: AA-/Stable; $26.3 billion outstanding Personal income tax bonds: AAA/Stable; $18.68 billion outstanding Local Govt.

A textual analysis of the financial results for Sony Corporation compared to selected competitors. Also included are quantitative analyses of the company's financial statements, extensive ratio analyses and up to 10-year history of sales, earnings, dividends and security pricing. A business description of the company, including contact information, senior officers and Wright Quality Rating analyses is also provided.

...Sun Life Financial, Inc.'s (SLF) rating strengths include balanced and diversified operations, the very strong Canadian franchise with leading market positions and sustainable distribution capabilities, good U.S.

In the following series of questions and answers, Standard&Poor's Director Dimitri Nikas discusses the prospects for nuclear power in the U.S. This article was written in conjunction with a series of Q&A sessions conducted for Standard&Poor's CreditMatters TV. One big recent development was Georgia Power Co.'s (A/Stable/A-1) receipt of $3.4 billion in conditional loan guarantees under a Department of Energy program. The total amount allocable is $18.5 billion, and Georgia Power, which is a subsidiary of Southern Co. (A/Stable/A-1), and two of its three partners received a total of $8.5 billion in conditional loan guarantees. This is significant because it is money that was allocated in 2005 as part of the Energy Policy Act, and the

...The outlook for the Hong Kong banking system was changed to stable from negative on January 26, 2010, based on increasing number of signs pointing to an encouraging operating environment for the system over the next 12 to 18 months.

International justice has come to be a prominent feature of the international scene since the end of the Cold War and will remain so, although significant limitations have emerged on what can be achieved.

The credit quality of Japanese industrial corporations is likely to stabilize in 2010. Japanese corporations, particularly those in manufacturing, appear to have weathered the worst of the period following the severe deterioration in the global economy, which was precipitated by the Lehman shock in 2008. Standard&Poor's Ratings Services is of the opinion that the performance of Japanese corporations generally bottomed out in the first half of fiscal 2009 (April 1, 2009, to Sept. 30, 2009), and expects their credit quality to stabilize further in 2010. We believe that corporations' financial performance is stabilizing to an extent, and that we have passed the peak of ratings downgrades and downward revisions to outlooks. Indeed, we are of the opinion that

...Sub-Saharan Africa: A Brighter Outlook? South Africa: Navigating the Global Downturn Nigeria: Policy Moves Restore Confidence but Political Risk Rises Ghana: Macro-Stabilisation before Oil Production...

Compares and explains financial restatements for the past nine years, from 2001 through 2009. Details total restatements by year, average number of days, average number of issues, and percentage of stealth restatements. For the third year in a row, restatements have decreased in quantity and severity. When reviewing the adverse effect of restatements filed in 2009, Audit Analytics found an equivalence or reduction in severity in every criteria, including a negative impact on net income. These factors appear to be a positive manifestation of improved internal controls over financial reporting (ICFR) adopted pursuant to the Sarbanes Oxley Act of 2002.

China has maintained a naval task force in the Gulf of Aden and adjacent waters off north-east Africa since December 2008, for the first time for centuries demonstrating an ability to use naval forces to support national security goals on a 'blue water' basis. This says much about its development of a navy with the long-range capabilities possessed by few nations.

...Support for an extension of the operating lives of nuclear power plants in Germany beyond the 32 years stipulated under the current "nuclear consensus" has grown in recent years as concerns regarding security of supply, climate and affordability have risen up the policy agenda.

CHARLIE ROSE, HOST: Welcome to the broadcast. Tonight, General David Petraeus. (BEGIN VIDEO CLIP) GENERAL DAVID PETRAEUS, COMMANDER, U.S. CENTCOM: Now we`re in a situation, even with some of the recent incidents that did take place...

Global Credit Research Credit Opinion 4 MAR 2010 Credit Opinion: ABN AMRO Bank N.V. ABN AMRO Bank N.V. Amsterdam, Netherlands Ratings Category Moody's Rating Outlook Negative Bank Deposits Aa3/P-1 Bank Financial Strength C Issuer Rating...

...GlaxoSmithKline PLC's (GSK) ratings are supported by its: position as a leading player in the global pharmaceutical industry; strong product portfolio and pipeline; good diversification by product and geography; and high profitability....

Following record sharp declines in GDP growth in the fourth quarter of 2008 and first quarter of 2009, Japan (AA/Negative/A-1 ) has managed to eke out a slow recovery since the global downturn. Standard&Poor's Ratings Services expects Japan's GDP to grow around a modest 1.5% in 2010. The main factor behind the current lackluster upturn is that increased public investment has failed to fill the gap in recovering, but still dampened, external demand. Net external demand has been the main driver of Japan's growth since midway through the past decade. The proportion of external demand peaked at 5.7% of GDP in the second quarter of 2008, an increase from 0.7% in the fourth quarter of 2002. First government estimates

...In an environment of weak economic recovery, continued regulatory pressures, maturing service penetration and strong competition, Europe's telecommunications (telecoms) incumbents are struggling hard to maintain cash flow margins.

Although medical malpractice insurance writers apparently achieved better operating results in 2008 and through first nine months of 2009 than Standard&Poor's Ratings Services had anticipated two years ago—because of larger-than-expected favorable reserve development—we believe that the market will continue to soften in 2010 as prices decline at a more moderate pace.

Global Credit Research Announcement 25 FEB 2010 Announcement: Moody's: outlook stable for U.S. personal lines insurers New York, February 25, 2010 -- The overall credit outlook for the US personal lines industry is stable, despite...

...The primary growth driver for the sector is the government's "Power for all by 2012" programme, which is designed to develop an additional 78,700 megawatts (MW) of power generation capacity by 2012.

Vast business and geographic diversity of industrial activities. Proven ability to align portfolio in accordance with strategic growth areas.

After suffering a severe impact from the recession, there are emerging signs that the global steel industry is at an early stage of recovery. However, production and price increases remain modest, and the sector continues to face challenges.

Smart Water Meters, which has been launched recently in the market, help in identifying and reporting the water consumption data at various levels.

...Fitch Ratings expects global automotive demand to improve in 2010, after sales bottomed out in 2009.

