KAMPALA (Reuters) - The Ugandan shilling was unchanged against the dollar on Friday but traders said they expected it to weaken once more active trading resumed next year.
At 1238 GMT commercial banks in Kampala quoted the currency of east Africa's third-largest economy at 2,645/2,655, unchanged from Thursday's close.
"The market is pretty flat because (dollar) demand is not there but going into 2013 we anticipate some small depreciation for the shilling," said Shahzad Kamaluddin, trader at Crane Bank.
"Considering the negative factors like a growing current account deficit, aid cuts and the central bank's loose policy stance I reckon the shilling will weaken when business resumes."
The shilling has lost 6.4 percent against the dollar this year but it has been strengthening since late November, lifted by decreased demand for the hard currency ahead of the year-end festivities.
Traders say the central bank's cuts to its key lending rate will keep yields on Ugandan government securities low and possibly erode the interest of offshore investors - whose dollar flows partly support the shilling's exchange rate.
At the last auction on November 29, the yield on the benchmark 91-day Treasury bill was unchanged from the previous auction at 9.8 percent.
Bank of Uganda is due to sell 110 billion shillings' worth of Treasury bills of all maturities on December 27.
The bank cut its key lending rate by 50 basis points to 12 percent this month, extending its policy easing cycle aimed at resuscitating economic growth.
"Because of low demand, market sentiment favours limited shilling appreciation for the remaining trading sessions of this year beyond which it (shilling) will come under pressure," said a trader at a leading commercial bank.
The central bank says Uganda's projected growth rate of about 4.3 percent for the 2012/13 (July-June) fiscal year is below the country's potential growth rate of around 7 percent.
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Instant View: November personal income, durable goods up
Labels: BusinessNEW YORK (Reuters) - Consumer spending rose in November by the most in three years as incomes climbed, suggesting fourth-quarter economic growth might be stronger than currently expected.
The Commerce Department said on Friday inflation-adjusted consumer spending rose 0.6 percent, and after-tax income climbed 0.8 percent when adjusting for inflation.
A gauge of planned U.S. business spending rose much more than expected in November, a hint that worries over tighter fiscal policy may not be holding back the factory sector as much as feared.
The Commerce Department said on Friday that non-defense capital goods orders excluding aircraft, a closely watched proxy for investment plans, jumped 2.7 percent last month, the second straight month of solid gains.
Economists had expected so-called core capital goods orders to rise just 0.3 percent. The reading for October was upwardly revised to a 3.2 percent gain from a previously reported 2.9 percent increase.
COMMENTS
DAVID ADER, SENIOR GOVERNMENT BOND STRATEGIST, CRT CAPITAL GROUP, STAMFORD, CONNECTICUT:
"These are generally very good figures for the economy and stock market as the gains we see here are real and inflation clearly less of a threat."
TIM GHRISKEY, CHIEF INVESTMENT OFFICER OF SOLARIS GROUP IN BEDFORD HILLS, NEW YORK
"Durable goods orders (was) a strong number for the second month in a row. That flies in the face of the weakness we have seen in the manufacturing sector."
"This definitely shows economic strength above expectations. It's not a roaring recovery by any means, we all know that, but this really shows some momentum here."
TOM DI GALOMA, MANAGING DIRECTOR, NAVIGATE ADVISORS LLC, STAMFORD, CONNECTICUT
"This morning's economic data is better across the board however the overwhelming factor remains the fiscal cliff which keeping Treasuries well bid."
OMER ESINER, CHIEF MARKET ANALYST, COMMONWEALTH FOREIGN EXCHANGE, WASHINGTON D.C.
"The numbers look good across the board and while durable goods is notoriously a volatile indicator the sharp upside surprises top November figures as well as upward revisions suggest that capital spending was on stronger footing than previously expected.
"Overall these were strong figures, but they will likely not impact trading as all eyes are on Washington D.C. and fiscal cliff discussion."
GARY THAYER, CHIEF MACRO STRATEGIST, WELLS FARGO ADVISORS, ST. LOUIS, MISSOURI
"The data were better than expected. It shows the economy is holding in here at the end of the year despite the concerns about the fiscal cliff.
"The durable goods orders figures show businesses are holding back on new spending, but not cutting spending. It looks like the economy still has some underlying strength that may help us get through the uncertainty of the fiscal cliff.
"The personal spending data was decent. It suggests that consumers, though they are still dealing with relatively high unemployment, are spending cautiously and that continues a trend we've seen much of this past year. We probably need to see better employment numbers to see stronger spending numbers."
WAYNE KAUFMAN, CHIEF MARKET ANALYST AT JOHN THOMAS FINANCIAL IN NEW YORK
"Data looks good. Personal income has been one of the things we were worried about, so this looks really good. Durable goods were also better than expected. These are signs of an improving economy."
FOREX: The dollar trimmed losses versus yen, the euro cut losses versus dollar
GRAPHICS
Consumer spending rose by 0.6 percent in November - the largest jump in three years - suggesting fourth-quarter economic growth might be stronger than expected. http://link.reuters.com/hed44t
U.S. durable goods: New orders for durable goods rose by 0.7 percent in November. Excluding transportation and defense, new orders increased by 1.8 percent. http://link.reuters.com/xyk34t
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US durable goods orders up 0.7 percent
Labels: BusinessWASHINGTON (AP) — U.S. companies boosted their orders in November for long-lasting manufactured goods that reflect investment plans. It was the second straight such increase, an encouraging sign for the economy.
The Commerce Department said Friday that overall orders for durable goods rose a seasonally adjusted 0.7 percent in November over October.
But a more closely watched category of orders that tracks business investment surged 2.7 percent. That followed an upwardly revised 3.2 percent jump in October, the biggest in 10 months.
Those back-to-back increases followed a period of weakness in so-called core capital goods that had raised concerns about business investment, a driving force in the economic rebound.
The overall increases in orders for durable goods were widespread in November. Only demand for commercial aircraft showed a big decline.
The surge in orders in the business investment category defied concerns that businesses might be reducing investment because of uncertainty about how the debate over the "fiscal cliff" will be resolved. The fiscal cliff refers to the set of automatic tax increases and spending cuts that will take effect in January if Congress and the Obama administration don't reach a budget deal first.
In addition, Europe's debt crisis and slower growth overseas have cut into U.S. exports and corporate profits and raised further concern.
Total orders for transportation equipment dropped 1.1 percent. The decline reflected a 13.9 percent fall in commercial aircraft orders, which offset a 3.5 percent gain in orders for motor vehicles and parts.
Excluding transportation, orders for nondurable goods, items expected to last at least three years, rose to $220.9 billion. For the year, they're up 7.3 percent.
Orders rose 3.3 percent for machinery rose, 2.4 percent for primary metals such as steel and 3.1 percent for computers.
A separate survey by the Institute for Supply Management showed that U.S. manufacturing shrank in November to its weakest level since July 2009. The institute's manufacturing index dropped to 49.5, down from 51.7 in October. Readings above 50 signal growth in manufacturing; readings below 50 indicate contraction.
The government said Thursday that the overall economy grew at an annual rate of 3.1 percent in the July-September quarter. The increase occurred even though business spending on equipment and software fell at an annual rate of 2.6 percent, the first such decline since the spring of 2009, when the economy was in recession.
Many economists are concerned that further cutbacks in business investment and cautious consumer spending could help dampen growth in the current quarter to an annual rate of around 1.5 percent.
But most think the economy will gradually pick up in 2013 if Congress and the administration can achieve a budget deal that removes uncertainty over changes in taxes and government spending.
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Boehner says Congress, Obama must keep working on fiscal deal
Labels: BusinessWASHINGTON (Reuters) - House of Representatives Speaker John Boehner said on Friday that congressional leaders and President Barack Obama must try to move on from House Republicans' failed tax plan and work together to resolve the looming U.S. "fiscal cliff."
Boehner said he was not concerned that Thursday's withdrawn vote threatened his position as speaker, but did not outline a clear path forward.
Boehner said a divided Washington must come together to revamp the massive U.S. tax code in a way that helps spur economic growth. "How we get there, God only knows."
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Canada economy ekes out 0.1 percent growth in October
Labels: BusinessOTTAWA (Reuters) - The Canadian economy grew by just 0.1 percent in October from September, indicating a very slow start to the fourth quarter amid foreign and domestic economic woes, Statistics Canada data indicated on Friday.
The figure matched analysts' expectations. The Bank of Canada says fourth quarter growth will be 2.5 percent annualized but the October data confirm market suspicions the real figure will be much less impressive.
Overall, output rose in 12 of 18 sectors. Service industries grew by 0.1 percent on strength in wholesale and retail trade while goods production was unchanged.
