International Business News - Credit http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif Standard & Poor's Ratings Services on Friday lowered its non-investment grade corporate credit and senior unsecured debt ratings for Lennar Corp. to "BB" from "BB+," citing the effects of the housing slump on the homebuilder's profitability. http://www.ibtimes.com/articles/20080516/s-p-cuts-lennar-ratings-citing-housing-slump-woes.htm Fri, 16 May 2008 17:21:27 EDT Americans' increasing preference for paying with plastic has pitted retailers against credit card companies in a dispute over the cost of the billions of transactions. http://www.ibtimes.com/articles/20080515/retailers-assail-credit-card-fees-in-house-hearing.htm Thu, 15 May 2008 16:43:22 EDT Wall Street investment companies are borrowing from the Federal Reserve's emergency lending program at a fairly steady pace. The Federal Reserve said in a report Thursday that those firms averaged $16.6 billion in daily borrowing over the past week. That compared with $16.5 billion in the previous week. In the prior five weeks, investment firms had reduced their borrowing from the central bank. http://www.ibtimes.com/articles/20080515/investment-firms-borrowing-at-fairly-steady-pace.htm Thu, 15 May 2008 16:35:20 EDT Americans' increasing preference for paying with plastic has pitted retailers against credit card companies in a dispute over the cost of the billions of transactions. http://www.ibtimes.com/articles/20080515/retailers-assail-credit-card-fees-in-house-hearing.htm Thu, 15 May 2008 15:37:01 EDT The Federal Reserve has auctioned $7.2 billion in safe Treasury securities to big investment firms, part of an ongoing effort to ease credit stresses. http://www.ibtimes.com/articles/20080515/fed-auctions-7-2b-in-treasurys-to-ease-credit-stress.htm Thu, 15 May 2008 14:50:45 EDT The Federal Reserve has auctioned $7.2 billion in safe Treasury securities to big investment firms, part of an ongoing effort to ease credit stresses. http://www.ibtimes.com/articles/20080515/fed-auctions-7-2b-in-treasurys-to-ease-credit-stresses.htm Thu, 15 May 2008 14:38:18 EDT Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday. http://www.ibtimes.com/articles/20080515/bernanke-banks-must-get-better-at-foreseeing-risk.htm Thu, 15 May 2008 11:30:00 EDT Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday. http://www.ibtimes.com/articles/20080515/bernanke-banks-need-to-bolster-risk-management.htm Thu, 15 May 2008 09:56:18 EDT Federal Reserve Chairman Ben Bernanke says commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles. http://www.ibtimes.com/articles/20080515/bernanke-banks-need-to-bolster-risk-management.htm Thu, 15 May 2008 09:29:05 EDT Credit Agricole said Thursday it plans to sell $7.72 billion worth of assets and named a new leader at its investment bank. The French bank, shaken by the global credit crisis, will also seek $9.1 billion in new capital. http://www.ibtimes.com/articles/20080515/credit-agricole-seeks-7-72-billion-in-new-capital.htm Thu, 15 May 2008 06:27:59 EDT Retailers and consumer groups will take a swipe at the credit card industry Thursday, as they urge members of Congress to change the way card companies set the fees merchants pay on electronic transactions. http://www.ibtimes.com/articles/20080515/ahead-of-the-bell-credit-card-fee-fight.htm Thu, 15 May 2008 06:21:29 EDT Moody's Investors Service on Tuesday changed the outlook on its ratings for Popular Inc., the parent company of Banco Popular, to "Negative" from "Stable," citing concerns about weakening liquidity in 2009. http://www.ibtimes.com/articles/20080513/moodys-cuts-popular-inc-outlook-to-negative.htm Tue, 13 May 2008 15:46:30 EDT French bank Credit Agricole SA said Tuesday its board may attempt to raise $9.1 billion through a rights issue to plug a hole from losses tied to bad U.S debt. http://www.ibtimes.com/articles/20080513/frances-agricole-may-raise-9-1b-to-offset-losses.htm Tue, 13 May 2008 08:54:13 EDT Federal Reserve Chairman Ben Bernanke says turmoil in financial markets has eased, but the situation is still not back to normal. The central bank has taken a number of unconventional steps, especially since March, when the credit crisis intensified, to help banks and big investment firms overcome problems and try to get credit flowing more freely again. http://www.ibtimes.com/data/articleimgs/45883-bernanke.jpg http://www.ibtimes.com/articles/20080513/bernanke-financial-turmoil-markets-easing.htm http://www.ibtimes.com/articles/20080513/bernanke-financial-turmoil-markets-easing.htm Tue, 13 May 2008 08:20:37 EDT Portfolio Recovery Associates Inc., a bad-debt collector, said Monday it expanded its bank credit line to $340 million. Previously, the company had a $270 million bank line. The new line includes a three-year expiration, the company said. http://www.ibtimes.com/articles/20080512/portfolio-recovery-associates-boosts-credit-line.htm Mon, 12 May 2008 09:44:02 EDT Moody's Investors Service on Friday affirmed its investment grade "A2" senior unsecured and "P-1" commercial paper ratings for Stanley Works, following the tool maker's decision to increase its commercial paper program. http://www.ibtimes.com/articles/20080509/moodys-backs-ratings-for-stanley-works.htm Fri, 09 May 2008 13:53:00 EDT Gourmet pizza restaurant chain California Pizza Kitchen Inc. said Thursday it entered into a new $150 million credit facility with a syndicate of banks. http://www.ibtimes.com/articles/20080508/california-pizza-kitchen-enters-into-150m-credit-facility.htm Thu, 08 May 2008 16:56:41 EDT Wall Street investment companies are reducing their borrowing from the Federal Reserve's emergency lending program. The Federal Reserve said in a report Thursday that those firms averaged $16.5 billion in daily borrowing over the past week. That compared with $18.6 billion in the previous week. http://www.ibtimes.com/articles/20080508/investment-cos-reduce-emergency-borrowing-from-fed.htm Thu, 08 May 2008 16:38:41 EDT The Federal Reserve has auctioned $28.77 billion in safe Treasury securities to big investment firms, part of an ongoing effort to ease credit problems. http://www.ibtimes.com/articles/20080508/fed-auctions-28-77b-in-treasurys-to-ease-credit-problems.htm Thu, 08 May 2008 14:47:02 EDT The Federal Reserve has auctioned $28.77 billion in safe Treasury securities to big investment firms, part of an ongoing effort to ease credit problems. http://www.ibtimes.com/articles/20080508/fed-auctions-28-77b-in-t-bills-to-ease-credit-problems.htm Thu, 08 May 2008 14:41:18 EDT