In the following series of questions and answers, Standard&Poor's Director Mark Davidson discusses the outlook for the European utilities sector. This article was written in conjunction with a series of Q&A sessions conducted for Standard&Poor's CreditMatters TV. In the past 12 months, the utility sector has shown its resilience, and ratings have been relatively stable compared with other corporate sectors. Still, about 40% of rated borrowers in the sector have a negative outlook or are on CreditWatch negative. There were a number of mergers and acquisitions last year that have weighed on companies credit measures. Economic conditions that have presented a difficult path for these borrowers in terms of reduced demand and much lower prices in

FAREED ZAKARIA, HOST: This is GPS, the GLOBAL PUBLIC SQUARE. Welcome to our viewers in the United States and around the world. I'm Fareed Zakaria. On the show today, a rare interview with the former chairman of the Federal Reserve,...

Diversified business profile. Strong commercial position in the main businesses. Consistent strategy implemented by a stable management team.

Support of the U.S. government–-Citigroup's 27% owner--because of Citigroup's status as a highly sys

There are signs that China may be moving towards weaker rule of law and more central party and government control. Such a change would increase the risks for individual foreign nationals and businesses involved in legal disputes in China, and adversely affect China's international relations.

...Mitsubishi Corporation's (MC) IDRs reflect its leading position as the largest of Japan's general trading companies in terms of sales, net profit and total assets. The rating is predicated on a return to the levels of profitability attained before the peak of FY07FY08 (Marchend) as well as a rebalancing of its balance sheet structure in line with MC's longterm guidelines....

Following the Republican victory in a key Senate by-election last month, Democrats face an emboldened Republican opposition to their health reform ideas. The key question is whether this new phase in the reform debate will produce significant insurance and provider reform legislation this year, or whether the stalled process will be largely abandoned.

BANKING ROUNDTABLE: ECONOMIC AND REGULATORY DEVELOPMENTS ADD TO AN ATMOSPHERE OF UNCERTAINTY, by Jayan U. Dhru The collapse of the global banking system seems to have been averted thanks largely to the many billions of dollars governments have spent to stabilize banks with capital, liquidity support, loan guarantees, and asset purchase programs. But the damage has been serious, the system remains fragile, and the global recession continues. How the issues facing the banking industry will play out in 2010 is far from clear. U.S. BANKS ARE BACK FROM THE BRINK, BUT PROFITS REMAIN ELUSIVE After nearly two years of high drama, the U.S. banking system appears in 2010 to be regaining its equilibrium. The worst may have passed--although impending regulatory

The 'BBB-' corporate credit rating on El Segundo, Calif.-based Mattel Inc. reflects the company's position as the world's largest traditional toy company and its moderate capital structure.

Al-Qaida's senior leadership is under unprecedented pressure, but during the past year has made inroads in several countries, notably Yemen. Its success is the product of an identifiable strategy, evidenced by the operations of at least eight major networks or theatres of operations; functioning on four separate operational levels; and employing six core lines of operation to achieve its goals.

Standard&Poor's Ratings Services is maintaining a negative outlook on the U.S. personal lines property/casualty (P/C) insurance sector, which includes personal automobile and homeowners' coverage, in 2010.

Final Transcript of 797400.T earnings conference call or presentation, 29-Jan-10 10:00am JT

Significant scale. Chesapeake Energy is the sixth-largest U.S.-based exploration and production (E&P) company Standard&Poor's rates and the largest in the speculative-grade category.

Growth now put at 0.1% in 2009 as non-oil sector bolstered economy; oil sector and public spending to drive 5.3% GDP rise this year

Summary'GlobalData's 'Medical Equipment Monthly Deals Analysis - January 2010' report is an essential source of data and trend analysis on the mergers and acquisitions and financings in the medical equipment market.

SummaryGlobal Markets Direct's The Global Fuel Cells Market: Growth Opportunities and Key Trends up to 2015 provides an in-depth analysis of the global fuel cells market and gives growth projections up to 2015.

4Q09 results: earnings management becoming aggressive; sustainable growth inadequate against current valuation; guidance and consensus estimates not fully expensed; lowering recommendation.

CHARLIE ROSE, HOST: Welcome to the broadcast. Tonight President Obama one year into his presidency and right before his state of the union speech, an analysis with Jon Meacham of "Newsweek," Anne Kornblut of the "Washington Post,"...

Top-line comparisons were one of the few positives (sales up 16% Y/Y). Two factors cast doubt on relevance. Growth is acquisition driven. Weak revenue deferrals discredit claim of “turnaround progress in core eBay business.” Developments further down the P&L were easily forgotten.

The consuming intellectual focus of the US and NATO militaries is on how to win at counterinsurgency, particularly in relation to the Afghanistan conflict. However, less attention has been devoted to analysing the strategy and tactics traditionally employed by insurgents to defeat foreign powers.

The year 2009 was very testing for the European media sector, exposing the vulnerability of some business models to severe economic stress and structural shifts in media consumption and advertising. It was also a year when financial policies within the sector generally shifted to more credit-friendly initiatives, focusing on balance-sheet protection and liquidity improvement. Strong issuance levels helped to maintain or improve liquidity for most media issuers. The reopening of the high-yield market in the autumn of 2009 was an important positive factor for the liquidity profile of speculative issuers. Negative rating actions largely dominated in 2009, accounting for nearly 90% of the 37 rating actions taken. Rating activity remained sustained in the last four months of the year: Standard

Brown's victory put the future of healthcare reform legislation in doubt, inspired speculation that the Republicans may seize one or both chambers of Congress in the November mid-term elections, and has led to the suggestion that the broader Obama political agenda may be imperilled.

A recent convergence of difficulties with Beijing, including the Google incident, suggests that President Barack Obama's policy of emphasising engagement over confrontation has not worked with China. Moreover, the administration's lack of early success in its engagement policy with North Korea and Iran has compounded Washington's problems with China.

What began in the 1970s as a relatively stable business--insuring U.S. municipal bonds against default--grew significantly in the early 2000s as U.S.

In the same way that Japan faced potential threats from its former export dependence on the United States, questions now arise as to its dependence on China and the rest of Asia.

Medical devices are those products that are used for medical examination, surgery or treatment of patients.

