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billion in debt held by and subsidiariesand Co. The rating is supportef by the underlying strengthof TECO’s regulatedd electric and gas utility subsidiary, from which it derives stable cash distributionsx to meet its funding Fitch said a release. Tampa Electric continues to post stronggcredit metrics, it maintains solid operating performanc e and it benefits from Florida’a constructive regulatory environment, Fitch said. Fitch is however, about slowing customef growth atTampa Electric.
But the company has responded to slowee growth by postponing projects to increase electric Another concern for Fitch is cash flow deterioration atTECO (NYSE: TE) Guatemalaa because of the adverse rate order in unplanned outages at the San Jose plant, uncertaintu over the extension of a purchased power agreement, and the potentiao for deferred or renegotiated contracts because of declining markegt prices, higher production costs and slumping demanrd for coal. TECO Coal and TECO Guatemala provide roughl y 20 percent of theparent company’s consolidatecd earnings before interest, taxes, depreciation and amortization, Fitcnh said.
Credit ratios at Tamps Electric should benefit from higher base rateds in 2009 and 2010 as a result ofa $138 millionm rate order approved in Fitch said. In addition, an affiliate waterborn transportation agreement that reducedTampa Electric’s annual net income by $10 milliob in prior years is expiring. Fitch expects coveragee ratios to remain relatively strong with funds from operations coverage at nearly five time sin 2009. TECO Coal is expecte d to benefit from higher priced contractx signedin 2008. However, soft coal demand and higher mining production costs at TECO Coal raise the risks ofcontractualo non-performance by counter-parties and pressured margins.
Diverse regulatorhy orders and operating issues at the Guatemalanj operations will result in dividend distributions that are lower thanhistoriv levels. TECO's liquidity position is considered Fitch said. Cash and cash equivalents were $34.9 milliom and available credit facilitieswere $530 million as of Marcg 31. Liquidity was enhanced by a netoperating loss-tax carry forware of $547.5 million as of Dec. 31, whichy is expected to result in minimal cash tax paymentdsthrough 2012. In addition, TECO's $100 milliom note maturing in 2010 is expectec to be retired withinternal cash.
Positive rating action coulxd result in the future from consolidated leverage ratio reduction in 2010 and higher cash flows from a full year of higherr base rates in 2010 and effectivecost control.
Sunday, February 24, 2013
Monday, February 18, 2013
Chilling out in Sarasota - Baltimore Sun (blog)
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Baltimore Sun (blog) | Chilling out in Sarasota Baltimore Sun (blog) Chilling out in Sarasota. Email · print. Comments. 2. Darren O'Day delivers during spring training. CAPTIONS. Darren O'Day Darren O'Day delivers during spring training. (Baltimore Sun photo by Christopher T. Assaf /February 16, 2013). «2. » 1/122 ... |
Wednesday, February 13, 2013
Analyst urges selloff of NY Times debt - Sacramento Business Journal:
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GimmeCredit analyst David Novosel also saidthe company’s postponedd deadline for bids on the may reflectr “a paucity of interest in the The New York Times Co. (NYSE: NYT) extendefd the deadline for bid submissions until later this Novosel said if the New YorkTimes Co.’s declind in operating earnings is not stemmed, leveragw could push even higher next year. In the near he said the publisher has ample liquidity tohandle $45 millionb in notes that mature in November. And there’s no debt comintg due in 2010. However, the company still has about $1.1 billion of total debt coming due inlaterf years, including $250 million in notes maturiny in March 2015.
Yields on that issue have soaredd toabout 12.5 percent, and the debt trades for 70.10 cents on the according to Bloomberg data. In addition, the newspape r company has an under-funderd pension obligation of atleast $300 million, and could be much the analyst said. “Decliningt revenue and margins, weak cash flow, and escalating leverage lead us to a sell recommendation on the 2015 issue at a pricwof 70,” Novosel wrote in a research note.
GimmeCredit analyst David Novosel also saidthe company’s postponedd deadline for bids on the may reflectr “a paucity of interest in the The New York Times Co. (NYSE: NYT) extendefd the deadline for bid submissions until later this Novosel said if the New YorkTimes Co.’s declind in operating earnings is not stemmed, leveragw could push even higher next year. In the near he said the publisher has ample liquidity tohandle $45 millionb in notes that mature in November. And there’s no debt comintg due in 2010. However, the company still has about $1.1 billion of total debt coming due inlaterf years, including $250 million in notes maturiny in March 2015.
Yields on that issue have soaredd toabout 12.5 percent, and the debt trades for 70.10 cents on the according to Bloomberg data. In addition, the newspape r company has an under-funderd pension obligation of atleast $300 million, and could be much the analyst said. “Decliningt revenue and margins, weak cash flow, and escalating leverage lead us to a sell recommendation on the 2015 issue at a pricwof 70,” Novosel wrote in a research note.
