- Fitch Upgrades Motorola to 'A-/F1'; Outlook Stable
Fitch has upgraded the following Motorola Inc.'s (Motorola) ratings:
-- Issuer Default Rating (IDR) to 'A-' from 'BBB+';
-- Senior unsecured debt to 'A-' from 'BBB+';
-- Commercial paper to 'F1' from 'F2'.
In addition, Fitch has assigned an 'A-' rating to Motorola's $1 billion senior credit facility expiring May 2007. Approximately $4.2 billion of public debt securities are affected by Fitch's action. The Outlook is Stable. - Discover(R) Network Adds Dollar Tree Stores to List of Exclusive Acceptance Merchants
Discover(R) Network, a business unit of Discover Financial Services and Morgan Stanley (NYSE:MS), today announced that it has signed an agreement with Dollar Tree Stores Inc. (NASDAQ:DLTR), that will provide for exclusive acceptance at a majority of its stores. Under the terms of the agreement, Discover Network cards will be the only credit cards accepted for payment at more than 2,100 of Dollar Tree's nationwide locations. - Fitch: U.S. Credit Card ABS Issuance Trusts Updated for June
ch Ratings today updated its U.S. credit card ABS issuance trust updates for the month of June for the following issuers:
-- American Express Issuance Trust;
-- Capital One Multi-asset Execution Trust;
-- Chase Issuance Trust;
-- Citibank Credit Card Issuance Trust;
-- MBNA Credit Card Master Note Trust;
-- Washington Mutual Master Note Trust (fka Providian Gateway Master Trust). - Fitch Teleconference: Credit DPCs
The rapid advent of credit derivative product companies (credit DPCs) represents an important step in the continued evolution of the global credit derivative markets,Managing Director and call leader Richard Gambel will be joined by Senior Director Alan Dunetz as they pose various questions on current and emerging developments with respect to credit DPCs, as well as detail Fitch's rating methodology. - Bridie Fanning Appointed Senior Vice President of Human Resources at NCR
NCR Corporation (NYSE:NCR) announced today that Bridie Fanning has been named senior vice president of the company's Human Resources, effective Sept. 5.
Fanning, who will report to NCR President and Chief Executive Officer Bill Nuti, joins NCR from GE where she is vice president of Human Resources for GE Retail Consumer Finance, a leading provider of credit services to consumers.
Fanning succeeds Chris Wallace, who was named to the senior vice president post of NCR's Worldwide Customer S - MasterCard(R) PayPass(TM) Increases Customer Loyalty and Moves Payments Away From Cash
MasterCard(R) PayPass(TM) users are showing a marked change in their behavior while making their small, everyday purchases, MasterCard Worldwide announced today. The results of internal MasterCard data, dating back to September 2005, coupled with performance data provided by a major PayPass issuer, showed that consumers are loyal to PayPass merchants, use their PayPass-enabled cards more often than traditional payment cards and are showing an overall preference for electronic. - Auto Financial Group Partners with Credit Union Acceptance Company
Auto Financial Group (AFG), an online provider of residual-based financing products for credit unions, announced today that it has signed an agreement with Credit Union Acceptance Company (CUAC), a Credit Union Services Organization. Under the agreement, CUAC will offer AFG's Driving Sense(TM) vehicle balloon financing product to credit unions and their members. - A.M. Best Upgrades Ratings of Infrassure Ltd.
A.M. Best Co. has upgraded the financial strength rating to A- (Excellent) from B++ (Very Good) of Infrassure Ltd. (Switzerland) and assigned an issuer credit rating of "a-". The outlook for both ratings is stable. - GE Money's AquaVantage to Finance GE Water Treatment Products
GE Money's Retail Sales Finance unit today announced a multi-year agreement to provide revolving consumer credit to retailers who sell water treatment products manufactured by GE Water & Process Technologies. The financing will be offered through GE Money's industry-wide AquaVantage program. - GERS Partners with ApprovalWare to Deliver Integrated, Multimedia / Multi-Lender Credit Decisions
GERS Retail Systems, a leading provider of enterprise software solutions, today announced that they have entered into marketing and system integration agreements with ApprovalWare, Inc., a Mt. Kisco, NY-based provider of multi-lender / multimedia credit "decisioning" technology within the retailing, mortgage, telecommunications, and healthcare sectors. - Peoples State Bank Marks Its Second Anniversary in Utilizing Biometric Check Cashing Services
Peoples State Bank, located in Madison Heights, Michigan is a prime example of how biometrics is revolutionizing the way that banks conduct business. As an early adopter of biometrics, Peoples State Bank has had U.S. Biometrics' CheckQ system in place for the past two years. CheckQ tracks an individual's transaction history for check cashing and credit card advances. - Cash Systems, Inc. Adds New Member to Board of Directors
Cash Systems, Inc (NASDAQ: CKNN) announced today that Don R. Kornstein has been named to the Company's Board of Directors. - ePlus Announces Three Year Renewal of its Credit Agreement with National City Bank
ePlus inc. (Nasdaq NGM:PLUS), a leading provider of Enterprise Cost Management solutions, announced today that it has renewed its $35 million credit facility for an additional three year term. The two-bank facility includes the Agent bank, National City Bank ($20 million), and Branch Banking and Trust Company ("BB&T") ($15 million). The amendment is a continuation of a banking relationship ePlus has had with National City for more than six years. - Equity Office Acquires Office Tower at 1540 Broadway in Midtown Manhattan for $525.1 Million
Equity Office (NYSE:EOP) announced today that it has acquired the office portion of 1540 Broadway, formerly known as the "Bertelsmann Building," in Midtown Manhattan for approximately $525.1 million net of closing adjustments, including tenant improvement and free rent credits, and a lease termination fee. The office portion consists of 906,287 square feet, or 83%, of the building's nearly 1.1 million square feet. - Revlon Announces Upsizing of Term Loan Add-On to Bank Credit Agreement
Revlon, Inc. provided an update to its recent July 12, 2006 announcement that its wholly-owned operating subsidiary, Revlon Consumer Products Corporation ("RCPC"), is seeking an amendment to its 2004 bank credit agreement to, among other things, add $75 million to the credit agreement's term loan facility. - Fitch Rates Target Corporation's $750MM Notes 'A+'; Outlook Stable
Fitch assigns a rating of 'A+' to Target Corporation's (Target) $750 million issue of 5.875% 10-year notes. The proceeds from the offering will be used for general corporate purposes. The Rating Outlook is Stable. - MasterCard Incorporated (NYSE:MA) will release its second quarter 2006 financial results.
The dial-in information for this call is 800-299-7098 (within the US) and 617-801-9715 (outside the US) and the passcode is 64899002. A replay of the call will be available for one week following the meeting. The replay can be accessed by dialing 888-286-8010 (within the US) and 617-801-6888 (outside the US) and using passcode 65688882.
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