Mining and oil and gas extraction advanced by 0.3 percent while support activities for the mining industry grew by 1.3 percent, reflecting higher drilling and rigging services. Canada is the single biggest exporter of energy to the United States.
Manufacturing output fell by 0.4 percent. Canadian firms are struggling to cope with weak markets in the United States and Europe as well as the challenges posed by a strong dollar.
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Clippers beat Hornets 93-77 for 11th straight win
Labels: SportsLOS ANGELES (AP) — The Los Angeles Clippers' franchise record-tying 11th consecutive victory had owner Donald Sterling leading a "hip, hip hooray" chant in the locker room.
Sterling grabbed the hand of coach Vinny Del Negro and held it up, exhorting his team, "Let's hear it for the coach." Then he told Del Negro, "Vinny, give me a hug" and the two men embraced.
"Eleven in a row. Not bad, is it?" Sterling said.
Blake Griffin scored 18 points and Jamal Crawford added 17 in the Clippers' 93-77 win over the New Orleans Hornets on Wednesday night that tied the franchise mark set by the 1974-75 Buffalo Braves.
"That's pretty special, especially to do it at home," said Chris Paul, who had 10 points and 12 assists, giving him 5,003 in his career.
"The food tastes better, the music sounds better, you sleep a little better," Paul said. "Everything seems better when you're winning."
DeAndre Jordan added 12 points for the Clippers, whose 19-6 record is tied with New York for second-best in the NBA.
Robin Lopez scored 14 of his 22 points in the first quarter and rookie Anthony Davis added 16 for the Hornets. They lost their ninth in a row and 11th in 12 games while falling to 2-10 on the road. They were the last team to beat the Clippers on Nov. 26.
"We knew they were going to come out with a lot of energy. They made shots that they didn't make the last time we played them, and they got a lot of easy buckets," Davis said. "They've got a great team. They're all capable of scoring the ball, from the starters to the bench."
Four of the Clippers' five starters took the fourth quarter off, with only Willie Green coming back in after having helped build a 19-point lead to start the final period. But the Hornets couldn't get anything going against the second unit that has played a significant role in the Clippers' current run.
"We've been getting off to good starts and not putting so much pressure on our bench," Paul said.
The Hornets staged a brief rally to open the third. Davis scored five in a row in their 12-9 run that drew them within seven. The Clippers took over from there, outscoring New Orleans 18-6 to end the third leading 75-56. They made 8 of 10 free throws, while Paul's fast-break dunk highlighted the spurt. Griffin grabbed his teammate as Paul swung wildly from the basket.
"Oh, did I dunk tonight?'" said Paul, the least likely to dunk on a Clippers team nicknamed "Lob City."
Blake drew laughs when he said, "You saw I had to help him down."
"They really feed off their fast break," Ryan Anderson said. "They're a team that runs, and when they get turnovers they break out and find open guys at the other end. They did that the whole second half and they took advantage of our mistakes."
Paul fed Griffin for a layup late in the second quarter to notch his 5,000th assist, triggering a standing ovation. Griffin got fouled on the play and made the free throw. It came during an 11-0 run that provided the Clippers' largest lead to that point, 46-30. Paul's alley-oop pass to Griffin led to a fast-break dunk for the Clippers' final basket of the half, with them leading 48-38.
"I didn't know what everyone was cheering for," Paul said.
Griffin said, "It's cool to be part of that. It's definitely not the last. I'm looking forward to 10,000."
The Hornets kept it close in the opening quarter, when they trailed 22-16 after Lopez scored 14 points. He was scoreless in the second quarter when he picked up his third foul.
NOTES: Del Negro said Jordan turned his ankle during the game. ... At 27 years, 228 days, Paul is the third-youngest player in NBA history to reach 5,000 assists, trailing Magic Johnson and Isiah Thomas. He is the fifth-fastest to reach the milestone, needing 510 games. ... New Orleans hasn't won since Dec. 3 against Milwaukee. ... Hornets G Eric Gordon missed the game against his former team because of a sore right knee. He smiled when Clippers fans chanted his name in the final 2½ minutes. ... Returning home from a four-game trip, the Clippers had a moment of silence for the victims of last week's school shootings in Connecticut.
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Sterling grabbed the hand of coach Vinny Del Negro and held it up, exhorting his team, "Let's hear it for the coach." Then he told Del Negro, "Vinny, give me a hug" and the two men embraced.
"Eleven in a row. Not bad, is it?" Sterling said.
Blake Griffin scored 18 points and Jamal Crawford added 17 in the Clippers' 93-77 win over the New Orleans Hornets on Wednesday night that tied the franchise mark set by the 1974-75 Buffalo Braves.
"That's pretty special, especially to do it at home," said Chris Paul, who had 10 points and 12 assists, giving him 5,003 in his career.
"The food tastes better, the music sounds better, you sleep a little better," Paul said. "Everything seems better when you're winning."
DeAndre Jordan added 12 points for the Clippers, whose 19-6 record is tied with New York for second-best in the NBA.
Robin Lopez scored 14 of his 22 points in the first quarter and rookie Anthony Davis added 16 for the Hornets. They lost their ninth in a row and 11th in 12 games while falling to 2-10 on the road. They were the last team to beat the Clippers on Nov. 26.
"We knew they were going to come out with a lot of energy. They made shots that they didn't make the last time we played them, and they got a lot of easy buckets," Davis said. "They've got a great team. They're all capable of scoring the ball, from the starters to the bench."
Four of the Clippers' five starters took the fourth quarter off, with only Willie Green coming back in after having helped build a 19-point lead to start the final period. But the Hornets couldn't get anything going against the second unit that has played a significant role in the Clippers' current run.
"We've been getting off to good starts and not putting so much pressure on our bench," Paul said.
The Hornets staged a brief rally to open the third. Davis scored five in a row in their 12-9 run that drew them within seven. The Clippers took over from there, outscoring New Orleans 18-6 to end the third leading 75-56. They made 8 of 10 free throws, while Paul's fast-break dunk highlighted the spurt. Griffin grabbed his teammate as Paul swung wildly from the basket.
"Oh, did I dunk tonight?'" said Paul, the least likely to dunk on a Clippers team nicknamed "Lob City."
Blake drew laughs when he said, "You saw I had to help him down."
"They really feed off their fast break," Ryan Anderson said. "They're a team that runs, and when they get turnovers they break out and find open guys at the other end. They did that the whole second half and they took advantage of our mistakes."
Paul fed Griffin for a layup late in the second quarter to notch his 5,000th assist, triggering a standing ovation. Griffin got fouled on the play and made the free throw. It came during an 11-0 run that provided the Clippers' largest lead to that point, 46-30. Paul's alley-oop pass to Griffin led to a fast-break dunk for the Clippers' final basket of the half, with them leading 48-38.
"I didn't know what everyone was cheering for," Paul said.
Griffin said, "It's cool to be part of that. It's definitely not the last. I'm looking forward to 10,000."
The Hornets kept it close in the opening quarter, when they trailed 22-16 after Lopez scored 14 points. He was scoreless in the second quarter when he picked up his third foul.
NOTES: Del Negro said Jordan turned his ankle during the game. ... At 27 years, 228 days, Paul is the third-youngest player in NBA history to reach 5,000 assists, trailing Magic Johnson and Isiah Thomas. He is the fifth-fastest to reach the milestone, needing 510 games. ... New Orleans hasn't won since Dec. 3 against Milwaukee. ... Hornets G Eric Gordon missed the game against his former team because of a sore right knee. He smiled when Clippers fans chanted his name in the final 2½ minutes. ... Returning home from a four-game trip, the Clippers had a moment of silence for the victims of last week's school shootings in Connecticut.
Durant scores 41 as streaking Thunder top Hawks
Labels: SportsATLANTA (AP) — Oklahoma City's biggest stars displayed a unique version of balanced scoring against Atlanta: Russell Westbrook led the Thunder in the first half and Kevin Durant dominated the Hawks over the final two quarters.
Durant set a season high with 41 points and Oklahoma City held off Atlanta 100-92 on Wednesday night for its 12th straight win.
Westbrook had 27 points — 21 in the first half — and 11 assists. Durant scored 28 points in the second half, including 18 in the fourth, and also had 13 rebounds.
No other Oklahoma City player scored in double figures.
"There's going to be nights where one has the hot hand and there's going to be other nights the other does," said Thunder coach Scott Brooks.
Both top scorers were hot against the Hawks. Durant made six of nine shots in the final period, including three 3-pointers, and the Hawks couldn't find a way to slow the 6-foot-9 forward.
"We double-teamed him, we zoned him," said Hawks coach Larry Drew. "He still made shots. You can't stop him when he's hot like that."
Durant said Westbrook's strong first half helped open more opportunities for him after the break.
