NEW YORK -- S&P slashed PG&E's credit rating to junk status as the utility grapples with the political and financial fallout from costly and deadly wildfires in California.The ratings agency cut the company's key rate five notches to "B'' from "BBB-." Shares have been weighed down since November and took a sharp dive Monday on bankruptcy speculation. RELATED: PG&E reportedly exploring selling gas assets to cover possible wildfire payouts if found guiltyThe utility, California's largest, is contending with potentially crippling liability costs related to California's Camp Fire. No cause has been determined, but investigators are looking into the potential it was sparked by a malfunctioned line. S&P says it could lower the rating "one or more notches over the next few months" if the company continues to face regulatory or financial turmoil.Take a look at more stories and videos about PG&E. … [Read more...] about S&P slashes PG&E credit rating to junk status
Debt consolidation poor credit rating
Inequality is worsening and could hit U.S. credit rating: Moody’s
Rising wealth and income inequality is casting a pall over the American economy, according to Moody's Investors Service. Although growing disparity between the country's richest and poorest citizens has been tracked by everyone from economists to politicians, the research firm's analysis examines how the trend might impact the country's financial flexibility and creditworthiness. Moody's stark take: The widening gulf could sap the country's ability to repay its debts because of weaker economic growth and ineffective government institutions. "Over the past two decades, income and wealth inequality have increased in the U.S. as high- and very high-income households have commanded rising shares of income and wealth," Moody's analysts wrote in the research report. "The top 10 percent of income earners have seen their overall median net worth increase by almost 200 percent since 1995, while the bottom 40 percent of income earners have experienced a decline in median net worth … [Read more...] about Inequality is worsening and could hit U.S. credit rating: Moody’s
Your credit rating suddenly jumped? Here’s why
If you've checked your credit report recently, you might have noticed a pleasant surprise -- an increase in your credit score. Overall, nearly 70 percent of Americans have seen their credit rating improve over the last year, according to an analysis by the Federal Reserve Bank of New York. The reason: The impact of the National Consumer Assistance Plan, an initiative launched by the big three credit reporting agencies – Equifax, Experian and TransUnion -- in 2017 to address complaints about credit reporting errors. To placate state regulators, the firms changed their standards and tightened their reporting requirements. Ironically, the change won't mean much to most people. According to the New York Fed, the average credit score rose only 11 points. But you can take comfort in knowing that some types of debt, including traffic tickets, unreturned library books, certain tax liens and recent medical liabilities will no longer be included in your score. Unexpected medical … [Read more...] about Your credit rating suddenly jumped? Here’s why
Love Island ad break boob job firm MYA slammed for offering loans to customers with poor credit ratings
LOVE Island ad break boob job firm MYA has been slammed for offering loans to customers with poor credit ratings. The plastic surgery firm runs adverts during the reality dating show on the ITV Hub, offering loans with a 9.9 per cent interest rate through third-party lenders for surgery costing up to £10,000. Potential patients who have a history of bad debt or missed payments are told that a parent or partner could take out a loan on their behalf. But campaigners have blasted the organisation for targeting financially vulnerable viewers. Isabella Goldie, of the Mental Health Foundation, told Mirror Online: "To now see that these adverts are offering to help people who are struggling to manage financially and in debt to buy body changing surgery creates the impression that achieving an artificial ideal of beauty is more important than financial security.” MYA suggests a number of payment options for people seeking breast enlargements, nose jobs and tummy tucks. Its website … [Read more...] about Love Island ad break boob job firm MYA slammed for offering loans to customers with poor credit ratings
Detroit gets credit rating bump up
Christine Ferretti The Detroit News Published 11:35 p.m. UTC May 23, 2018 Detroit — Giving a nod to the city's improving financial reserves, Moody's Investors Service on Tuesday announced an upgrade in Detroit's issuer rating and its outlook. The rating comes just weeks after the city emerged from the strict financial oversight put in place as it exited bankruptcy in 2014. The city regained local control over its budgeting and contracts with a projected $36 million surplus in fiscal year 2018, increasing property tax revenues and plans that will earmark $335 million by 2024 to deal with payments that will come due to its two pension funds. Besides upgrading the city's issuer rating, Moody's also revised its outlook to stable from positive. The upgrade does not apply to any of the city's $1.9 billion in outstanding debt. Moody's said its upgrade reflects an improvement in the city's financial reserves, which have allowed Detroit to … [Read more...] about Detroit gets credit rating bump up