Broadening of recovery and worries about inflation to prompt RBI to start moving monetary policy back to more normal stance

The turmoil in world financial markets and economies over the past 16 months has, in all probability, fundamentally altered the global financial system. The problems have revealed deep flaws in financial assumptions, behaviors, and regulation, the consequences and solutions of which have changed our view of the future. Economists recognized the potential for many of these systemic problems before the crisis began. But nearly everyone underestimated how much damage they could cause, and how quickly. The discussion that the 2007-2008 financial crisis spawned over such matters has focused mostly on the prospects for an economic recovery over the next few quarters. The more important question, we think, is: What will happen over the next few decades? In a nutshell, we

As the U.S. economy looks toward a recovery, what lies ahead for the U.S. retail sector? As it happens, some improvement may be in order. In fact, Standard&Poor's Ratings Services' outlook for 2010 is for a continuation of the stable ratings trend that we saw through the second half of 2009. We expect sectors to grow and credit measures to improve. In addition, we expect fewer rating actions as the industry recovers and stabilizes. Although we believe things are turning around, we think that store expansion will be conservative and predict limited merger and acquisition activity. The following questions and answers are a representative sample of issues that retail sectors will face in the coming year, including the

Hovnanian Enterprises Inc.'s (HOV's) near-term risk of default has diminished following its October 2009 completion of a new note issuance and tender offer. The company pushed out a sizable 2013 maturity, and its current cash position should put the company in place to meet its capital needs over at least the next 12 months. However, our rating continues to reflect HOV's negative equity base and lingering headwinds, which include high unemployment and potentially higher foreclosures. These issues could stall a housing recovery, continue to pressure the company's weak margins, prolong its negative earnings, and cause its operations to burn cash. We do note that recent orders, while tepid, improved modestly year-over-year and reflect better absorption rates. We expect operating losses

Since the beginning of 2008, the gaming and lodging sectors have experienced a significant amount of credit deterioration. While the pace of downgrades has slowed substantially in recent quarters, hurdles to credit quality persist broadly across Standard&Poor's Ratings Services' rated gaming and lodging portfolio. We met with investors regularly throughout the course of 2009 and discussed credit issues facing these sectors, both on a company specific basis as well as more generally across each sector. We have compiled the questions or topics that we frequently encountered in our more recent interactions with investors and provided detailed answers to each, including our expectations for 2010 and beyond, which factor into our ratings. We expect 2010 to be another difficult

Standard&Poor's Ratings Services expects Japan's economic recovery (on a quarter-on-quarter basis) to slow after its benign recovery in the second and third quarters of 2009 (April 1, 2009, to Sept. 30, 2009), although the pace of recovery may pick up again later in 2010 if the global economy continues improving. We expect Japan's 2010 real GDP growth to be between 1.0%-1.5%. The key reasons for a near-term slowdown include: The Democratic Party of Japan (DPJ) is likely to reduce public investment under the slogan "From Concrete To Human." Public investment cuts could negatively impact some economic parameters, at least temporarily. Although consumer confidence improved after January 2009, it deteriorated in November and is likely to have fallen in

Diplomats no longer have a monopoly in carrying out diplomatic tasks. Established professionals still represent states or international organisations, but other actors are engaging in diplomatic tasks. The trend towards alternative diplomacy is likely to continue.

...* Deal Type represents one of the following broad categories: CBO-ACF: Arbitrage Cash Flow Deal Collateralized Primarily by Spec-Grade Corporate Bonds.

Strong competitive position in the credit insurance market. Strong and prudent investment strategy. Weak capital adequacy.

...Having peaked at USD296.90bn of issuance in July 2007, the European assetbacked commercial paper (ABCP) market has since struggled to return to these historical levels.

The issuer credit ratings on the European Central Bank (ECB) are based on: Strong backing from the 16 EU states that form the European Monetary Union (EMU)—the second-largest currency area in the world—and from the 11 non-EMU shareholding central banks. Strong and explicit operational and policymaking independence based upon the Maastricht Treaty. Although ECB is a relatively young central bank that is still establishing a track record and faces significant challenges in formulating a common monetary policy for the Eurozone, it is well insulated from political influences by the treaty. The independence of the 16 Eurozone national central banks (NCBs) means, in turn, that their credit standings are indistinguishable from that of ECB. As a result, the long-term ratings on

The Iranian nuclear weapons programme tops Israel's security agenda. The Israeli government is in the midst of a review of its mid-term strategy and anticipates that 2010 will be a decisive, and possibly violent, year.

...Moody's outlook on the Hong Kong banking sector is negative. While the banks have weathered the latest financial crisis without much damage and the economy in Hong Kong is gradually recovering, a change in the outlook to stable would be premature.

...599 Lexington Avenue New York, NY 10022-6069 Tel: 212-848-4000 || URL: www.shearman.com Additional information about this firm's partners and offices has been provided by Martindale-Hubbell and is included at the end of this report. Additional information includes office/location contact information and a listing of lawyers with Martindale-Hubbell ratings and practice areas. ...

[15:00:00] CHRISTIANE AMANPOUR, CNN ANCHOR: Tonight, the international war on drugs. Those who are fighting it say it's failed. So what is the solution? We have an exclusive, in-depth look at one of the cocaine capitals. Good...

The US military is endeavouring to improve the traditional counter-insurgency (COIN) strategy emphasised in President Barack Obama's new approach with new non-kinetic tactics developed over the past eight years. Yet there is often a disconnect between the objectives of US tactics and policies in Afghanistan, and their applicability on the ground.

...2010 may prove to be a tumultuous year for sovereign debt issuers given the uncertainties surrounding the likely pace and intensity of fiscal and monetary exit strategies as governments start to unwind quantitative easing programs.

Rollout of the aircraft has been dogged by a series of development delays, which cost the company millions of dollars in compensation to customers. Getting the 787 -- Boeing's main new contender in the key high-margin wide-body market segment and a platform for several new technologies -- back on track is vital to securing the company's future in its ferocious competition with Airbus.

Standard&Poor's Ratings Services' ratings on Citigroup Inc. reflect our view of the extraordinary support from the U.S.

Studies of the run-up to the near-collapse of the world's banking system concluded that the regulatory structure was deeply flawed. Policymakers are under pressure to reform it before a similar event can be repeated.

The success of the second bid round will bolster the Iraqi energy sector at a time when sceptics believe its growth may be constrained by domestic politics and the mismatched expectations of the Oil Ministry and international bidders.

...The A2 long-term and Prime-1 short-term rating reflect the company's strong market position throughout a range of computing hardware and information technology businesses. The rating also incorporates the company's effective scale of operations as the largest IT company worldwide by revenue, HP's broad diversity by product, customer, end market, and geography, and the modest financial risk as embodied in its very strong liquidity and moderate financial leverage. These strengths are partially offset by periodic technology transition challenges, intense competitive pressures and exposure to demand volatility inherent to certain of its businesses. While competition in its various business segments will remain intense and the macro economic environment challenging into 2010, Moody's expects that HP's consistent execution and ongoing cost reduction efforts will help it to offset revenue pressures over the next year and allow the company to maintain solid operating results and ensure solid financial...

