Jan. 12 at 6:01 p.m.
Filed under:
Airports,
Investing
By Jon Hilkevitch and Julie Johnsson | The Daley administration is flying into dangerous financial territory by increasing borrowings for the expansion of O’Hare International Airport to unprecedented levels in order to keep the runway construction project going, a top bond credit rating agency cautioned Wednesday.
Fitch Ratings downgraded O’Hare revenue bonds as well as bonds backed by passenger ticket taxes to “A-” status, while assigning a “stable” rating outlook.
The action came two days after Moody’s Investors Service downgraded to a “negative” outlook from “stable” some of the revenue bonds that Chicago has issued to help pay for the $15 billion O’Hare Modernization Program and related capital improvements deemed necessary for the success of the massive airfield project. Get the full story »
Dec. 21, 2010 at 1:23 p.m.
Filed under:
Economy,
International
By Associated Press
Fitch ratings agency is warning of a possible downgrade of Greek bonds, adding pressure on the Socialist government as it debates the 2011 budget in parliament. Get the full story »
Oct. 28, 2010 at 3:10 p.m.
Filed under:
Investing,
Policy
By Kathy Bergen
Less than two weeks before Chicago plans to sell $804.3 million in bonds, Fitch Ratings downgraded the city’s bond rating for the second time in less than three months.
Fitch cited the city’s continued use of long-term financial reserves and other non-recurring revenues to patch budget deficits, its large and increasing unfunded pension liability and the high unemployment and foreclosure rates locally.
“The downgrade reflects the city’s weakened financial flexibility,” Fitch stated in the report it issued this afternoon. Get the full story »
Aug. 10, 2010 at 1:11 p.m.
Filed under:
Cell phones,
Investing,
Telecommunications
By Associated Press
Fitch Ratings affirmed its ratings on Motorola Inc. and raised its rating outlook to “stable” from “negative” Tuesday, saying it is more confident in the health of the company’s business. Get the full story »