"He was aggressive and they were giving him jump shots," Durant said. "We just played off of that. He was very good and it opened up for me in the second half."
Durant acknowledged he launched some "questionable" shots. "But my teammates wanted me to do it," he said.
Jeff Teague led Atlanta with 19 points, Josh Smith had 17 points and 12 rebounds, and Al Horford and Lou Williams scored 13 apiece.
Durant was especially strong after Atlanta cut a 16-point deficit midway through the third quarter to 73-69.
Durant slowed Atlanta's comeback attempt when he dominated a sequence on both ends of the floor, blocking a shot by Smith before throwing down a jam. Smith drew a foul and Durant sank the free throw to push the lead to 85-75.
With about 3 minutes remaining, Durant hit a fallaway jumper. Less than a minute late, he made a spin move and then sank a 3-pointer over the 6-foot-7 Kyle Korver, who was left shaking his head.
"He's just one of those players," Korver said. "People don't understand how tall he is and how long his arms are."
The fallaway jumper and spinning 3-pointer would have been unlikely attempts for most players.
"That's him, though," Horford said. "He can do it. He's that good of a player, unfortunately for us."
Oklahoma City (21-4) improved the NBA's best record and atoned for a 104-95 home loss to the Hawks on Nov. 4. That loss left Oklahoma City 1-2; it is 20-2 since then and hasn't lost since Nov. 23 at Boston.
The 12 straight wins matches the longest streak for the franchise since 1996, when it had a 14-game winning streak as the Seattle SuperSonics.
The Hawks took their last lead at 19-17 on a follow shot by Anthony Morrow. The Thunder then went ahead with a 10-1 run that overlapped the end of the first period and the start of the second. Martin opened and closed the run with jumpers.
Oklahoma City stretched the lead to 17 on four straight free throws by Durant following fouls by Morrow late in the half.
"You can't have a second quarter like we did," Horford said. "We had a lapse and they took a big lead. You can't do that against a team like them."
The Thunder led 68-52 midway through the third quarter, but a technical foul against Smith with 3:12 remaining in the period seemed to spark the Hawks.
Smith sank a 3-pointer as part of Atlanta's 8-0 run to close the period. Anthony Tolliver scored the first three points of the fourth quarter on a free throw and jam to cut the Thunder's lead to 73-69.
Westbrook ended Atlanta's 11-0 run with a jam following an offensive rebound by Nick Collison.
Serge Ibaka had 4 points and 14 rebounds for the Thunder.
NOTES: The Thunder assigned F Perry Jones and G DeAndre Liggins to the Tulsa 66ers of the NBA Development League. Jones, the first-round pick from Baylor, has appeared in 10 games, averaging 1.2 points and 1.4 rebounds. ... The Hawks were without G Devin Harris, who left Tuesday night's game at Washington after injuring his left foot. He wore a walking boot on Wednesday. ... Morrow returned after missing two games with a sore back. ... Brian McCann, Jason Heyward, Dan Uggla, Kris Medlen and Freddie Freeman of the Atlanta Braves attended the game and sat with former teammate Tommy Hanson, who was recently traded to the Angels.
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Durant set a season high with 41 points and Oklahoma City held off Atlanta 100-92 on Wednesday night for its 12th straight win.
Westbrook had 27 points — 21 in the first half — and 11 assists. Durant scored 28 points in the second half, including 18 in the fourth, and also had 13 rebounds.
No other Oklahoma City player scored in double figures.
"There's going to be nights where one has the hot hand and there's going to be other nights the other does," said Thunder coach Scott Brooks.
Both top scorers were hot against the Hawks. Durant made six of nine shots in the final period, including three 3-pointers, and the Hawks couldn't find a way to slow the 6-foot-9 forward.
"We double-teamed him, we zoned him," said Hawks coach Larry Drew. "He still made shots. You can't stop him when he's hot like that."
Durant said Westbrook's strong first half helped open more opportunities for him after the break.
"He was aggressive and they were giving him jump shots," Durant said. "We just played off of that. He was very good and it opened up for me in the second half."
Durant acknowledged he launched some "questionable" shots. "But my teammates wanted me to do it," he said.
Jeff Teague led Atlanta with 19 points, Josh Smith had 17 points and 12 rebounds, and Al Horford and Lou Williams scored 13 apiece.
Durant was especially strong after Atlanta cut a 16-point deficit midway through the third quarter to 73-69.
Durant slowed Atlanta's comeback attempt when he dominated a sequence on both ends of the floor, blocking a shot by Smith before throwing down a jam. Smith drew a foul and Durant sank the free throw to push the lead to 85-75.
With about 3 minutes remaining, Durant hit a fallaway jumper. Less than a minute late, he made a spin move and then sank a 3-pointer over the 6-foot-7 Kyle Korver, who was left shaking his head.
"He's just one of those players," Korver said. "People don't understand how tall he is and how long his arms are."
The fallaway jumper and spinning 3-pointer would have been unlikely attempts for most players.
"That's him, though," Horford said. "He can do it. He's that good of a player, unfortunately for us."
Oklahoma City (21-4) improved the NBA's best record and atoned for a 104-95 home loss to the Hawks on Nov. 4. That loss left Oklahoma City 1-2; it is 20-2 since then and hasn't lost since Nov. 23 at Boston.
The 12 straight wins matches the longest streak for the franchise since 1996, when it had a 14-game winning streak as the Seattle SuperSonics.
The Hawks took their last lead at 19-17 on a follow shot by Anthony Morrow. The Thunder then went ahead with a 10-1 run that overlapped the end of the first period and the start of the second. Martin opened and closed the run with jumpers.
Oklahoma City stretched the lead to 17 on four straight free throws by Durant following fouls by Morrow late in the half.
"You can't have a second quarter like we did," Horford said. "We had a lapse and they took a big lead. You can't do that against a team like them."
The Thunder led 68-52 midway through the third quarter, but a technical foul against Smith with 3:12 remaining in the period seemed to spark the Hawks.
Smith sank a 3-pointer as part of Atlanta's 8-0 run to close the period. Anthony Tolliver scored the first three points of the fourth quarter on a free throw and jam to cut the Thunder's lead to 73-69.
Westbrook ended Atlanta's 11-0 run with a jam following an offensive rebound by Nick Collison.
Serge Ibaka had 4 points and 14 rebounds for the Thunder.
NOTES: The Thunder assigned F Perry Jones and G DeAndre Liggins to the Tulsa 66ers of the NBA Development League. Jones, the first-round pick from Baylor, has appeared in 10 games, averaging 1.2 points and 1.4 rebounds. ... The Hawks were without G Devin Harris, who left Tuesday night's game at Washington after injuring his left foot. He wore a walking boot on Wednesday. ... Morrow returned after missing two games with a sore back. ... Brian McCann, Jason Heyward, Dan Uggla, Kris Medlen and Freddie Freeman of the Atlanta Braves attended the game and sat with former teammate Tommy Hanson, who was recently traded to the Angels.
AP source: Polanco reaches agreement with Marlins
Labels: SportsMIAMI (AP) — A person familiar with the negotiations says third baseman Placido Polanco has agreed to terms with the Miami Marlins.
The person spoke to The Associated Press on condition of anonymity Thursday because the Marlins hadn't announced a deal.
Polanco, 37, battled injuries this year and hit .257 with two home runs and 19 RBIs in 90 games with Philadelphia. The 15-year veteran is a career .299 hitter with 103 homers.
The deal solidifies the Marlins' lineup following an offseason payroll purge. Other projected starters include Logan Morrison at first base, Donovan Solano at second, Adeiny Hechavarria at shortstop, Jeff Brantly at catcher, Giancarlo Stanton in right field, Justin Ruggiano in center field and Juan Pierre in left field.
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The person spoke to The Associated Press on condition of anonymity Thursday because the Marlins hadn't announced a deal.
Polanco, 37, battled injuries this year and hit .257 with two home runs and 19 RBIs in 90 games with Philadelphia. The 15-year veteran is a career .299 hitter with 103 homers.
The deal solidifies the Marlins' lineup following an offseason payroll purge. Other projected starters include Logan Morrison at first base, Donovan Solano at second, Adeiny Hechavarria at shortstop, Jeff Brantly at catcher, Giancarlo Stanton in right field, Justin Ruggiano in center field and Juan Pierre in left field.
AP Source: Jets will consider options with Sanchez
Labels: SportsFLORHAM PARK, N.J. (AP) — Mark Sanchez is the former face of the franchise. He could soon be a former member of the New York Jets.
The team will consider all their options regarding the beleaguered and benched quarterback in the offseason, a person with knowledge of the situation told The Associated Press on Thursday.
The person, who requested anonymity because the team's personnel plans are private, told the AP that the Jets have not made any determinations involving Sanchez.