Some rebalancing between household and business sectors to support activity heading into 2010, with growth forecast raised to 1.6%

...Tomorrow, December 15, the House Financial Services Committee will hold a full committee hearing on the prospects of a U.S. covered bond market. The latest proposal for covered bond legislation is robust and, unlike previously proposed legislation, would provide very strong protection to future covered bond investors following an issuer default. The development of a covered bond market in the U.S. would be a positive development for the funding profile of U.S. banks by providing an additional funding source for residential mortgage loans. Prior to the credit crisis, U.S. banks funded a substantial amount of residential mortgages through the securitization market. However, funding through the securitization market has declined substantially, leaving the GSEs, FHLBanks and banks' own balance sheets as the only funding sources for residential mortgages. Covered bonds will also provide competition to FHLBank advance lending programs. Currently, repurchase agreements are the primary competition...

...The long-delayed First Flight of Boeing's 787 Dreamliner may occur before year-end (Boeing's present plan), but it would be only a step in the certification process before the airplane can earn revenue. Key for an adequate return on the B787 program will be management of the far reaching supply chain to ramp up production to the high assembly rate required. This will take several years. Order cancellations have slowed, but could accelerate again with further delays. Nonetheless, the B787 is still the fastest-selling new airplane in history. Boeing has the financial capacity to manage the introduction, but challenges elsewhere in the business and delays on this program have stressed the A2 rating and led to a negative outlook....

The administration of President Barack Obama needs a new START agreement soon to realise its ambitious nuclear arms control agenda. However, the administration cannot make what are seen as excessive concessions to Russia without endangering domestic support, especially among Republican senators, for further disarmament measures.

...In general, financial reporting is concerned with reflecting the past ? details of transactions and events that have already taken place. However, in reflecting the past, a company is required to make certain assessments and judgements about the future, in particular with regard to the recoverability of its asset balances. Management's view of the future is obviously of key interest to Moody's in assessing the ability of a company to service its debt obligations as they fall due, particularly in these uncertain times when past results may be far from an indicator of future trends. In reporting a net deferred tax asset position, companies are required to make an assessment of recoverability based on assumptions and estimates of future taxable profits. The existence of a large deferred tax asset write-off may indicate a reduction in forecast taxable profit and a reduction in credit quality of an issuer; however, Moody's notes that the timing of any such write-off and credit quality deterioration...

...December 2009 Sector Comment Moody's Banking - U.S. Financial Stability Improvement Act Passed Committee Stage: Secured Creditors Beware...

U.S. cable TV operator Comcast Corp. announced an agreement with General Electric to buy a 51% stake in NBC Universal. We are revising our 'BBB ' rating outlook on Comcast to stable from positive due to the increase in leverage resulting from the transaction. Given the strategic importance of the joint venture to Comcast, we view its credit quality to be the same as Comcast's. The stable outlook reflects our expectation for adjusted leverage to be in the mid- to high-2x area pro forma for the NBC Universal transaction on a fully consolidated basis--still appropriate for the 'BBB ' rating. On Dec. 3, 2009, Standard&Poor's Ratings Services revised its rating outlook on Philadelphia, Pa.-based cable TV operator Comcast Corp. and

...Overall, Fitch's ratings continue to reflect Comcast Corporation's (Comcast) strong competitive position as the largest cable multiple system operator (MSO) in the U.S., the company's compelling subscriber clustering profile, and the high degree of financial flexibility the company has to maintain a credit profile appropriate for the current rating category within the context of escalating competitive and economic pressures. Rating concerns center on Comcast's ability to maintain its relative competitive position given the challenging competitive and economic environment, growing retail revenues beyond its core "Triple Play" service offering, efficiently managing its cable plant bandwidth to provide the company with sufficient service flexibility to maintain its competitive position, and continuing to balance investing in its business with returning capital to its shareholders. Additional rating concerns relate to the execution risks and uncertain capital requirements related to Comcast's...

...The recovery of financial markets since March 2009 has been reflected in the results of the major Japanese securities firms for the first half of the financial year to endMarch 2010 (H1FYE10). However, the corporate business environment remains weak. Despite the continued momentum in equity underwriting business, it remains unclear whether brokerage companies will continue to benefit from such brisk underwriting business as achieved in AprilSeptember 2009 due to the lack of breadth in equity issuance and declining market appetite in the coming months. The trading desks, which provided a major boost to recent performance, remain susceptible to market volatility, and the sustainability of trading gains remains questionable. Given the fundamental weaknesses of the economic conditions, Fitch Ratings maintains a cautious outlook on the performance of the industry to mid 2011, despite the somewhat favourable conditions at present. Meanwhile, the realignments and M&As in Japanese investment banking,...

Kerlikowske brings experience gleaned through a distinguished career in law enforcement to an office dominated by politicians and military officers. Although he has been at pains to emphasise that the administration resolutely opposes drug legalisation, policy already has begun to shift away from an enforcement-centred approach to illegal narcotics.

...Last Wednesday (25 November 2009), the government of Dubai announced that it was restructuring the liabilities of Dubai World and requesting a standstill on the financings of Dubai World and its troubled real estate subsidiary, Nakheel. Both the announcement itself and its timing took markets by surprise and has thrown credit markets into turmoil. Although concerns about Dubai's rising debt burden had been well publicized, and we ourselves had repeatedly argued that the government's decisions on Nakheel will constitute the litmus test for ratings in Dubai, the premises of our assumptions have shifted. Our ratings were first downgraded ? some by several notches ? earlier last month when the government disclosed greater conditionality of support in its most recent bond prospectus, including the requirement for government- related issuers (GRIs) to demonstrate sustainable business plans and realistic prospects of fulfilling their payment obligations. The government had until then regularly...

...Fitch Ratings comments on the impact of the Dubai World's (DW) announcement on 25 November 2009 requesting to postpone debt repayments until at least May 2010. While it appears as though only some parts of DW are impacted (DW and certain subsidiaries including Nakheel World and Limitless World), it is clear that this will be a set back for the economic outlook for Dubai and the wider UAE from what was a mildly positive outlook prior to the announcement. DW said on 1 December that it was seeking to restructure about USD26bn of debt, which included about USD6bn of Nakheel Sukuk (Islamic bonds). While this announcement helps clarify the situation, Fitch is concerned that the general ongoing lack of transparency, if not sufficiently addressed, will also weigh negatively on market sentiment. Given the impact of these issues, impairments (both lending and investments related) will rise further than had been previously anticipated as a result of both direct exposures to DW and Nakheel as well...

