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BUSINESS
August 23, 1997
MBNA Corp.'s ratings were lowered yesterday by Standard & Poor's Ratings Group, which said the company didn't set aside enough money to cover potential losses in its fast-growing credit card business.S&P lowered the long-term counterparty and senior unsecured ratings to BBB from BBB-plus, and preferred stock to BB-plus from BBB-minus.Wilmington, Del.-based MBNA, the country's second largest issuer of credit cards, began in Maryland but moved its corporate offices to Delaware in 1982. It will re-establish a presence here next spring when it opens its mid-Atlantic headquarters, with about 3,000 workers, in Hunt Valley.
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BUSINESS
By Erin Cox, The Baltimore Sun | July 8, 2014
Maryland kept its coveted AAA bond rating this week, an accomplishment that allows it to continue borrowing cash more cheaply than most states. Gov. Martin O'Malley heralded the rating from New York bond agencies Tuesday as proof of his sound fiscal stewardship of Maryland. He pointed out that only seven states kept a credit rating that high throughout the recession. "Fiscal responsibility, and taking a balanced approach to investments and cuts, are essential to strengthening our economy," O'Malley said in a statement.
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BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | March 18, 1992
Baltimore Bancorp suffered another blow yesterday as Standard & Poor's Corp. slashed its rating of the company's subordinated debt and uninsured certificates of deposit, but the company shrugged off the rating agency's criticism and said it might be profitable this quarter.Standard & Poor's cut the rating of the parent company's subordinated debt to Double-C from Triple-C-plus and cut the rating of the Bank of Baltimore's uninsured CDs to Triple-C/Single-C from Double-B-minus/Single-B.But S&P stressed that federally insured deposits -- the vast majority of the bank's deposit base -- are not affected.
BUSINESS
By Natalie Sherman, The Baltimore Sun | July 5, 2014
Legg Mason plans to close a deal this month to restructure $650 million in debt, a move designed to lock in favorable interest rates for the long term while taking advantage of the market's sustained appetite for corporate bonds. The money raised from the sale will be used to pay off $650 million of notes due in 2019, which the Baltimore-based money manager issued two years ago at a rate of 5.5 percent. The firm's total debt of just over $1 billion would remain unchanged. Legg's decision to restructure debt follows the path of dozens of companies, including asset managers Invesco, Janus Capital Group and Icahn Enterprises, that have pursued refinancing in expectation of rising interest rates.
NEWS
By John Fritze and John Fritze,Sun reporter | May 23, 2007
One of the nation's leading bond-rating agencies upgraded the city of Baltimore's rating yesterday - a relatively rare occurrence that analysts said was based on the city's continued economic growth over the past several years. Standard & Poor's, which visited Baltimore this month, moved the city up one position - from an A-plus bond rating to an AA-minus. The action will make it less costly for the city to borrow money and could save taxpayers millions in interest payments. In upgrading the rating, the agency noted the city's increased reserves - which have grown in past years in part because a real-estate boom produced higher-than-expected revenues - as well as a more financially stable school system and new residential and commercial development.
BUSINESS
By Jay Hancock | August 16, 2011
Fitch Ratings gave the U.S. government a clean bill of health Tuesday, confirming a top, AAA rating for Treasury bonds and proclaiming a future downgrade unlikely. The vote of confidence from the New York debt-rating company contrasts with the view from Standard & Poor's, which demoted the United states to AA+ a few days ago. The other major rating agency, Moody's, still gives the United States AAA but has cut the outlook to negative. In what looks like a pointed retort to S&P, Fitch nearly gushed about America's ability to pay its obligations.
NEWS
August 8, 2011
As Warren Buffett once observed, it takes about 20 years to build up a reputation and five minutes to ruin it. Last Friday's decision by Standard & Poor's to downgrade U.S. debt from AAA to AA+ was just that kind of hit - and the markets are showing their unhappiness with it today. One can debate S&P's decision-making process endlessly. It's telling that Moody's today reiterated its choice to keep the U.S. at AAA, citing the debt ceiling deal and signs of long-term economic improvement.
NEWS
January 17, 1996
Also yesterday, it was incorrectly reported that Standard & Poor's Corp. raised its rating on $516 million of state of Maryland general obligation bonds. In fact, Standard & Poor's raised its rating on $516 million of Baltimore County general obligation bonds to AAA. Maryland general obligation bonds are already rated AAA.The Sun regrets the errors.
BUSINESS
August 29, 2007
Toll Brothers Inc. Shares of the luxury home builder fell 94 cents to $21.06 after Standard & Poor's reported its housing index showed that U.S. home prices in the second quarter experienced their sharpest decline since 1987.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | March 18, 1992
Baltimore Bancorp suffered another blow yesterday as Standard & Poor's Corp. slashed its rating of the company's subordinated debt and uninsured certificates of deposit, but the company shrugged off the rating agency's criticism and said it might be profitable this quarter.Standard & Poor's cut the rating of the parent company's subordinated debt to Double-C from Triple-C-plus and cut the rating of the Bank of Baltimore's uninsured CDs to Triple-C/Single-C from Double-B-minus/Single-B.But S&P stressed that federally insured deposits -- the vast majority of the bank's deposit base -- are not affected by the move.