That means his status is in limbo and a trade cannot be ruled out.
He's not alone. The futures of Tim Tebow, coach Rex Ryan, general manager Mike Tannenbaum and offensive coordinator Tony Sparano with the Jets also are uncertain.
Parting ways with Tebow, the immensely popular but little-used backup, appears a certainty after he came to New York amid lots of hype but had little impact in his one season with the Jets.
But the Jets could be hard-pressed to trade or cut Sanchez, who is due $8.25 million in guarantees next season.
"Anything dealing with the future past Buffalo (the regular-season finale) will be handled after that," Ryan said Thursday.
There are several complications that could lead to Sanchez actually sticking around in New York — whether it's as a backup or starter. Sanchez, who received a contract extension in March, would cost the Jets a $17.1 million salary cap hit next season. They could, however, spread that amount over the next two seasons if he is cut after June 1.
New York could also find it difficult to find a trading partner to unload Sanchez, who isn't likely a very attractive option at the moment after turning the ball over 50 times since the start of last season. With Tannenbaum's status unclear, teams might not be willing to even talk to him at this point about possible trades. Teams can't make trades until March.
When asked about possible Sanchez trade rumors, Ryan said: "That's news to me."
If the Jets did wind up trading Sanchez, the salary cap hit would still be $8.9 million.
The Daily News reported Thursday, according to sources, that the Jets would be interested in Michael Vick and that the Eagles quarterback would come to New York if it was clear he would be the starter. The newspaper also said Ryan "loves" Vick.
"I'll just focus on the players we have on this roster," Ryan said while laughing.
Sanchez, whom the Jets drafted fifth overall in 2009, was benched in favor of third-stringer Greg McElroy for at least the home finale Sunday against San Diego. Sanchez threw four interceptions and fumbled away the final offensive snap — and the Jets' playoff chances — in New York's 14-10 loss at Tennessee on Monday night.
He once drew comparisons to Joe Namath after helping the Jets to consecutive AFC title games in his first two seasons, but his lack of improvement the last two years have caused him to fall out of favor. Ryan was non-committal Thursday when asked about Sanchez's long-term future.
"Whether it's not a ringing endorsement or whatever, I have absolutely zero focus on that right now," he said. "Everybody knows I've been supportive of Mark Sanchez. I think he still has the skill set to be a good quarterback in this league and we've won a lot of games with him."
Tebow was supposed to be the spark that got the offense going, but instead he spent most of his time on the sideline. His numbers are far from special: He has rushed for 102 yards on 32 carries and is 6 of 8 for 39 yards, and has a stunning zero touchdowns.
Tebow repeatedly said he was "excited" to be a member of the Jets when he first came from Denver in a trade in March, and he reiterated that throughout the season. But he acknowledged that he was "a little bit disappointed" that Ryan chose McElroy to start over him — at least for Sunday.
Now, Tebow could be an ex-Jet less than a year after he came to New York with lots of expectations.
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The team will consider all their options regarding the beleaguered and benched quarterback in the offseason, a person with knowledge of the situation told The Associated Press on Thursday.
The person, who requested anonymity because the team's personnel plans are private, told the AP that the Jets have not made any determinations involving Sanchez.
That means his status is in limbo and a trade cannot be ruled out.
He's not alone. The futures of Tim Tebow, coach Rex Ryan, general manager Mike Tannenbaum and offensive coordinator Tony Sparano with the Jets also are uncertain.
Parting ways with Tebow, the immensely popular but little-used backup, appears a certainty after he came to New York amid lots of hype but had little impact in his one season with the Jets.
But the Jets could be hard-pressed to trade or cut Sanchez, who is due $8.25 million in guarantees next season.
"Anything dealing with the future past Buffalo (the regular-season finale) will be handled after that," Ryan said Thursday.
There are several complications that could lead to Sanchez actually sticking around in New York — whether it's as a backup or starter. Sanchez, who received a contract extension in March, would cost the Jets a $17.1 million salary cap hit next season. They could, however, spread that amount over the next two seasons if he is cut after June 1.
New York could also find it difficult to find a trading partner to unload Sanchez, who isn't likely a very attractive option at the moment after turning the ball over 50 times since the start of last season. With Tannenbaum's status unclear, teams might not be willing to even talk to him at this point about possible trades. Teams can't make trades until March.
When asked about possible Sanchez trade rumors, Ryan said: "That's news to me."
If the Jets did wind up trading Sanchez, the salary cap hit would still be $8.9 million.
The Daily News reported Thursday, according to sources, that the Jets would be interested in Michael Vick and that the Eagles quarterback would come to New York if it was clear he would be the starter. The newspaper also said Ryan "loves" Vick.
"I'll just focus on the players we have on this roster," Ryan said while laughing.
Sanchez, whom the Jets drafted fifth overall in 2009, was benched in favor of third-stringer Greg McElroy for at least the home finale Sunday against San Diego. Sanchez threw four interceptions and fumbled away the final offensive snap — and the Jets' playoff chances — in New York's 14-10 loss at Tennessee on Monday night.
He once drew comparisons to Joe Namath after helping the Jets to consecutive AFC title games in his first two seasons, but his lack of improvement the last two years have caused him to fall out of favor. Ryan was non-committal Thursday when asked about Sanchez's long-term future.
"Whether it's not a ringing endorsement or whatever, I have absolutely zero focus on that right now," he said. "Everybody knows I've been supportive of Mark Sanchez. I think he still has the skill set to be a good quarterback in this league and we've won a lot of games with him."
Tebow was supposed to be the spark that got the offense going, but instead he spent most of his time on the sideline. His numbers are far from special: He has rushed for 102 yards on 32 carries and is 6 of 8 for 39 yards, and has a stunning zero touchdowns.
Tebow repeatedly said he was "excited" to be a member of the Jets when he first came from Denver in a trade in March, and he reiterated that throughout the season. But he acknowledged that he was "a little bit disappointed" that Ryan chose McElroy to start over him — at least for Sunday.
Now, Tebow could be an ex-Jet less than a year after he came to New York with lots of expectations.
Michael Phelps voted AP male athlete of year
Labels: SportsNow that he's away from the pool, Michael Phelps can reflect — really reflect — on what he accomplished.
Pretty amazing stuff.
"It's kind of nuts to think about everything I've gone through," Phelps said. "I've finally had time to myself, to sit back and say, '... that really happened?' It's kind of shocking at times."
Not that his career needed a capper, but Phelps added one more honor to his staggering list of accomplishments Thursday — The Associated Press male athlete of the year.
Phelps edged out LeBron James to win the award for the second time, not only a fitting payoff for another brilliant Olympics (four gold medals and two silvers in swimming at the London Games) but recognition for one of the greatest careers in any sport.
Phelps finished with 40 votes in balloting by U.S. editors and broadcasters, while James was next with 37. Track star Usain Bolt, who won three gold medals in London, was third with 23.
Carl Lewis is the only other Olympic-related star to be named AP male athlete of the year more than once, taking the award for his track and field exploits in 1983 and '84. The only men honored more than twice are golf's Tiger Woods and cyclist Lance Armstrong (four times each), and basketball's Michael Jordan (three times).
"Obviously, it's a big accomplishment," Phelps said. "There's so many amazing male athletes all over the world and all over our country. To be able to win this is something that just sort of tops off my career."
Phelps retired at age 27 as soon as he finished his final race in London, having won more gold medals (18) and overall medals (22) than any other Olympian.
No one else is even close.
"That's what I wanted to do," Phelps said. "Now that it's over, it's something I can look back on and say, 'That was a pretty amazing ride.'"
The current ride isn't so bad either.
Set for life financially, he has turned his fierce competitive drive to golf, working on his links game with renowned coach Hank Haney as part of a television series on the Golf Channel. In fact, after being informed of winning the AP award, Phelps called in from the famed El Dorado Golf & Beach Club in Los Cabos, Mexico, where he was heading out with Haney to play a few more holes before nightfall.
"I can't really complain," Phelps quipped over the phone.
Certainly, he has no complaints about his swimming career, which helped turn a sport that most Americans only paid attention to every four years into more of a mainstream pursuit.
More kids took up swimming. More advertisers jumped on board. More viewers tuned in to watch.
While swimming is unlikely to ever match the appeal of football or baseball, it has carved out a nice little niche for itself amid all the other athletic options in the United States — largely due to Phelps' amazing accomplishments and aw-shucks appeal.
Just the fact that he won over James shows just how much pull Phelps still has. James had an amazing year by any measure: The league MVP won his first NBA title with the Miami Heat, picking up finals MVP honors along the way, and then starred on the gold medal-winning U.S. basketball team in London.
Phelps already had won the AP award in 2008 after his eight gold medals in Beijing, which broke Mark Spitz's record. Phelps got it again with a performance that didn't quite match up to the Great Haul of China, but was amazing in its own right.