...Our outlook on the North American building-materials industry is negative. This outlook expresses our view of the fundamental credit conditions in the industry over the next 12 to 18 months. We expect end-market demand for cement, aggregates and ready- mixed concrete will continue to decline through 2010, cutting into industry revenues and cash. Many building-materials producers are on track for 20% or higher declines in shipments in 2009 and for a soft 2010, amid the downturn in the residential and nonresidential construction markets. Pricing power will likely diminish for all building materials in 2010; aggregates will continue to enjoy stronger pricing power than cement and concrete producers but will face pricing declines in hard-hit markets and ones with greater regional competition. Nonresidential: The 2010 outlook is bleakest for nonresidential construction, with volume declines of nearly 9% forecast by Moody's Economy.com. This falloff in nonresidential construction could start...

The apparent bombing killed at least 26 and left approximately 100 in hospital. If it was an act of terrorism, it represents the most serious such incident outside the North Caucasus since 2004. An ultranationalist group has claimed responsibility, but officials appear to be focusing investigations on Islamist extremists. Attributing responsibility to these organisations provides President Dmitry Medvedev with a powerful justification for attempting to reassert authority over the volatile regions of Chechnya and Ingushetia.

...Retailers have been promoting Black Friday sales much earlier than in prior years, in some cases offering discounts well before Thanksgiving. We believe their strategy, coming on the heels of last year's high and early discounts, carries risks of reducing margins of holiday sales below retailers' (and our) expectations. In general, retailers reduced inventory levels for Holiday 2009. We believe that as of the end of October, inventory at most retailers was at levels appropriate for an expected lackluster selling season with limited merchandise left over from the Fall. Back to school sales went well, and an early bout of cool Fall weather helped clear Fall merchandise in season. Our expectation has been that with appropriate levels of merchandise and stabilizing consumer sentiment, a greater proportion of merchandise could be sold at full margins. (Full margins include a normalized level of discounting, and for categories such as apparel rarely reflect the full "Manufacturers Suggested Retail...

The EU and China have an uneasy relationship, and Beijing pulled out of last year's scheduled summit. Europe does not speak with one voice and China would like more consistency. The Lisbon Treaty promises a degree of positive change, in this respect.

CHARLIE ROSE, HOST: Welcome to the broadcast. We begin this evening with "The New York Times" Pulitzer Prize winning columnist and bestselling author Tom Friedman. (BEGIN VIDEO CLIP) THOMAS FRIEDMAN, "THE NEW YORK TIMES": What...

...Cash flows for commercial properties have declined an average of about 10% across all property types and markets since the highs reached in early 2008. We expect commercial property to remain under continuing stress for the next several quarters, resulting in peak-to-trough cash flow declines of about 20%. Cash flows for properties with short term lease structures, such as hotels and multifamily, will likely hit bottom in 2010 or early 2011, while the bottom for office, retail and industrial properties will take longer to form. After further declines, cash flows will gradually rebound to pre- recession levels over a period of several years. In our stress case, cash flows decline over 40% from their peak and take longer to recover. In both the expected and stress cases, commercial property values will remain depressed for far longer than cash flows, due to a secular shift to higher capitalization (cap) rates from the historic lows seen in 2004-2007. According to Moody's/REAL Commercial Property...

The ratings on San Francisco-based The Gap Inc. reflect management's challenge in improving the business fundamentals of its three brands in an intensely competitive industry, while trying to maintain satisfactory credit-protection measures. The company's good market position in casual apparel, geographic diversity, and strong cash flow partially offset these factors. Sales have remained under pressure for the past few years. However, tight inventory management and cost control have led to improved operating margins of 23.4% in the 12 months ended Oct. 31, 2009, from 21.3 one year ago. Although profitability has improved, Standard&Poor's Ratings Services remains concerned about The Gap's ability to revive sales. Management's revised merchandise and marketing initiatives have not resonated with consumers, and same-store sales

...could weaken over the next few years because banks have tightened terms for back-up credit facilities. Investment-grade liquidity is good overall, but these companies face nearly $600 million in bank facility maturities over the next four years. More stringent bank lending practices expose investment-grade companies to greater refinancing risk, weaker liquidity profiles and, possibly, negative rating pressure. Banks are offering smaller facilities for shorter terms. Most five-year facilities are being renewed for periods of three years or less. Banks are more reluctant to offer companies term-out options on 364- day facilities, undercutting their value as a reliable back-up for outstanding commercial paper....

Washington will confront several major regional policy challenges -- and possible crises -- in 2010 that cannot be resolved with goodwill gestures. For Japan and South Korea, in particular, the tenor of alliances with the United States could depend on how Washington handles outstanding trade and security issues.

...The trailing 12-month global speculative-grade default rate edged up to 12.4% in October from a revised level of 12.3% in September 2009, breaking the post- depression record high of 12.2% reached in July 1991, said the latest monthly default report. A year ago, the global default rate stood at only 3.0%. The ratings agency's default rate forecasting model now predicts that the global speculative-grade default rate will peak at 12.5% next month and then decline sharply to 4.2% by October 2010. "The global default rate is now likely near its cyclical peak as indicated by a rapidly slowing pace of defaults in recent months," said Director of Corporate Default Research Kenneth Emery. "Our baseline forecast for a 4.2% global default rate one year from now implies approximately 8-10 defaulters per month on average over the coming year, down from the 20 defaulters per month experienced during the past year." The U.S. speculative-grade default rate increased to 13.4% in October from a revised...

...OAO Gazprom's (Gazprom) ratings reflect its position as the largest gas producer in the world (18% of global gas output in 2008) with a strong reserve base and long reserve life....

Since the codification of the double-entry ledger system more than 500 years ago, accountants have been in search of the perfect accounting system for measuring the underlying economic position of a company. It is no secret to market participants that insurers' global financial reporting is severely lacking in consistency, not just between countries but also within countries and, in some cases, within consolidated groups. This inconsistency makes the search for a better, if not perfect, accounting system more urgent. Until recently, a consensus had seemingly emerged toward fair value as the favored mechanism to measure a company's economic position. Now, however, global standard setters are considering new measurement models for both assets and liabilities. Setting aside the added complexity of

Fitch: U.S. Credit Card Profitability to Remain Challenged 11 Nov 2009 10:27 AM (EST) Fitch Ratings-New York-11 November 2009: Near-term profitability for U.S. credit card issuers will remain challenged by credit and spend volume, with...

