LA FORTUNA NON ESiSTE:ESISTE IL MOMENTO IN CUI IL TALENTO INCONTRA.....

PRESS RELEASE: Moody's Assigns Baa2 Rating To Old Spanish Trail/Almeda Corridors Redevelopment Authority's $22M Tax Increment Contract Revenue Bonds, Series 2010
The following is a press release from Moody's Investors Service: AFFECTS $27.9M IN PARITY DEBT, INCLUDING THE CURRENT ISSUE Old Spanish Trail/Almeda Corr.Redev.Auth., TX Municipality Texas Moody's Rating Issue Rating Tax Increment Contract Revenue Bonds, Series 2010 Baa2 Sale Amount $22,000,000 Expected Sale Date 10/28/10 Rating Description Tax Increment Contract Revenue Bonds NEW YORK, October 18, 2010 -- Moody's Investors Service has assigned a Baa2 rating on the Old Spanish Trail/Almeda Corridors Redevelopment Authority's [TX] $22 million Tax Increment Contract Revenue Bonds, Series 2010. Concurrently, we have affirmed the Baa2 rating on $27.9 million in parity debt, including the current issue. Bond proceeds will be used for road reconstruction, park improvements and the construction of a new Houston Public Library. RATING RATIONALE The rating reflects a history of growth in pledged revenues that provides satisfactory coverage levels, a concentrated tax base, adequate legal structure, and risk associated with the participation of Houston Independent School District (HISD). Annual principal and interest requirements are payable from the contract tax increments, certain other funds on deposit with the trustee or which may be deposited with the trustee in the future, and earnings and investments. Reductions in coverage caused by further declines in incremental values, further leveraging or changes in participation levels could impact credit quality. SOLID GROWTH IN INCREMENTAL VALUES The Old Spanish Trail/Almeda Corridors Redevelopment Authority was created by the City of Houston to facilitate development of 656 acres located between the Houston Medical Center and blighted areas in south central Houston. The tax base of the zone was frozen as of the date of the creation in 1997, and expanded with a subsequent annexation (to 1,215 acres), at $177 million. Assessed values (A.V.) in the zone have shown a trend of steady growth, which reversed in tax year 2010 (fiscal 2011) with a -3.9% decline in total full value, driving a 4.7% decline in incremental value. The taxable full value is projected (5% remains uncertified) at $961 million in 2011. The difference between the base value and the 2011 A.V. is the incremental value on which taxes are levied to repay debt service requirements, resulting in incremental value of $783 million. Incremental value growth over the last five years has averaged a strong 18.5%. This rate of growth reflects significant development within the Authority, particularly of new multi- family projects . Development within the Authority has largely abated aside from more modest single family and commercial development. Significant land remains for development or redevelopment, however, the pace of expansion seen in prior years in not expected to resume in the near term. In 2008, the Authority annexed an additional 497 acres. This annexation does not represent significant taxable value potential as it largely encompasses right of way and parkland. As with similar entities, the top ten taxpayers (eight of which are multi-family) comprise a highly concentrated 48% of 2010 incremental values. The Authority's largest taxpayer is a high rise apartment building (9.5% of incremental value) completed in 2008 and originally intended to be marketed as a condominium building. Occupancy reportedly remains low at 65% and could impact upon future valuations. The Authority's second largest taxpayer (5.7% of incremental value) is the sister condo property and was bought out of bankruptcy shortly before foreclosure was expected. The marketing of the condominium properties is ongoing. TAX INCREMENT REVENUES PROVIDED BY CITY OF HOUSTON AND HOUSTON ISD; HARRIS COUNTY PARTICIPATION HAS TERMINATED The redevelopment authority pledges and receives from each participant taxes that they collect on the incrementa
 
IBM net rises 12% on slight revenue increase

SAN FRANCISCO (MarketWatch) -- International Business Machines Corp. /quotes/comstock/13*!ibm/quotes/nls/ibm (IBM 138.67, -4.16, -2.91%) said Monday its third-quarter net income rose to $3.6 billion, or $2.82 a share, from $3.2 billion, or $2.40 a share in the same period last year. The Armonk, N.Y.-based technology giant said revenue for the period ended in September rose 3% to $24.3 billion. Analysts polled by FactSet Research had expected IBM to report third-quarter earnings of $2.76 a share, and $24.2 billion in revenue.
 
Apple sold 8.4 mln iPhones in Q4, up 68%

Apple FactSet Research rev view $18.93 bln

Apple FactSet Research EPS view $4.10

Apple Q4 revenue $20.34 bln vs $12.21 bln

Apple sold 3.27 mln iPads in Q4
 

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