After the embarrassment of being photographed taking a hit from a marijuana pipe and questioning whether he still had the desire to go on, Phelps returned with a vengeance as the London Games approached. Never mind that he was already the winningest Olympian ever. Never mind that he could've eclipsed the record for overall medals just by swimming on the relays.
He wanted to be one of those rare athletes who went out on top.
"That's just who he is," said Bob Bowman, his longtime coach. "He just couldn't live with himself if knew he didn't go out there and give it good shot and really know he's competitive. He doesn't know anything else but to give that kind of effort and have those kind of expectations."
Phelps got off to a rocky start in London, finishing fourth in the 400-meter individual medley, blown out of the water by his friend and rival, Ryan Lochte. It was only the second time that Phelps had not at least finished in the top three of an Olympic race, the first coming way back in 2000 when he was fifth in his only event of the Sydney Games as a 15-year-old.
To everyone looking in, Lochte seemed poised to become the new Phelps — while the real Phelps appeared all washed up.
But he wasn't going out like that.
No way.
Phelps rebounded to become the biggest star at the pool, edging Lochte in the 200 IM, contributing to a pair of relay victories, and winning his final individual race, the 100 butterfly. There were two silvers, as well, leaving Phelps with a staggering resume that will be awfully difficult for anyone to eclipse.
His 18 golds are twice as many as anyone else in Olympic history. His 22 medals are four clear of Larisa Latynina, a Soviet-era gymnast, and seven more than the next athlete on the list. Heck, if Phelps was a nation, he'd be 58th in the medal standings, just one behind India (population: 1.2 billion).
"When I'm flying all over the place, I write a lot in my journal," Phelps said. "I kind of relive all the memories, all the moments I had throughout my career. That's pretty special. I've never done that before. It's amazing when you see it all on paper."
Four months into retirement, Phelps has no desire to get back in the pool. Oh, he'll swim every now and then for relaxation, using the water to unwind rather than putting in one of his famously grueling practices. Golf is his passion at the moment, but he's also found time to cheer on his hometown NFL team, the Baltimore Ravens, and start looking around for a racehorse that he and Bowman can buy together.
Phelps hasn't turned his back on swimming, either. He's got his name attached to a line of schools that he wants to take worldwide. He's also devoting more time to his foundation, which is dedicated to teaching kids to swim and funding programs that will grow the sport even more.
He's already done so much.
"His contribution to the way the world thinks about swimming is so powerful," Bowman said. "I don't think any other athlete has transformed his sport the way he's transformed swimming."
Phelps still receives regular texts from old friends and teammates, asking when he's going to give up on this retirement thing and come back the pool as a competitor.
He scoffs at the notion, sounding more sure of himself now than he did in London.
And if there's anything we've learned: Don't doubt Michael Phelps when he sets his mind on something.
Read More..
Pretty amazing stuff.
"It's kind of nuts to think about everything I've gone through," Phelps said. "I've finally had time to myself, to sit back and say, '... that really happened?' It's kind of shocking at times."
Not that his career needed a capper, but Phelps added one more honor to his staggering list of accomplishments Thursday — The Associated Press male athlete of the year.
Phelps edged out LeBron James to win the award for the second time, not only a fitting payoff for another brilliant Olympics (four gold medals and two silvers in swimming at the London Games) but recognition for one of the greatest careers in any sport.
Phelps finished with 40 votes in balloting by U.S. editors and broadcasters, while James was next with 37. Track star Usain Bolt, who won three gold medals in London, was third with 23.
Carl Lewis is the only other Olympic-related star to be named AP male athlete of the year more than once, taking the award for his track and field exploits in 1983 and '84. The only men honored more than twice are golf's Tiger Woods and cyclist Lance Armstrong (four times each), and basketball's Michael Jordan (three times).
"Obviously, it's a big accomplishment," Phelps said. "There's so many amazing male athletes all over the world and all over our country. To be able to win this is something that just sort of tops off my career."
Phelps retired at age 27 as soon as he finished his final race in London, having won more gold medals (18) and overall medals (22) than any other Olympian.
No one else is even close.
"That's what I wanted to do," Phelps said. "Now that it's over, it's something I can look back on and say, 'That was a pretty amazing ride.'"
The current ride isn't so bad either.
Set for life financially, he has turned his fierce competitive drive to golf, working on his links game with renowned coach Hank Haney as part of a television series on the Golf Channel. In fact, after being informed of winning the AP award, Phelps called in from the famed El Dorado Golf & Beach Club in Los Cabos, Mexico, where he was heading out with Haney to play a few more holes before nightfall.
"I can't really complain," Phelps quipped over the phone.
Certainly, he has no complaints about his swimming career, which helped turn a sport that most Americans only paid attention to every four years into more of a mainstream pursuit.
More kids took up swimming. More advertisers jumped on board. More viewers tuned in to watch.
While swimming is unlikely to ever match the appeal of football or baseball, it has carved out a nice little niche for itself amid all the other athletic options in the United States — largely due to Phelps' amazing accomplishments and aw-shucks appeal.
Just the fact that he won over James shows just how much pull Phelps still has. James had an amazing year by any measure: The league MVP won his first NBA title with the Miami Heat, picking up finals MVP honors along the way, and then starred on the gold medal-winning U.S. basketball team in London.
Phelps already had won the AP award in 2008 after his eight gold medals in Beijing, which broke Mark Spitz's record. Phelps got it again with a performance that didn't quite match up to the Great Haul of China, but was amazing in its own right.
After the embarrassment of being photographed taking a hit from a marijuana pipe and questioning whether he still had the desire to go on, Phelps returned with a vengeance as the London Games approached. Never mind that he was already the winningest Olympian ever. Never mind that he could've eclipsed the record for overall medals just by swimming on the relays.
He wanted to be one of those rare athletes who went out on top.
"That's just who he is," said Bob Bowman, his longtime coach. "He just couldn't live with himself if knew he didn't go out there and give it good shot and really know he's competitive. He doesn't know anything else but to give that kind of effort and have those kind of expectations."
Phelps got off to a rocky start in London, finishing fourth in the 400-meter individual medley, blown out of the water by his friend and rival, Ryan Lochte. It was only the second time that Phelps had not at least finished in the top three of an Olympic race, the first coming way back in 2000 when he was fifth in his only event of the Sydney Games as a 15-year-old.
To everyone looking in, Lochte seemed poised to become the new Phelps — while the real Phelps appeared all washed up.
But he wasn't going out like that.
No way.
Phelps rebounded to become the biggest star at the pool, edging Lochte in the 200 IM, contributing to a pair of relay victories, and winning his final individual race, the 100 butterfly. There were two silvers, as well, leaving Phelps with a staggering resume that will be awfully difficult for anyone to eclipse.
His 18 golds are twice as many as anyone else in Olympic history. His 22 medals are four clear of Larisa Latynina, a Soviet-era gymnast, and seven more than the next athlete on the list. Heck, if Phelps was a nation, he'd be 58th in the medal standings, just one behind India (population: 1.2 billion).
"When I'm flying all over the place, I write a lot in my journal," Phelps said. "I kind of relive all the memories, all the moments I had throughout my career. That's pretty special. I've never done that before. It's amazing when you see it all on paper."
Four months into retirement, Phelps has no desire to get back in the pool. Oh, he'll swim every now and then for relaxation, using the water to unwind rather than putting in one of his famously grueling practices. Golf is his passion at the moment, but he's also found time to cheer on his hometown NFL team, the Baltimore Ravens, and start looking around for a racehorse that he and Bowman can buy together.
Phelps hasn't turned his back on swimming, either. He's got his name attached to a line of schools that he wants to take worldwide. He's also devoting more time to his foundation, which is dedicated to teaching kids to swim and funding programs that will grow the sport even more.
He's already done so much.
"His contribution to the way the world thinks about swimming is so powerful," Bowman said. "I don't think any other athlete has transformed his sport the way he's transformed swimming."
Phelps still receives regular texts from old friends and teammates, asking when he's going to give up on this retirement thing and come back the pool as a competitor.
He scoffs at the notion, sounding more sure of himself now than he did in London.
And if there's anything we've learned: Don't doubt Michael Phelps when he sets his mind on something.
S&P lifts Greek rating from selective default
Labels: BusinessNEW YORK (Reuters) - Rating agency Standard & Poor's on Tuesday raised Greece's sovereign credit rating to B-minus with a stable outlook from selective default, citing Europe's efforts to keep the country part of the euro.
"The upgrade reflects our view of the strong determination of European Economic and Monetary Union (eurozone) member states to preserve Greek membership in the eurozone," S&P said.
"The outlook on the long-term rating is stable, balancing our view of the government's commitment to a fiscal and structural adjustment against the economic and political challenges of doing so," the agency added.