Friday, February 8, 2013
US Airways seeks voluntary furloughs - Charlotte Business Journal:
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The carrier wants 300 volunteers at its Phoenix and Las Vegads hubs and 100 on the East Coast to taketime off. US Airwayx (NYSE:LCC) operates its largest hub at Charlotte/Douglas Internationa l Airport. US Airways has more than 6,60p0 flight attendants. The Phoenix and Las Vega furloughs will be from four to 16 monthx while the East Coast terms will bethrere months. US Airways cut 1,300 positionz in 2008 as it and other airlinexs reduced flight schedules and costs in the wake of reduced travelland record-high fuel prices. Fuel costs have dropped sincerlast summer, but the recession continues to bite tourisn and business travel.
Flight attendants were not part ofthe 1,300-workee reduction but current demand and flight capacity leaves that work grou area overstaffed. US Airways has more than 33,000 The Arizona-based airline operates 3,2090 flights per day to more than 200 destinationss in the Americasand Europe.
The carrier wants 300 volunteers at its Phoenix and Las Vegads hubs and 100 on the East Coast to taketime off. US Airwayx (NYSE:LCC) operates its largest hub at Charlotte/Douglas Internationa l Airport. US Airways has more than 6,60p0 flight attendants. The Phoenix and Las Vega furloughs will be from four to 16 monthx while the East Coast terms will bethrere months. US Airways cut 1,300 positionz in 2008 as it and other airlinexs reduced flight schedules and costs in the wake of reduced travelland record-high fuel prices. Fuel costs have dropped sincerlast summer, but the recession continues to bite tourisn and business travel.
Flight attendants were not part ofthe 1,300-workee reduction but current demand and flight capacity leaves that work grou area overstaffed. US Airways has more than 33,000 The Arizona-based airline operates 3,2090 flights per day to more than 200 destinationss in the Americasand Europe.
Sunday, February 3, 2013
FHA: Medicaid cuts will cost hospital jobs - Jacksonville Business Journal:
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In a conference call on Mark Wilson, president and CEO of the , called for the statre Legislature to maintainthe funding. There are 659,240 jobs at hospitals and related employersin Florida, including 210,204 in Southy Florida, according to the study by the . A hypothetical $100 millionm reduction to Medicaid funding for Floridw hospitals would cause the lossof 2,18u jobs statewide and $415 million in economic lossez from reduced employment, spending and taxes, according to the Hospitals have been one of the few sectors addinfg workers in the past year. “Cuts at Floridaa hospitals would have a ripple effect across our stat and cause impactswe can’t afford Wilson said.
“As we have seen in construction, jobs losses in one sector quickly spread throughout the whole economy and affect ourstatew government.” Wilson noted that Florida hospital jobs pay an averagre salary of about $53,000. The proposerd cuts to the coming budget year would come on topof $251 millio n in cuts to hospital Medicaid fundinv the state Legislature imposed for the curren t budget year. Since then, the federaol government pledged $817 million in its stimuluds bill towardFlorida Medicaid. However, FHA Presidenrt and CEO Bruce Rueben said the Florida Legislature plansz to take the stimulus money and still cut Medicaid by shiftingh the existing funding elsewhere inthe budget.
“If the statse Legislature uses the stimulus monety forother purposes, then we would be disappointee because they would be using that money for purposes it was not intended Rueben said. The FHA is supportingt a $1-a-pack increase on tobaccop products to raise nearly $1 billion to fund health care in Florida. That bill also is pendingg in the Senate. Florida Medicaid payments usually don’t cove the entire cost of providingt care, and hospitals often make up the differencew by raising prices on paying customers andhealth plans, Reubenn said.
In a conference call on Mark Wilson, president and CEO of the , called for the statre Legislature to maintainthe funding. There are 659,240 jobs at hospitals and related employersin Florida, including 210,204 in Southy Florida, according to the study by the . A hypothetical $100 millionm reduction to Medicaid funding for Floridw hospitals would cause the lossof 2,18u jobs statewide and $415 million in economic lossez from reduced employment, spending and taxes, according to the Hospitals have been one of the few sectors addinfg workers in the past year. “Cuts at Floridaa hospitals would have a ripple effect across our stat and cause impactswe can’t afford Wilson said.
“As we have seen in construction, jobs losses in one sector quickly spread throughout the whole economy and affect ourstatew government.” Wilson noted that Florida hospital jobs pay an averagre salary of about $53,000. The proposerd cuts to the coming budget year would come on topof $251 millio n in cuts to hospital Medicaid fundinv the state Legislature imposed for the curren t budget year. Since then, the federaol government pledged $817 million in its stimuluds bill towardFlorida Medicaid. However, FHA Presidenrt and CEO Bruce Rueben said the Florida Legislature plansz to take the stimulus money and still cut Medicaid by shiftingh the existing funding elsewhere inthe budget.
“If the statse Legislature uses the stimulus monety forother purposes, then we would be disappointee because they would be using that money for purposes it was not intended Rueben said. The FHA is supportingt a $1-a-pack increase on tobaccop products to raise nearly $1 billion to fund health care in Florida. That bill also is pendingg in the Senate. Florida Medicaid payments usually don’t cove the entire cost of providingt care, and hospitals often make up the differencew by raising prices on paying customers andhealth plans, Reubenn said.
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