Share thoughts, ideas and perspectives on how Public and Private partnerships can benefit both parties at Golden Networking's Public Finance Leaders Forum 2010, "How Private Funds Can Invest in Government-Owned Property and Public Projects", December 2nd, New York
FOR IMMEDIATE RELEASE / PRURGENT
(November 13, 2010, New York) Fitch Ratings notes that during the third quarter of 2010 and for the seventh consecutive quarter, U.S. public finance rating downgrades outnumbered upgrades. This will be a topic of discussion at GoldenNetworking.net's Public Finance Leaders Forum 2010, "How Private Funds Can Invest in Government-Owned Property and Public Projects" (http://www.PublicFinanceLeadersForum.com), December 2nd, New York City.
This trend in public finance ratings is expected to continue as Negative Rating Outlooks exceeded Positive Rating Outlooks (4.8:1) and Negative Rating Watches still outweighed Positive Rating Watches (5.0:1) in the third quarter of 2010. However, a majority of the actual rating actions, 74.9%, during the third quarter were affirmations, with no change in Rating Outlook or Rating Watch status. Furthermore, 90.1% of ratings had a Stable Rating Outlook at the end of the third quarter.
During 3Q'10, Fitch's U.S. public finance group downgraded 32 ratings totaling $18.8 billion in par value while upgrading 25 ratings with a par value of $18.1 billion. The downgrade to upgrade ratio by rating changes was 1.3:1, decreased from 1.6 in the prior quarter. On a par value basis, the downgrade to upgrade ratio of 1.04:1 was down from the prior quarter ratio of 2.5:1.
The number of ratings with Negative Outlooks at the end of 3Q'10 increased to 251 from 246. The number of ratings with Positive Outlooks decreased to 52 from 58. The increase in the ratio of Negative Outlooks to Positive Outlooks to 4.8:1 from 4.2:1 marked the tenth consecutive quarter that this ratio has increased. There were 25 ratings on Rating Watch Negative versus 19 in the prior quarter, and only five on Rating Watch Positive at the end of 3Q'10, unchanged from the prior quarter.
The bulk of the downgrades by par value occurred in the tax-backed sector, the largest of which was the downgrade of Chicago general obligation bonds to 'AA' from 'AA+'. The bulk of the upgrades by par value occurred in the public power sector, which had 10 upgrades and no downgrades in 3Q'10; the largest of these by par value was the upgrade of California Department of Water Resources' power supply revenue bonds to 'AA-' from 'A+'.
Public Finance Leaders Forum 2010, "How Private Funds Can Invest in Government-Owned Property and Public Projects", is produced by GoldenNetworking.net (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs, investors and diplomats, founded by former McKinsey consultant and Columbia Business School MBA Edgar Perez. Upcoming Golden Networking's Forums and Business Receptions include:
• High-Frequency Trading Experts Workshop 2010, "Practical Implementation of High-Frequency Trading Strategies" (http://www.HFTExpertsWorkshop.com), November 22 & 23, Hong Kong
• Public Finance Leaders Forum 2010, "How Private Funds Can Invest in Government-Owned Property and Public Projects" (http://www.PublicFinanceLeadersForum.com), December 2nd, New York City
• High-Frequency Trading Happy Hour, (http://www.HFTHappyHour.com), December 7th, New York City
• 2nd Private Equity Leaders Forum, "Setting the Stage for Radical Transformation in 2011 and Beyond" (http://www.PrivateEquityLeadersForum.com), December 9th, New York City
• High-Frequency Trading Experts Workshop 2010, "Practical Implementation of High-Frequency Trading Strategies" (http://www.HFTExpertsWorkshop.com), December 9 & 10, New York
Golden Networking has compiled the insights of top experts and industry practitioners and produced DVD Video Packages for its Leaders and Experts Forums, including:
• 2nd China Leaders Forum DVD Video Package, "Is the Chinese Dragon Poised for Global Dominance or Economic Implosion?", http://www.ChinaLeadersForum.com
• Distressed Investing Experts Forum 2010 DVD Video Package, "Analyzing and Valuing Distressed Companies, Securities and Real Estate", http://www.DistressedInvestingExpertsForum.com
• Derivatives Leaders Forum 2010 DVD Video Package, "Strategies for Increasing Profits under an Evolving Regulatory Framework", http://www.DerivativesLeadersForum.com
• High-Frequency Trading Leaders Forum 2010 DVD Video Package, "Innovating and Profiting from High-Frequency Trading in 2010 and Beyond", http://www.HFTLeadersForum.com
• Hedge Funds Leaders Forum 2010 DVD Video Package, "Generating Alpha in Challenging Times", http://www.HedgeFundsLeadersForum.com
• High-Frequency Trading Experts Forum 2010 DVD Video Package, "Starting and Running a High-Frequency Trading Operation", http://www.HFTExpertsForum.com
• Distressed Investing Leaders Forum 2010 DVD Video Package, "Extraordinary Opportunities Investors Cannot Afford to Pass", http://www.DistressedInvestingLeadersForum.com
• China Leaders Forum 2009 DVD Video Package, "Addressing the Challenges Posed by the Present Wave of Chinese Globalization", http://www.ChinaLeadersForum.com
• Distressed Investing Leaders Forum 2009 DVD Video Package, "The Most Comprehensive Guide for Any Investor in Distressed Assets", http://www.DistressedInvestingLeadersForum.com
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