AP source: Polanco reaches agreement with Marlins

MIAMI (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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AP Source: Jets will consider options with Sanchez

FLORHAM 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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Michael Phelps voted AP male athlete of year

Now 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.
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S&P lifts Greek rating from selective default

NEW 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.
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Stocks edge higher as budget talks move ahead

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      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.

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TEXT-S&P summary: SP PowerAssets Ltd.

 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..
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..