| Fitch downgrades Kraft rating over debt load
(AP) � Fitch Ratings on Friday downgraded Kraft Food Inc.'s long-term ratings a day after the company agreed to sell its two dozen Post cereals to Ralcorp Holdings Inc. The ratings agency lowered Kraft's investment grade long-term issuer default, senior unsecured debt and credit facility rating by one notch to 'BBB' from 'BBB+.' The ratings outlook is stable. Fitch said the downgrade reflects Kraft's debt-financed acquisition of Group Danone SA's cookie and cereal snack division announced in July for $7.8 billion coupled with the limited amount of near-term debt reduction as a result of the Post cereals transaction. "While this debt reduction is viewed positively, it does not materially improve Kraft's credit metric," Fitch said. .
It's Rude To Talk Money
Talking about money is still considered very bad manners, a new Fool study has revealed. The survey, part of The Fool's 'Let's Talk About Money' campaign, aims to get the nation talking about their cash and managing it more sensibly. Over 1,500 Fools were quizzed about their attitude to finance. The majority -- 66 per cent -- said they thought money was a personal subject which should be kept private, while almost a third (30 per cent) felt talking about money was just plain rude. Worryingly, nearly half of those questioned (49 per cent) also felt that no one would be interested in hearing about their money issues anyway. Although women are often described as the more talkative of the sexes, it seems they're less forthcoming when it comes to their cash -- just four per cent are happy to talk about the topic.
Dragon feels the heat
ST George's appetite for growth has given it indigestion and, as George Lekakis reports, tested some limits. Successful banking is a delicate balancing act.. To meet shareholders' expectations for sustained profit growth, bankers are invariably pressed to lend out more money. In most well-managed banks, loan growth usually leads to higher interest income and higher earnings. But in the banking caper this fundamental challenge for growing the bottom line is complicated by the banks' legal obligations to put aside capital for every dollar they lend. Banks cannot afford to grow lending too fast, otherwise they risk falling below their minimum capital requirement set by the Australian Prudential Regulation Authority.
Waupun Common Council approves budget with modest tax reduction
With rising school and state taxes on the horizon, Waupun citizens got a little good news Tuesday night as the Common Council approved the 2008 city budget that calls for a decrease in city taxes.
The $6.6 million budget with an accompanying $2.3 million tax levy represents a decrease 1.6 percent in the city operations budget. Over the last month, department heads whittled over $200,000 from the budget in order to meet state imposed levy limits.
�The largest reduction in the budget stems from the changeover in insurance coverage to the state insurance pool that will save us $250,000 next year. However, that�s only a one-time savings. This won�t be here next year,� Rogers said.
According to the 2008 city budget, city taxpayers residing in Fond du Lac County will see a decrease of $.20 in the tax rate of $6.13 per $1,000 of assessed valuation while citizens on the Dodge County side of the city will pay $6.38 per $1,000 of assessed valuation, a $.04 decrease over last year�s tax rate.
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