| (AFX UK Focus) 2007-11-16 11:05 GMT: Singapore's OCBC proposed subordinated debt assigned 'Aa2' rating - Moody's
MUMBAI (Thomson Financial) - Moody's Investors Service said it has assigned an 'Aa2' rating to Oversea-Chinese Banking Corp Ltd's proposed SGD fixed rate subordinated notes due 2017, callable with step-up in 2012. The ratings agency said that the ratings drives from the bank's strong financial fundamentals, as well as its entrenched position in its home market of Singapore, as seen in the bank's financial strength rating of 'B'. The ratings also incorporate a very high probability of systemic support, if needed, given the bank's high national market share and relative importance to Singapore's financial system, Moody's said. The bank's other ratings are senior unsecured debt rating of 'Aa1', junior subordinated debt rating of 'Aa2', short-term deposit and commercial paper rating of 'prime-1' and preference share rating of 'Aa3'.
Zayo Bandwidth Completes $85 Million Round of Debt Financing
Zayo Bandwidth, a regional provider of fiber based bandwidth services, today announced it has secured an $85 million debt facility. The facility was led by CIT Group, Inc. with CoBank and Hercules Technology Growth Capital, Inc. as co-sponsors of the facility. .
(AFX UK Focus) 2007-11-16 05:42 GMT: Alcoa's senior unsecured ratings cut to 'Baa1' from 'A2' - Moody's
MUMBAI (Thomson Financial) - Moody's Investors Service downgraded Alcoa Inc's senior unsecured ratings to 'Baa1' from 'A2' and its short-term ratings to 'prime-2' from 'prime-1'. The ratings agency said the downgrade reflects the ongoing challenges the company faces in managing its cost position, mainly in a softening aluminium price environment, its relatively weak average coverage ratios over the recent years of improved aluminium prices and its persistent negative free cash flow generation. Moody's said the 'Baa1' rating also considers the more aggressive financial profile of the company with respect to shareholder returns and the likely continued significant capital expenditure requirements to support growth initiatives and reposition the company to remain cost competitive in a changing landscape, Moody's added.
Economic Secretary welcomes contribution to debate on savings and debt
Economic Secretary to the Treasury Kitty Ussher MP today welcomed the publication of The Fawcett Society's report on women's financial assets and debt, saying it provided a useful insight into the differences between men and women's consumption of financial services and added to the ongoing debate on saving and debt. The Fawcett Society's report investigated whether there is a savings and debt gap between men and women in addition to the well-documented income gap, and to understand the factors that drive this gap. Kitty Ussher said: "The Government is committed to rooting out unfairness across society and we have been actively engaged with the Fawcett Society throughout the project. We are already making progress but there is further to go. Recent policies such as pensions reforms, the Child Trust Fund and the Saving Gateway pilots have had a positive impact on gender outcomes, while important steps forward are being made with the financial inclusion and financial capability agendas." Government policies that will help to address gender inequalities include: The Pensions Act 2007 The Act will allow women to receive higher state pension entitlements with almost half a million extra women over State Pension Age entitled to a full basic State Pension in 2025.
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