Standard and Poor's had cut the rating to selective default earlier this month after the Greek government invited private sector bondholders to participate in a debt buyback meant to help lower the country's debt burden.
The rating agency said at the time that the consummation of the debt buyback would likely see the selective default cured.
Greece's major lenders -- EU paymaster Germany and the International Monetary Fund -- both endorsed the result of the bond buyback.
The debt buyback helped convince euro zone partners and the International Monetary Fund to unlock 49.1 billion euros in aid by the end of March.
Moody's Investors Service rates the country C; Fitch rates Greece CCC. The ratings from all three agencies are speculative.
Read More..
"The upgrade reflects our view of the strong determination of European Economic and Monetary Union (eurozone) member states to preserve Greek membership in the eurozone," S&P said.
"The outlook on the long-term rating is stable, balancing our view of the government's commitment to a fiscal and structural adjustment against the economic and political challenges of doing so," the agency added.
Standard and Poor's had cut the rating to selective default earlier this month after the Greek government invited private sector bondholders to participate in a debt buyback meant to help lower the country's debt burden.
The rating agency said at the time that the consummation of the debt buyback would likely see the selective default cured.
Greece's major lenders -- EU paymaster Germany and the International Monetary Fund -- both endorsed the result of the bond buyback.
The debt buyback helped convince euro zone partners and the International Monetary Fund to unlock 49.1 billion euros in aid by the end of March.
Moody's Investors Service rates the country C; Fitch rates Greece CCC. The ratings from all three agencies are speculative.
Stocks edge higher as budget talks move ahead
Labels: Business *
Wednesday, Nov. 28, 2012, following a closed-door meeting House Speaker John Boehner of Ohio. (AP Photo/J. Scott Applewhite) less
NEW YORK (AP) — Stocks are opening slightly higher on Wall Street as both sides make concessions in budget talks in Washington.
The Dow Jones industrial average rose 17 points to 13,252 shortly after the opening bell Tuesday. The Dow rose 100 points the day before.
The Standard & Poor's 500 index rose two points to 1,432 and the Nasdaq composite rose 10 to 3,020.
President Barack Obama offered to raise the income level at which higher tax rates would kick in and lowered his 10-year goal for increasing tax revenue. That followed an offer from House Speaker John Boehner to raise taxes on the wealthy.
Radio ratings provider Arbitron jumped 24 percent after the company agreed to bought by Nielsen, the television ratings service, for $1.3 billion.
Read More..
Wednesday, Nov. 28, 2012, following a closed-door meeting House Speaker John Boehner of Ohio. (AP Photo/J. Scott Applewhite) less
NEW YORK (AP) — Stocks are opening slightly higher on Wall Street as both sides make concessions in budget talks in Washington.
The Dow Jones industrial average rose 17 points to 13,252 shortly after the opening bell Tuesday. The Dow rose 100 points the day before.
The Standard & Poor's 500 index rose two points to 1,432 and the Nasdaq composite rose 10 to 3,020.
President Barack Obama offered to raise the income level at which higher tax rates would kick in and lowered his 10-year goal for increasing tax revenue. That followed an offer from House Speaker John Boehner to raise taxes on the wealthy.
Radio ratings provider Arbitron jumped 24 percent after the company agreed to bought by Nielsen, the television ratings service, for $1.3 billion.
TEXT-S&P summary: SP PowerAssets Ltd.
Labels: Business Summary analysis -- SP PowerAssets Ltd. --------------------------- 18-Dec-2012
===============================================================================
CREDIT RATING: AA-/Stable/NR Country: Singapore
Primary SIC: Electric Services
Mult. CUSIP6: 78462Q
===============================================================================
Credit Rating History:
Local currency Foreign currency
31-Mar-2008 AA-/NR AA-/NR
31-May-2005 AA/NR AA/NR
===============================================================================
Rationale
The rating on SP PowerAssets Ltd. (SPPA) reflects the company's monopoly as
the sole owner and maintainer of Singapore's electricity transmission and
distribution (T&D) assets, and as the sole electricity transmission licensee.
The rating also reflects SPPA's high revenue and cash flow certainty, which is
supported by a regulated tariff structure till 2013 and a cap on the company's
loss of revenues due to lower volumes. We assess SPPA's business risk profile
to be "excellent" and its financial risk profile to be "intermediate." SPPA is
a wholly owned subsidiary of Singapore Power Ltd. (SingPower: AA-/Stable/--;
axAAA/--), which the Singapore government's investment holding company,
Temasek Holdings (Private) Limited (AAA/Stable/A-1+; axAAA/axA-1+), owns.
We assess SPPA's stand-alone credit profile to be 'a'. The rating on SPPA
incorporates a two-notch uplift to reflect our opinion that there is a "very
high" likelihood that the government of Singapore (through Temasek) would
provide timely and sufficient extraordinary support to the company in the
event of financial distress. In accordance with our criteria for
government-related entities (GREs), our view of the extraordinary government
support is based on our assessment of the following SPPA characteristics:
-- Its "very important" role as the owner and maintainer of Singapore's
electricity T&D assets, and the importance of the economic service the company
delivers; and
-- Its "very strong" link with the government through SingPower's parent,
Temasek, which the government of Singapore (AAA/Stable/A-1+; axAAA/axA-1+)
owns.
The rating on SingPower influences the rating on SPPA. The rating on SingPower
reflects the consolidated credit profile of the company and its subsidiaries,
including SP AusNet Group (local currency A-/Stable/--), SPPA, and SPI
(Australia) Assets Pty Ltd. (A-/Stable/--). The majority of SingPower's
businesses focus on stable and monopolistic T&D businesses. Nevertheless, we
believe SingPower's consolidated stand-alone credit profile is weaker than
that of SPPA.
Lenders to other companies in the SingPower group do not have recourse to
SPPA's assets. Nevertheless, the rating on SPPA cannot be higher than that on
SingPower because SPPA is not ring-fenced from other group companies. As
SPPA's dominant owner, SingPower can move funds across group companies to
support weaker businesses, if necessary. SPPA's transactions with the other
group companies need the approval of independent board directors. But the
company is not restricted from paying special dividends to SingPower. SPPA's
operations and business also remain closely linked to SP Services Ltd. (not
rated) and SP PowerGrid Ltd. (not rated), both of which SingPower wholly owns.
We expect SPPA's cash flow adequacy measures to weaken in the next two years
as the company increases both replacement and growth investments in Singapore
to address aging infrastructure and meet future increases in demand. These
investments will be partially funded with debt. We estimate SPPA's ratio of
funds from operations (FFO) to debt to average about 11%-12% for the next five
years, compared with an average of about 13% over 2010-2012. SPPA's
high-quality cash flow, liability management efforts, and solid access to
financial markets should mitigate the impact of weaker cash flow measures, in
our opinion.
Liquidity
SPPA's liquidity is "adequate," as defined in our criteria. We expect the
company's liquidity sources (including cash, FFO, and credit facilities) to
exceed its uses by at least 1.2x over the next 12 months. Our liquidity
assessment is based on the following factors and assumptions:
-- Cash and cash equivalents and available lines under committed bank
facilities fully cover debt maturities over the next 12 months.
-- EBITDA is highly predictable, which is supported by a favorable
regulatory framework in Singapore.
-- We believe net liquidity sources would remain above cash requirements
even if EBITDA declines by 20%.
-- The company has supportive banking relationships and has good access
to debt capital markets in Singapore.
Outlook
The outlook on SPPA reflects the outlook on SingPower.
We may lower the rating on SPPA if we lower the likelihood of extraordinary
government support for SingPower by one category to "moderately high." We
could also downgrade the company if its stand-alone credit profile weakens by
one notch to 'bbb+' due to either of the following:
-- SingPower departs significantly from its strategy of staying in its
core T&D business in a stable regulatory environment; or
-- The contribution of SingPower's international businesses to the
group's cash flows and assets increases materially, such that it becomes the
key driver of the rating; or
-- SingPower's cash flow adequacy and liquidity deteriorate, or a tunnel
project that the company has undertaken in Singapore faces material delays and
cost overruns, such that its FFO-to-debt ratio heads toward 10% or below.
Conversely, while the probability of an upgrade is low, we could raise the
rating if we raise the likelihood of extraordinary support by one category to
"very high" or SingPower's stand-alone credit profile improves by three
notches.
Related Criteria And Research
-- Methodology: Business Risk/Financial Risk Matrix Expanded, Sept. 18,
2012
-- Rating Government-Related Entities: Methodology And Assumptions, Dec.
9, 2010
-- Stand-Alone Credit Profiles: One Component Of A Rating, Oct. 1, 2010
-- Business And Financial Risks In The Investor-Owned Utilities Industry,
Nov. 26, 2008
Read More..