Sales of 1.2 million cars and trucks far outpaced the 838,000 units sold in the United States in October. The strong domestic market provides a tailwind for Chinese manufacturers negotiating to buy European counterparts. It also says much about the prospects of a global increase in Chinese auto exports.

...November 2009 Industry Outlook Moody's Global Corporate Finance - Moody's: Japanese consumer electronics industry outlook stable...

Large and diverse asset base, and a high degree of vertical integration Dominant market position and a well-established marketing and distribution network Extraordinary support from the government Mismatch between distillation capacity and crude supply Relatively high leverage Uncertainty relating to the new refined products pricing scheme The long-term corporate credit rating on China Petroleum&Chemical Corp. (Sinopec) reflects its strong stand-alone credit profile and Standard&Poor's opinion that there is an "extremely high" likelihood that the People's Republic of China government (China; A /Stable/A-1 ) will provide sufficient and timely extraordinary support to Sinopec in the event of financial distress. The long-term corporate credit rating factors in one notch of government support. We assess Sinopec's stand-alone credit profile at 'A-',

The Dow Chemical Company Deals and Alliances Profile Introduction The Dow Chemical Company (Dow) is one of the leading science and technology companies in the world. The company provides wide range of chemical, plastic and agricultural products and serves numerous consumer markets such as oil & gas, food, transportation, health and medicine, personal and home care, and building and construction. Dow, through its Liana Limited subsidiaries, is also engaged in the property and casualty insurance and reinsurance business. The company operates 150 manufacturing facilities in around 35 countries. Dow markets more than 3,300 products to its customers through its own sales force and distributors in more than 160 countries. Global Market Directs The Dow Chemical Company Deals and Alliances Profile is the essential source for company data and information. The profile examines the companys key business structure and operations, history and products, as well as highlights the companys major recent financial deals. Scope Provides all the crucial company information required for business and competitor intelligence needs Gives information on the companys major recent financial deals. Data is supplemented with details on the companys history, key executives, business description, locations and subsidiaries as well as a list of products and services and the latest available company statement.Reasons to Purchase Obtain up to date company information. Support sales activities by understanding your customers businesses. Qualify prospective partners and suppliers. Understand and respond to your competitors business structure, strategy and prospects.

There are two different approaches to credit analysis and each has its role and purpose. Fundamental credit analysis performed by professional credit analysts remains, in our view, the most powerful type of credit analysis for market participants who take credit risk. However, it may not always be the fastest or the cheapest mode of analysis. Quantitative credit models introduced over the past 20 years can provide low-cost, high-speed alternatives, but they inherently lack the ability to capture qualitative nuance or to filter out those times when market participants may not be acting rationally. Sometimes, too, highly complex credit models can rely on assumptions for which the empirical support may not be relevant to--or sufficient to address--conditions going forward. Because of

Business Monitor International's Iran Oil and Gas Report provides industry professionals and strategists, corporate analysts, oil and gas associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Iran's oil and gas industry.

AT&T's CDS volatility, relative to the benchmark, began to kick into gear after September 2008. Prior to then, AT&T's CDS spread traded in line with the 'A' telecommunication services CDS benchmark. After September 2008, AT&T's CDS spread widened to trade in line with the 'BBB' telecommunication services CDS benchmark by November 2008. Subsequently, its CDS traded between these two benchmark levels, but did manage to bump into the 'A' benchmark in December 2008 as well as in January and July 2009. Since the last time it touched the 'A' benchmark in July, AT&T's CDS widened again and is almost in line with the wider 'BBB' benchmark (see chart 1). In terms of its spread, AT&T's CDS was widest at 228

A POWER SURGE FOR GLOBAL SOLAR ENERGY, by Swami Venkataraman, CFA, San Francisco Solar power has long played wallflower to more seductive wind energy because of the higher capital costs and greater technological uncertainties involved. Yet solar power has been gaining attention from both utilities and investors, partly due to the sharply falling capital costs, improving efficiencies, and new government incentives and subsidies. TRACKING THE ECONOMICS OF WHOLESALE AND RETAIL SOLAR PHOTOVOLTAIC GENERATION Declining capital costs and stronger tax and investment incentives are making solar power more cost-competitive with the fuels that utilities traditionally have used to generate electricity. We think this trend could gain momentum as retail electricity rates in the U.S. rise to cover the cost of capital

The mortgage insurance industry continues to face significant challenges during 2009, to the extent that many mortgage insurers have reported losses exceeding our expectations. We believe that the macroeconomic environment may be having an increasingly negative impact on the prime mortgage insurance books, suggesting an elongation of the loss cycle beyond our prior expectations. As a result, we are placing the ratings for several mortgage insurance companies on CreditWatch with negative implications. On Oct. 27, 2009, Standard&Poor's Ratings Services placed its ratings on several U.S. mortgage insurance groups and their core and dependent foreign subsidiaries on CreditWatch with negative implications. These groups are Old Republic, PMI, Radian, Genworth, United Guaranty, CMG Mortgage (CMG), and California Housing Loan Insurance

Global Credit Research Announcement 23 OCT 2009 Announcement: Moody's Expects U.S. Supermarket Revenues to Remain Suppressed New York, October 23, 2009 -- Moody's Investors Service has published a report citing expectations that revenues...

Fitch Takes Rating Action on 5 Greek Banks After Sovereign Downgrade 23 Oct 2009 5:47 AM (EDT) Fitch Ratings-Barcelona/London-23 October 2009: Fitch Ratings has today taken various rating actions on five Greek banks and downgraded government...

Results from Affiliated Computer Services, recently acquired by Xerox, will signal performance in the IT outsourcing sector. Several recent large-scale acquisitions foretell fast growth in the sector. For all parties to these transactions, familiarity with associated risks is crucial.

...The market turmoil of the past two years has triggered a wide-ranging reassessment of the global financial system and a need to understand the causes that led to a financial crisis of a severity not seen since the Great Depression. One of the main areas of attention has been the failure of many financial institutions to manage their risks adequately. In most cases, the industry debate has focused on pure risk management failures, particularly the shortcomings of risk models in measuring risks accurately, without addressing the broader issue of how risk is managed at the highest levels of the organisation and how information on a bank's risk profile is communicated internally and externally and is used to influence the decision-making process. We believe that the weaknesses of many financial firms in managing their risks have to be looked at in a comprehensive fashion. Our approach is to adopt the four-pillar framework of Moody's risk management methodology ? risk governance, risk management,...