NEWS
Editorial from The Aegis | March 11, 2014
Few aspects of modern life are as tedious as matters of finance. Sure, everyone understands what goes into taking out a five-year car loan then paying it off with interest in installments over the next 60 months. Credit cards are a little bit more complicated, and terms vary. Mortgages are something of a break point. Just about every homeowner has to make a monthly mortgage payment and has a vague idea that ratio of interest to principal in each payment varies with each passing month, but very few of us understand how the loan amortization schedule was derived.
NEWS
By Pamela Wood, The Baltimore Sun | June 17, 2013
Credit rating house Standard & Poor has assigned Anne Arundel County's bonds a AAA rating and upgraded its assessment of the county's fiscal outlook from "negative" to "stable," officials announced Monday. Moody's, another credit rating house, gave the bonds an Aa1 rating, and also upgraded the outlook from "negative" to "stable. " Moody's praised the county for rebuilding reserves, having a "modest debt profile" and a relatively diverse economy. Likewise, Standard & Poor's highlighted the county's diverse economy, low debt and its "large, but manageable, capital plan.
HEALTH
By Andrea K. Walker, The Baltimore Sun | February 15, 2013
University of Maryland St. Joseph Medical Center loses about $400,000 every day it's not certified by Medicare to collect payments from the federal health care program. The big question is how much that will ultimately cost the Towson hospital. Tens of millions of dollars could be at stake. The University of Maryland Medical System voluntary gave up the Medicare certification when it bought St. Joseph from Denver-based Catholic Health Initiatives in a $206.3 million deal that closed in December.
NEWS
By Peter Morici | February 5, 2013
The Justice Department is accusing Standard & Poor's of defrauding investors with optimistic ratings of mortgage-backed securities and derivatives prior to the financial crisis. While investors are entitled to answers about those conflicts, compensation and reforms, Attorney General Eric Holder and President Barack Obama, by singling out S&P instead of other bond raters, appear to be engaging in political vengeance and put freedom of speech at risk. In 2011, S&P, Moody's and Fitch were accused by a Senate committee of giving overly rosy ratings on mortgage-backed securities in the years prior to the financial meltdown of 2008 and then contributing to the severity of the crisis by hastily downgrading hundreds of securities after the housing bubble burst.
EXPLORE
November 10, 2012
Carroll County this week received high ratings from national credit rating agencies in their annual review of jurisdictions' financial stability. Credit rating companies Fitch, Standard & Poor and Moody's gave the county marks related to credit worthiness and money management practices. The Fitch rating was AAA; Standard & Poor's was AA+; and Moody's Aa1 - all reflecting the upper level of ratings available to a county the size of Carroll. Standard & Poor's Rating Service report noted the county's "diverse economy" and "strong income and property wealth, coupled with unemployment below state and national rates.
BUSINESS
By Jay Hancock | August 16, 2011
Fitch Ratings gave the U.S. government a clean bill of health Tuesday, confirming a top, AAA rating for Treasury bonds and proclaiming a future downgrade unlikely. The vote of confidence from the New York debt-rating company contrasts with the view from Standard & Poor's, which demoted the United states to AA+ a few days ago. The other major rating agency, Moody's, still gives the United States AAA but has cut the outlook to negative. In what looks like a pointed retort to S&P, Fitch nearly gushed about America's ability to pay its obligations.
EXPLORE
November 10, 2012
Carroll County this week received high ratings from national credit rating agencies in their annual review of jurisdictions' financial stability. Credit rating companies Fitch, Standard & Poor and Moody's gave the county marks related to credit worthiness and money management practices. The Fitch rating was AAA; Standard & Poor's was AA+; and Moody's Aa1 - all reflecting the upper level of ratings available to a county the size of Carroll. Standard & Poor's Rating Service report noted the county's "diverse economy" and "strong income and property wealth, coupled with unemployment below state and national rates.
BUSINESS
By Andrew Leckey | September 11, 2005
Q. Why do companies buy back their own stock, and does it help me as an investor? They present it as a good thing. K.C., via the Internet A. Companies holding a lot of extra cash are aggressively purchasing their own shares this year. Historically, 20 percent of the companies in the Standard & Poor's 500 reduce their share number through buybacks each year. This rose to 33 percent in the first quarter of this year and 50 percent in the second quarter, according to Standard & Poor's Corp.
NEWS
August 10, 2011
The Obama administration, the Democrats and the mainstream media, including The Sun, got what they deserved when Standard & Poor's downgraded the U.S. government's credit rating and warned of further downgrades if more spending cuts aren't forthcoming. The unchecked government borrowing and spending since 2009, when Mr. Obama became president and the Democrats took control of both houses of Congress, have plunged this country into a fiscal chaos that has brought the United States to the brink of default on its obligations.
ENTERTAINMENT
By Luke Broadwater | August 9, 2011
H ow will Standard & Poor's downgrade of the United States' credit rating affect you? Well, that depends on which "you" you are.   • If you happen to be a rich stock investor, it means you can expect a period of market volatility. Meaning, your portfolio will be behaving a lot like an Alec Baldwin voicemail.  • If you're a regular joe (like us here at b ) with no investments or financial prospects, it means your biggest worry is markets dropping faster than JWoww drops dress sizes.
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