===============================================================================
CREDIT RATING: AA-/Stable/NR Country: Singapore
Primary SIC: Electric Services
Mult. CUSIP6: 78462Q
===============================================================================
Credit Rating History:
Local currency Foreign currency
31-Mar-2008 AA-/NR AA-/NR
31-May-2005 AA/NR AA/NR
===============================================================================
Rationale
The rating on SP PowerAssets Ltd. (SPPA) reflects the company's monopoly as
the sole owner and maintainer of Singapore's electricity transmission and
distribution (T&D) assets, and as the sole electricity transmission licensee.
The rating also reflects SPPA's high revenue and cash flow certainty, which is
supported by a regulated tariff structure till 2013 and a cap on the company's
loss of revenues due to lower volumes. We assess SPPA's business risk profile
to be "excellent" and its financial risk profile to be "intermediate." SPPA is
a wholly owned subsidiary of Singapore Power Ltd. (SingPower: AA-/Stable/--;
axAAA/--), which the Singapore government's investment holding company,
Temasek Holdings (Private) Limited (AAA/Stable/A-1+; axAAA/axA-1+), owns.
We assess SPPA's stand-alone credit profile to be 'a'. The rating on SPPA
incorporates a two-notch uplift to reflect our opinion that there is a "very
high" likelihood that the government of Singapore (through Temasek) would
provide timely and sufficient extraordinary support to the company in the
event of financial distress. In accordance with our criteria for
government-related entities (GREs), our view of the extraordinary government
support is based on our assessment of the following SPPA characteristics:
-- Its "very important" role as the owner and maintainer of Singapore's
electricity T&D assets, and the importance of the economic service the company
delivers; and
-- Its "very strong" link with the government through SingPower's parent,
Temasek, which the government of Singapore (AAA/Stable/A-1+; axAAA/axA-1+)
owns.
The rating on SingPower influences the rating on SPPA. The rating on SingPower
reflects the consolidated credit profile of the company and its subsidiaries,
including SP AusNet Group (local currency A-/Stable/--), SPPA, and SPI
(Australia) Assets Pty Ltd. (A-/Stable/--). The majority of SingPower's
businesses focus on stable and monopolistic T&D businesses. Nevertheless, we
believe SingPower's consolidated stand-alone credit profile is weaker than
that of SPPA.
Lenders to other companies in the SingPower group do not have recourse to
SPPA's assets. Nevertheless, the rating on SPPA cannot be higher than that on
SingPower because SPPA is not ring-fenced from other group companies. As
SPPA's dominant owner, SingPower can move funds across group companies to
support weaker businesses, if necessary. SPPA's transactions with the other
group companies need the approval of independent board directors. But the
company is not restricted from paying special dividends to SingPower. SPPA's
operations and business also remain closely linked to SP Services Ltd. (not
rated) and SP PowerGrid Ltd. (not rated), both of which SingPower wholly owns.
We expect SPPA's cash flow adequacy measures to weaken in the next two years
as the company increases both replacement and growth investments in Singapore
to address aging infrastructure and meet future increases in demand. These
investments will be partially funded with debt. We estimate SPPA's ratio of
funds from operations (FFO) to debt to average about 11%-12% for the next five
years, compared with an average of about 13% over 2010-2012. SPPA's
high-quality cash flow, liability management efforts, and solid access to
financial markets should mitigate the impact of weaker cash flow measures, in
our opinion.
Liquidity
SPPA's liquidity is "adequate," as defined in our criteria. We expect the
company's liquidity sources (including cash, FFO, and credit facilities) to
exceed its uses by at least 1.2x over the next 12 months. Our liquidity
assessment is based on the following factors and assumptions:
-- Cash and cash equivalents and available lines under committed bank
facilities fully cover debt maturities over the next 12 months.
-- EBITDA is highly predictable, which is supported by a favorable
regulatory framework in Singapore.
-- We believe net liquidity sources would remain above cash requirements
even if EBITDA declines by 20%.
-- The company has supportive banking relationships and has good access
to debt capital markets in Singapore.
Outlook
The outlook on SPPA reflects the outlook on SingPower.
We may lower the rating on SPPA if we lower the likelihood of extraordinary
government support for SingPower by one category to "moderately high." We
could also downgrade the company if its stand-alone credit profile weakens by
one notch to 'bbb+' due to either of the following:
-- SingPower departs significantly from its strategy of staying in its
core T&D business in a stable regulatory environment; or
-- The contribution of SingPower's international businesses to the
group's cash flows and assets increases materially, such that it becomes the
key driver of the rating; or
-- SingPower's cash flow adequacy and liquidity deteriorate, or a tunnel
project that the company has undertaken in Singapore faces material delays and
cost overruns, such that its FFO-to-debt ratio heads toward 10% or below.
Conversely, while the probability of an upgrade is low, we could raise the
rating if we raise the likelihood of extraordinary support by one category to
"very high" or SingPower's stand-alone credit profile improves by three
notches.
Related Criteria And Research
-- Methodology: Business Risk/Financial Risk Matrix Expanded, Sept. 18,
2012
-- Rating Government-Related Entities: Methodology And Assumptions, Dec.
9, 2010
-- Stand-Alone Credit Profiles: One Component Of A Rating, Oct. 1, 2010
-- Business And Financial Risks In The Investor-Owned Utilities Industry,
Nov. 26, 2008
Labels:
Business
However, the rating on SingPower may come under pressure if the contribution
of the company's international business to the group's cash flows and assets
increases significantly, such that it becomes the key rating driver. This
could be due to SingPower's material expansion in markets and businesses that
we view as being of lesser quality than the T&D business in Singapore. The
Australian business currently contributes about 60% of SingPower's total
EBITDA and the Singapore business contributes the rest. We assess the credit
profile of the group's Australian business to be in the 'bbb' category and
that of the Singapore business to be in the 'a' category.
We believe that there is a "high" likelihood that the government of Singapore
(AAA/Stable/A-1+; axAAA/axA-1+), through SingPower's parent, Temasek Holdings
(Private) Limited (AAA/Stable/A-1+; axAAA/axA-1+), would provide timely and
sufficient extraordinary support to SingPower in the event of financial
distress. However, we believe that government and shareholder support is not
absolute.
We assess the stand-alone credit profile of SingPower to be 'a-'. In
accordance with our criteria for government-related entities, our view of a
"high" likelihood of extraordinary government support is based on our
assessment of the following SingPower characteristics:
-- Its "important" role as the holding company for SPPA, which owns and
maintains Singapore's electricity T&D assets, and SP PowerGrid Ltd., which
manages SPPA's assets; and
-- Its "very strong" link with the government.
We expect SingPower's cash flow adequacy measures to weaken in the next one to
two years as the company undertakes a tunnel project in Singapore to replace
aging underground transmission cables and lay new cables to support the growth
in electricity demand. The project is estimated to cost about Singapore dollar
(S$) 2 billion, and we expect SingPower to fund about 70% of the cost through
borrowings. We estimate SingPower's ratio of funds from operations (FFO) to
debt to drop to 11%-12% for the next two years, compared with about 13% for
the fiscal year ended March 31, 2012.
Nevertheless, SingPower's diverse high-quality cash flow, liability management
efforts, and solid access to financial markets mitigate the impact of the
company's weaker cash flow and profitability measures.
Liquidity
SingPower's liquidity is "adequate," as defined in our criteria. We expect the
company's liquidity sources (including cash, FFO, and credit facilities) to
exceed its uses by at least 1.2x over the next 12 months. Our liquidity
assessment is based on the following factors and assumptions:
-- Cash and cash equivalents and available lines under committed bank
facilities fully cover debt maturities over the next 12 months.
-- EBITDA is predictable, which is supported by a favorable regulatory
framework.
-- We believe net liquidity sources will remain above cash requirements
even if EBITDA declines by 20%.
SingPower has supportive banking relationships and has good access to debt
capital markets in Singapore and Australia.
Outlook
The stable outlook reflects our expectation that SingPower will continue to
have stable cash flows and will pro-actively manage its liabilities in the
next couple of years while pursuing growth investments.
We may lower the rating on SingPower if we lower the likelihood of
extraordinary government support by one category to "moderately high." We
could also downgrade SingPower if its stand-alone credit profile weakens by
one notch to 'bbb+' due to either of the following:
-- SingPower departs significantly from its strategy of staying in its
core T&D business in a stable regulatory environment; or
-- The contribution of SingPower's international businesses to the
group's cash flows and assets increases materially, such that it becomes the
key driver of the rating; or
-- SingPower's cash flow adequacy and liquidity deteriorate, or the
company's tunnel project faces material delays and cost overruns, such that
its FFO-to-debt ratio heads toward 10% or below.