The strong investment-grade rating on Abbott Park, Ill.-based Abbott Laboratories reflects the company's solid positions in a number of diverse health care segments, its excellent financial profile, and robust discretionary cash flow. Abbott continues to maintain a broad product portfolio with solid positions in pharmaceuticals, nutritionals, diagnostics and vascular devices. These positions are often strengthened through acquisitions. For example, its presence in the ophthalmic market was established through the early 2009 purchase of Advanced Medical Optics (AMO). The recently announced acquisition of the pharmaceutical business of Belgium-based Solvay SA adds a number of products to the pharmaceutical portfolio, while eliminating a significant royalty payment. Abbott's pharmaceutical segment underpins its excellent business risk profile, accounting for a majority of earnings and

Countries may be emerging from the global financial crisis and economic downturn, but the budgetary implications of what has happened over the past year or two will take time to play out. Defence spending might suffer, putting aerospace ambitions at risk.

...October 2009 Special Comment Moody's Global Sovereign - New FSA Rules on Bank Liquidity Positive for Credit of Banks, Government, and MDBs Special Comment Moody's Global Sovereign...

Marathon Oil Corporation Deals and Alliances Profile Introduction Marathon Oil Corporation (Marathon Oil) is an integrated international energy company. It is engaged in the exploration and production of crude oil and natural gas, as well as the domestic refining, marketing and transportation of petroleum products, integrated gas business and oil sands mining. The company's principal operating subsidiaries are Marathon Oil Company (exploration and production) and Marathon Petroleum Company LLC (refining, marketing and transportation). Its principal operating locations include the US, Equatorial Guinea, Libya, the North Sea, Angola, Indonesia and Canada. The company is headquartered in Houston, Texas Global Market Directs Marathon Oil Corporation Deals and Alliances Profile is the essential source for company data and information. The profile examines the companys key business structure and operations, history and products, as well as highlights the companys major recent financial deals. Scope Provides all the crucial company information required for business and competitor intelligence needs Gives information on the companys major recent financial deals. Data is supplemented with details on the companys history, key executives, business description, locations and subsidiaries as well as a list of products and services and the latest available company statement.Reasons to Purchase Obtain up to date company information. Support sales activities by understanding your customers businesses. Qualify prospective partners and suppliers. Understand and respond to your competitors business structure, strategy and prospects.

Ever since the U.S. government gave Medicare beneficiaries the option of receiving their Medicare benefits through a private health plan, participating insurers have had to navigate the web of changing regulations. Some companies have been more successful at this than others. But for all players, Standard&Poor's Ratings Services believes that the Medicare Advantage (MA) marketplace is about to enter a new and more challenging environment. How effectively MA players adapt to the new environment will be a key surveillance issue for Standard&Poor's, with potential ratings implications in 2010 and beyond. Recent changes in the MA regulatory environment, exemplified by the 0.81% rate increase for 2010, will likely change the MA marketplace to one where specialized expertise

After dropping 60 basis points (bps) in July, losses among the bankcard trusts in Standard&Poor's Ratings Services' U.S. Credit Card Quality Index (CCQI) trended back up in August 2009 to 10.5%, slightly exceeding the level in June 2009. This isn't surprising, however, considering the continued rise in the unemployment rate, an increase in front-end (30-day) delinquency levels, falling trust receivables balances, and the impact from lender repricing efforts last spring. Based on our chief economist's baseline and pessimistic unemployment forecasts of 10.4% and 12.1% over the next 12 or 18 months, respectively, we assume CCQI losses will likely range from an average of 10.5% to 13.0% this year and remain in this range for the next 12 to

CHARLIE ROSE, HOST: Welcome to the broadcast. Tonight a conversation with the president of Iran, Mahmoud Ahmadinejad. But first, an update as we look at Iran`s nuclear program and its missile testing with David Sanger of "The New...

NEW YORK (Standard&Poor's) Sept. 30, 2009--Latin America is poised to post its sharpest decline in GDP in decades this year, according to an article published by Standard&Poor's Ratings Services, titled "Latin America's Recovery: How Far, How Fast?" We project Latin America's real GDP (weighted average) will contract by 2.3% in 2009 and recover to 3.0% in 2010. Standard&Poor's credit analyst and Latin America economist Lisa Schineller said that in Latin America, Brazil is leading the return to growth. "In the second quarter of 2009, real GDP expanded 1.9% quarter over quarter, compared with a drop of 1.2% year over year," said Ms. Schineller. "We expect the contraction in real GDP to be the deepest

Sanctions are in fact hard to enforce given how obscure Pyongyang's trading networks are. North Korea appears to have found a renewed willingness for dialogue, and striking the appropriate balance of incentives and punishment will grow harder.

G20 members -- in their third summit in under a year -- determined that the G20 should become the premier forum for international economic coordination and discussion, displacing the G7/G8. Some elements of the G20 agenda are overly ambitious, but progress may be achieved in certain important areas.

GLOBAL ECONOMIC OUTLOOK: ORCHESTRATING A RECOVERY, by Beth Ann Bovino The U.S. economy, which went into the recession slightly before its peers, likely bottomed out in the second quarter of this year. In Europe, the downturn will have been deeper than in the U.S. but will likely end at roughly the same time, in part because of major monetary and fiscal stimulus. Japan now looks likely to have suffered the deepest recession of the major industrial countries, but it is emerging sooner than we expected. Developing Asia is in the best shape of the major regions. U.S. ECONOMIC FORECAST: PANIC IS BEING REPLACED BY FEAR The economic data continue to point to a leveling-out of the economy. Financial markets appear

The number of global issuers poised for downgrades declined slightly this month, to 921 from 955 in August, largely as a result of materialized downgrades with assignments of stable outlooks. This reduction comes after record highs were reached nearly every month since January 2008. Potential downgrades are defined as entities that have either a negative outlook or ratings on CreditWatch with negative implications across rating categories 'AAA' to 'B-'. This month, we note the following key points: The pace of downgrades as a proportion of total rating actions has begun to normalize, with the quarterly downgrade-to-upgrade ratio, both in the U.S. and globally, declining to roughly 3 to 1 so far in third-quarter 2009. This is on par with the

...(1) Percentages are based upon the number of eligible and active companies in the SharkRepellent.net database. For the Poison Pill In Force calculation by index, non-US companies are included. (2) Supermajority vote requirement (e.g., 66.67%, 75%, 80%) for shareholders to amend/repeal at least one charter or bylaw provision. (3) SIC Group is defined as the first two digits of this company's primary SIC code (73: Business Services). There are 438 eligible and active companies in the SharkRepellent.net database in this SIC group. (4) The FactSet Bullet Proof Rating is a weighted average index comprised of significant components that impact takeover defenses. The rating scale is from 0 to 10 with a 10 representing the most formidable defenses. The rating system is a relative measurement and is not intended to measure the probability of a successful defense. www.SharkRepellent.net...

