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  • 09/27/2017 08:29:08

    Hartford debt default a 'virtual certainty,' says S&P

    The city of Hartford, Conn., is on the brink of defaulting on its debt, S&P Global Ratings said late Tuesday. S&P lowered the city's rating to double-C from B-minus, a steep four-notch downgrade. And it is keeping the city's rating on negative credit watch. "The downgrade to 'CC' reflects our opinion that a default, a distressed exchange, or redemption appears to be a virtual certainty," said S&P Global Ratings credit analyst Victor Medeiros. S&P says Hartford's budgetary performance has been weak for several years, the management environment remains constrained due to structurally imbalanced budget and that bankruptcy risk remains. City officials earlier this month warned of a potential bankruptcy filing in 60 days pending help for its fiscal emergency. Hartford is the capital of Connecticut, which itself is seen as a vulnerable credit risk, according to muni-market analysts. The state has yet to pass a budget for the current fiscal year that would close a two-year $3.5 billion spending gap. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/19/2017 15:23:56

    BRIEF-Nicholas Financial notifies Ralph Finkenbrink that co would not extend his employment as CEO beyond Sept 30

    Nicholas Financial Inc(NICK). * Nicholas financial - Notified Ralph T. Finkenbrink that co would not extend his employment as president and CEO beyond his retirement date of Sept 30. * Nicholas Financial Inc(NICK) - Board is continuing its search for a new chief executive officer Source text: Further company coverage:

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