S&P Downgrades Golden Eagle to ‘BB-‘ From ‘BB+’ Following Acquisition
Standard & Poor’s Ratings Services lowered its long-term corporate credit rating on Golden Eagle Retail Group to ‘BB-‘ from ‘BB+’. The outlook is stable.
Standard & Poor’s Ratings Services lowered its long-term corporate credit rating on Golden Eagle Retail Group to ‘BB-‘ from ‘BB+’. The outlook is stable.
Bloomberg reported that more U.S. companies have defaulted on their debt this year than issuers from any other country or region.
The City of Detroit said that S&P has issued a solid investment grade rating of “A/stable” on $245 million worth of bonds to be offered to the public by Barclay’s.
S&P views CIT’s pending OneWest Bank acquisition as likely to improve CIT’s current credit profile, despite the fact that the transaction will weaken the company’s capital, and raise integration and strategic risks and uncertainties.
Reuters reported that according to a court filing, former U.S. Treasury Secretary Timothy Geithner warned the chairman of S&P’s parent that the rating agency would be held accountable for its 2011 decision to strip the U.S. of its “triple-A” rating.
The Wall Street Journal reported that S&P escalated its legal battle with the U.S. Justice Department, accusing it of filing its $5 billion lawsuit against S&P in “retaliation” for the firm’s downgrade of America’s debt in 2011.