NEW YORK (Standard&Poor's) Sept. 23, 2009--Standard&Poor's Ratings Services today assigned its 'B' issue-level rating and '2' recovery rating to American Airlines Inc.'s $450 million senior secured notes due 2012. The '2' recovery rating indicates our expectation of substantial (70% to 90%) recovery in a payment default scenario. In addition, we placed the 'B' issue-level rating on CreditWatch with negative implications, because if we lower American's corporate credit rating, we would also lower this rating. The notes, which American's parent, AMR Corp. guarantees, are secured by 141 older B757, B767, and MD80 aircraft. Because American acquired these aircraft before the October 1994 revision to the U.S. Bankruptcy Code, and the debt we are rating does not have

Fitch: European Airline Industry Not in Recovery Yet 22 Sep 2009 4:19 AM (EDT) Fitch Ratings-London-22 September 2009: Fitch Ratings says in a new special report that despite some signs of stabilisation in passenger traffic decline during...

Global Credit Research Announcement 21 SEP 2009 Announcement: Moody's: Credit Trends May Signal a Bottom for Non-Financial Corporates in the Americas New York, September 21, 2009 -- Recent trends in Moody's ratings suggest a brightening...

In all of Standard&Poor's Ratings Services rating reviews, we assess both absolute as well as relative metrics to develop our rating opinion. Several times a year, Standard&Poor's life and health insurance group reviews groups of peer insurance companies to assess and compare their financial and structural strengths. Viewing companies comparatively enables some of their subtle distinctions to be brought to light and then clarified, which in turn permits us to tighten and refine our ongoing assessments of their credit worthiness and performance. We rate numerous U.S. public health insurance groups that provide managed care and personal health insurance as well as more specialized services, such as dental plans and behavioral health coverage. This review analyzes seven

-- Palm has been introducing new products and plans to expand distribution. -- The company plans to sell about $231 million in new common stock to fund working capital requirements. -- We are placing the company's ratings, including the 'CCC' corporate credit rating, on CreditWatch with positive implications. NEW YORK (Standard&Poor's) Sept. 18, 2009--Standard&Poor's Ratings Services said today it placed its 'CCC' corporate credit rating and other ratings on Palm Inc. on CreditWatch with positive implications, following the company's announcement that it intends to sell approximately $231 million in new common stock. Proceeds of the offering, if successful, would materially improve the company's liquidity. "The CreditWatch listing reflects the company's announcement that it plans to sell

The superior credit profile of Bentonville, Ark.-based Wal-Mart Stores Inc. reflects the company's leading market positions in the supercenter, discount department store, and warehouse club businesses; excellent geographic diversity; a long record of solid sales and earnings growth; and strong returns on capital. Wal-Mart is the largest retailer in the U.S.; its more than $400 billion in annual sales (approximately 60% revenues from its U.S. Wal-Mart Stores division) dwarfs those of its key competitors. Through its supercenter format, combining a discount store and supermarket, Wal-Mart is rapidly gaining market share in food. In 2008, Wal-Mart's U.S. grocery sales in its supercenters exceeded those of Kroger Co., the nation's largest conventional supermarket, by about $50 billion. A commitment to high standards

...During their meeting in London on 2 April G-20 leaders concurred that there was a need to adopt and implement a wide array of measures aimed at addressing the weaknesses of the financial system that emerged during the crisis. In the upcoming meeting in Pittsburgh Pennsylvania (US) the G-20 members will take stock of what has been achieved so far and will call for further progress in several areas, including the enhancement of financial regulation. A view of what is to come can be gauged from the press releases published by the G-20 and the Basel Committee of Banking Supervision respectively on 5 and 7 September. It is clear that the regulatory landscape is being reshaped in many ways both in G- 20 countries and globally. The purpose of this Special Comment is to provide a roadmap to help investors attain a better understanding of the numerous changes to the Basel II accord and the European Capital Requirements Directive (CRD) that were released up till early September 2009. This report...

With the passage in the U.S. House of Representatives of the American Clean Energy And Security Act (see Appendix), the U.S. has taken a significant step toward joining Europe in introducing comprehensive carbon cap-and-trade legislation to manage atmospheric levels of greenhouse gases (GHG). To be sure, there is substantial uncertainty about whether the Senate will pass such legislation and, if so, how different any version it passes might be. In addition, international negotiations to find a successor globally for the Kyoto Protocol, scheduled for December 2009 in Copenhagen, will likely complicate Senate negotiations. But based on the talks preceding passage in the House, it appears that U.S. industry generally accepts the inevitability of carbon controls and is seeking to influence

Dominant company in quick service restaurant sector; Excellent worldwide brand recognition; Strong free cash flow; and Excellent access to capital. Operates in an intensely competitive industry; and Uses a large portion of its cash flow to enhance shareholder value. The ratings on Oak Brook, Ill.-based McDonald's Corp. reflect its worldwide leadership in the quick-service sector of the restaurant industry, its consistent and solid operating performance since 2003, and its strong financial flexibility. The company's participation in the intensely competitive quick-service restaurant sector partially mitigates these strengths. Oak Brook, Ill.-based McDonald's holds the world's No. 1 position in terms of restaurant sales. The company possesses substantial business strengths because of its strong brand recognition, prime real estate locations, and marketing power.

The ratings on ExxonMobil Corp. reflect the company's excellent business risk profile, which is characterized by an outstanding competitive position in all facets of the oil and gas industry, and its minimal financial risk. Irving, Texas-based Exxon operates in many segments of the energy industry, but its exploration and production (E&P) unit is by far the most important contributor to profitability and cash flow. At year-end 2008, Exxon's proved reserves totaled more than 22 billion barrels of oil equivalent (boe)—the largest among the supermajors. A long reserve life (over 15 years) and a large resource base (estimated at 72 billion boe), from which future commercial projects are likely to arise, mitigate depletion risk. Exxon has not sacrificed competitiveness for size.