Bank ratings not threatened by subprime: Moody's

(Reuters) - Diversification is allowing the banks to post solid results despite write-downs resulting from a severe decline in prices and evaporation of liquidity in the subprime sector, Moody's said.




The rating agency said it is still reviewing the impacts of weakness in the market for leveraged loans, those issued by noninvestment-grade companies. A number of banks were recently left with leveraged loans on their books after failing to syndicate new issues as investor demand vanished.


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UPDATE 1-Coffeyville refinery shut to Sept, debt rating cut

(Reuters) - NEW YORK, July 16 - Independent U.S. refiner
Coffeyville Resources' debt ratings were cut on Monday as an
industry source said the company's flooded Kansas refinery was
unlikely to restart until early September.




Moody's Investors Service pushed Coffeyville's corporate
family rating deeper into speculative territory, cutting it
from B2 to B3 amid uncertainty over the losses Coffeyville
faces from the shutdown of the refinery and an associated oil
spill.


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3M plans 7-year euro benchmark bond -lead

(Reuters) - 3M is rated Aa1 by Moody's Investors Service and AA by
Standard & Poor's.




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Japan MOF Fujii: Rating move reflects solid economy

(Reuters) - "But in general, we believe Japan's sound economic
fundamentals and efforts to restore fiscal health are being
recognised internationally," he said.




Moody's said on Wednesday it had placed Japan's A2 sovereign
rating on review for a possible upgrade, saying Japan had reached
an "inflection point" in efforts to curb its massive government
debt.


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UPDATE 2-Moody's puts Japan A2 rating on review for upgrade

(Reuters) - TOKYO, July 4 - Moody's Investors Service placed
Japan's A2 sovereign rating on review for a possible upgrade on
Wednesday, saying Japan had reached an "inflection point" in
efforts to curb its massive government debt.




An upgrade by Moody's of Japan's A2 sovereign rating for
domestic-currency debt would mark a turnaround from a series of
downgrades by the ratings agency, which began by cutting Japan's
top-notch Aaa rating in November 1998.


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Gannett to sell $1 bln convertible debt

(Reuters) - Gannett said the securities carry an interest rate of 0.23
of a percentage point below one-month Libor , equal to an initial rate of 5.09 percent. They
are convertible into shares at $92.14, a 70 percent premium
over Gannett's Tuesday closing price of $54.20.




Convertible debt is a stock-bond hybrid that usually offers
current income, and can be converted into company stock.
Moody's Investors Service rates the Gannett debt "A3" and
Standard & Poor's rates it "A-minus," their fourth lowest
investment grades.


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Moody's, Fitch may cut Intelsat rating on stake sale

(Reuters) - The company now holds a "B2" corporate family rating from
Moody's, which is five steps below investment grade.




Fitch Ratings awards Intelsat a "B" issuer default rating,
which is also five steps into junk territory.


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No subprime impact seen on credit card ABS-Moody's

(Reuters) - Moody's expects delinquencies and net charge-offs to
gravitate back toward, but probably not exceed, levels that
existed in 2005 before bankruptcy legislation caused
delinquencies to ease.




However, should the economy slow at a faster rate than
expected, then the pace of deterioration could accelerate, it
said in a recent report.


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