Conversely, while the probability of an upgrade is low, we could raise the
rating if we raise the likelihood of extraordinary support by one category to
"very high" or SingPower's stand-alone credit profile improves by three
notches.
Related Criteria And Research
-- Methodology: Business Risk/Financial Risk Matrix Expanded, Sept. 18,
2012
-- Rating Government-Related Entities: Methodology And Assumptions, Dec.
9, 2010
-- Stand-Alone Credit Profiles: One Component Of A Rating, Oct. 1, 2010
-- Business And Financial Risks In The Investor-Owned Utilities Industry,
Nov. 26, 2008
Read More..
of the company's international business to the group's cash flows and assets
increases significantly, such that it becomes the key rating driver. This
could be due to SingPower's material expansion in markets and businesses that
we view as being of lesser quality than the T&D business in Singapore. The
Australian business currently contributes about 60% of SingPower's total
EBITDA and the Singapore business contributes the rest. We assess the credit
profile of the group's Australian business to be in the 'bbb' category and
that of the Singapore business to be in the 'a' category.
We believe that there is a "high" likelihood that the government of Singapore
(AAA/Stable/A-1+; axAAA/axA-1+), through SingPower's parent, Temasek Holdings
(Private) Limited (AAA/Stable/A-1+; axAAA/axA-1+), would provide timely and
sufficient extraordinary support to SingPower in the event of financial
distress. However, we believe that government and shareholder support is not
absolute.
We assess the stand-alone credit profile of SingPower to be 'a-'. In
accordance with our criteria for government-related entities, our view of a
"high" likelihood of extraordinary government support is based on our
assessment of the following SingPower characteristics:
-- Its "important" role as the holding company for SPPA, which owns and
maintains Singapore's electricity T&D assets, and SP PowerGrid Ltd., which
manages SPPA's assets; and
-- Its "very strong" link with the government.
We expect SingPower's cash flow adequacy measures to weaken in the next one to
two years as the company undertakes a tunnel project in Singapore to replace
aging underground transmission cables and lay new cables to support the growth
in electricity demand. The project is estimated to cost about Singapore dollar
(S$) 2 billion, and we expect SingPower to fund about 70% of the cost through
borrowings. We estimate SingPower's ratio of funds from operations (FFO) to
debt to drop to 11%-12% for the next two years, compared with about 13% for
the fiscal year ended March 31, 2012.
Nevertheless, SingPower's diverse high-quality cash flow, liability management
efforts, and solid access to financial markets mitigate the impact of the
company's weaker cash flow and profitability measures.
Liquidity
SingPower's liquidity is "adequate," as defined in our criteria. We expect the
company's liquidity sources (including cash, FFO, and credit facilities) to
exceed its uses by at least 1.2x over the next 12 months. Our liquidity
assessment is based on the following factors and assumptions:
-- Cash and cash equivalents and available lines under committed bank
facilities fully cover debt maturities over the next 12 months.
-- EBITDA is predictable, which is supported by a favorable regulatory
framework.
-- We believe net liquidity sources will remain above cash requirements
even if EBITDA declines by 20%.
SingPower has supportive banking relationships and has good access to debt
capital markets in Singapore and Australia.
Outlook
The stable outlook reflects our expectation that SingPower will continue to
have stable cash flows and will pro-actively manage its liabilities in the
next couple of years while pursuing growth investments.
We may lower the rating on SingPower if we lower the likelihood of
extraordinary government support by one category to "moderately high." We
could also downgrade SingPower if its stand-alone credit profile weakens by
one notch to 'bbb+' due to either of the following:
-- SingPower departs significantly from its strategy of staying in its
core T&D business in a stable regulatory environment; or
-- The contribution of SingPower's international businesses to the
group's cash flows and assets increases materially, such that it becomes the
key driver of the rating; or
-- SingPower's cash flow adequacy and liquidity deteriorate, or the
company's tunnel project faces material delays and cost overruns, such that
its FFO-to-debt ratio heads toward 10% or below.
Conversely, while the probability of an upgrade is low, we could raise the
rating if we raise the likelihood of extraordinary support by one category to
"very high" or SingPower's stand-alone credit profile improves by three
notches.
Related Criteria And Research
-- Methodology: Business Risk/Financial Risk Matrix Expanded, Sept. 18,
2012
-- Rating Government-Related Entities: Methodology And Assumptions, Dec.
9, 2010
-- Stand-Alone Credit Profiles: One Component Of A Rating, Oct. 1, 2010
-- Business And Financial Risks In The Investor-Owned Utilities Industry,
Nov. 26, 2008
TEXT-S&P summary: Tokio Marine Retakaful Pte. Ltd.
Labels: Business(The following statement was released by the rating agency)
Dec 18 -
===============================================================================
Summary analysis -- Tokio Marine Retakaful Pte. Ltd. -------------- 18-Dec-2012
===============================================================================
CREDIT RATING: None. Please see issue list. Country: Singapore
Primary SIC: Surety insurance
===============================================================================
Financial Strength Rating History:
27-Jan-2011 AA-
01-Oct-2007 AA
===============================================================================
Rationale
Our rating on Singapore-based Tokio Marine Retakaful Pte Ltd. (TMRt) reflects
the unconditional guarantee of policy obligations provided to the entity by
Japan-based Tokio Marine & Nichido Fire Insurance Co. Ltd. (Tokio Marine &
Nichido Fire; AA-/Negative/A-1+), part of Tokio Marine Group. TMRt's immediate
holding company is Singapore-based Tokio Marine Asia Pte. Ltd. (TMAsia; not
rated). Both Tokio Marine & Nichido Fire and TMAsia are wholly owned
subsidiaries of Japan's Tokio Marine Holdings Inc. (not rated).
This explicit support agreement meets the guarantee criteria of Standard &
Poor's Ratings Services. We expect Tokio Marine & Nichido Fire to ensure that
claims made by TMRt policyholders are paid, and as a consequence, the rating
on TMRt will move in tandem with those on Tokio Marine & Nichido Fire.
TMRt originally commenced operations in 2004 as a reinsurance company
specializing in the takaful business, which is an alternative insurance that
follows principles of Islamic Law and is often considered more acceptable to
Muslims than conventional insurance. TMRt now focuses on life retakaful, which
is also referred to as family retakaful, and generates most of its business in
Malaysia and the Middle East.
Outlook
The negative outlook on the rating on TMRt reflects the outlook on the rating
on its guarantor, Tokio Marine & Nichido Fire. The rating or outlook on TMRt
would only move in tandem with a change in the rating or outlook on Tokio
Marine & Nichido Fire.
Rating Criteria And Research
Interactive Ratings Methodology, published April 22, 2009
Group Methodology, published April 22, 2009
Read More..
Dec 18 -
===============================================================================
Summary analysis -- Tokio Marine Retakaful Pte. Ltd. -------------- 18-Dec-2012
===============================================================================
CREDIT RATING: None. Please see issue list. Country: Singapore
Primary SIC: Surety insurance
===============================================================================
Financial Strength Rating History:
27-Jan-2011 AA-
01-Oct-2007 AA
===============================================================================
Rationale
Our rating on Singapore-based Tokio Marine Retakaful Pte Ltd. (TMRt) reflects
the unconditional guarantee of policy obligations provided to the entity by
Japan-based Tokio Marine & Nichido Fire Insurance Co. Ltd. (Tokio Marine &
Nichido Fire; AA-/Negative/A-1+), part of Tokio Marine Group. TMRt's immediate
holding company is Singapore-based Tokio Marine Asia Pte. Ltd. (TMAsia; not
rated). Both Tokio Marine & Nichido Fire and TMAsia are wholly owned
subsidiaries of Japan's Tokio Marine Holdings Inc. (not rated).
This explicit support agreement meets the guarantee criteria of Standard &
Poor's Ratings Services. We expect Tokio Marine & Nichido Fire to ensure that
claims made by TMRt policyholders are paid, and as a consequence, the rating
on TMRt will move in tandem with those on Tokio Marine & Nichido Fire.
TMRt originally commenced operations in 2004 as a reinsurance company
specializing in the takaful business, which is an alternative insurance that
follows principles of Islamic Law and is often considered more acceptable to
Muslims than conventional insurance. TMRt now focuses on life retakaful, which
is also referred to as family retakaful, and generates most of its business in
Malaysia and the Middle East.
Outlook
The negative outlook on the rating on TMRt reflects the outlook on the rating
on its guarantor, Tokio Marine & Nichido Fire. The rating or outlook on TMRt
would only move in tandem with a change in the rating or outlook on Tokio
Marine & Nichido Fire.
Rating Criteria And Research
Interactive Ratings Methodology, published April 22, 2009
Group Methodology, published April 22, 2009
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