M2 Banking & Credit News

S&P Cuts Penhall Intl to Ccc- On Covenant-Breach Concern

BANKING AND CREDIT NEWS-June 25, 2010-S&P cuts Penhall Intl to CCC- on covenant-breach concern (C)2010 M2 COMMUNICATIONS http:// www.m2.com 25 June 2010 - S&P on Thursday chopped by two notches to CCC- its ratings on US construction and demolition contracting services provider Penhall International Corp, including the long-term corporate credit rating.

S&P Ends Rating of Japanese Nis Group

BANKING AND CREDIT NEWS-June 25, 2010-S&P ends rating of Japanese NIS Group (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - S&P today pulled out its CCC- long-term counterparty credit rating on Japanese loan services provider NIS Group (TYO:8571).

Sumitomo Mitsui Banking Allots Usd108m Financing to Us Aircastle

BANKING AND CREDIT NEWS-June 25, 2010-Sumitomo Mitsui Banking allots USD108m financing to US Aircastle (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - Japanese lender Sumitomo Mitsui Banking Corp has granted a USD108m (EUR87.3m) pre-delivery payment financing to US jet aircraft leasing services provider Aircastle Ltd (NYSE:AYR), Aircastle said on Thursday.

S&P Raises, Pulls Out Ratings On Xto Energy On Acquisition by Exxon

BANKING AND CREDIT NEWS-June 25, 2010-S&P raises, pulls out ratings on XTO Energy on acquisition by Exxon (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - S&P on Thursday hiked to AAA from BBB its senior unsecured debt ratings on US oil and gas company XTO Energy (NYSE:XTO).

S&P Pulls Out Rating of Russell Hobbs After Takeover by Spectrum Brands

BANKING AND CREDIT NEWS-June 25, 2010-S&P pulls out rating of Russell Hobbs after takeover by Spectrum Brands (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - S&P on Thursday removed its B corporate credit rating on kitchen and other household appliance maker Russell Hobbs Inc.

S&P May Lift Meg Energy's Ratings On Good Project Development

BANKING AND CREDIT NEWS-June 25, 2010-S&P may lift MEG Energy's ratings on good project development (C)2010 M2 COMMUNICATIONS http:/ /www.m2.com 25 June 2010 - S&P on Thursday put on "positive" watch its BB- long-term corporate credit and BB+ senior secured debt ratings on MEG Energy Corp, citing its good project development and maintenance of a moderate financial profile.

S&P Hikes Sinton Independent School District's Go Debt Rating to A+

BANKING AND CREDIT NEWS-June 25, 2010-S&P hikes Sinton Independent School District's GO debt rating to A+ (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - S&P on Thursday upgraded by one notch to A+ its underlying rating (SPUR) and issuer credit rating on Sinton Independent School District, Texas' existing parity general obligation (GO) debt.

National Penn Bancshares Sells Christiana Bank to Wsfs Financial for Usd34.5m

BANKING AND CREDIT NEWS-June 25, 2010-National Penn Bancshares sells Christiana Bank to WSFS Financial for USD34.5m (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - Pennsylvania-based National Penn Bancshares (NASDAQ:NPBC) said on Thursday it has agreed to offload its subsidiary Christiana Bank to peer WSFS Financial Corp (NASDAQ:WSFS) for USD34.5m (EUR27.9m).

Oppenheimer, Roth Capital Handle Chinese Synutra's Stock Offering

BANKING AND CREDIT NEWS-June 25, 2010-Oppenheimer, ROTH Capital handle Chinese Synutra's stock offering (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - US investment banks Oppenheimer & Co (NYSE:OPY) and ROTH Capital Partners are acting as joint underwriters of the proposed common stock offering of Chinese infant formula company Synutra International (NASDAQ:SYUT), the latter said on Thursday.

S&P Raises Lafayette Central School District's Go Debt Rating to Aa-

BANKING AND CREDIT NEWS-June 25, 2010-S&P raises Lafayette Central School District's GO debt rating to AA- (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - S&P has upgraded to AA- from A its underlying (SPUR) rating on Lafayette Central School District, New York's outstanding general obligation (GO) bonds.

S&P Ups Fibervisions Delaware Corp's Second-Lien Debt Rating to B+

BANKING AND CREDIT NEWS-June 24, 2010-S&P ups FiberVisions Delaware Corp's second-lien debt rating to B+ (C)2010 M2 COMMUNICATIONS http://www.m2.com 24 June 2010 - S&P yesterday revised to B+ from B and to 2 from 4 its issue and recovery ratings, respectively, on

Taiwan Shin Kong Commercial Banks Series 99-1 Debentures Rated Twa

BANKING AND CREDIT NEWS-June 24, 2010-Taiwan Shin Kong Commercial Banks series 99-1 debentures rated twA (C)2010 M2 COMMUNICATIONS http://www.m2.com 24 June 2010 - Taiwan Ratings Corp today rated at twA the series 99-1 TWD3bn (USD93m/EUR75m) perpetual non-cumulative unsecured subordinated debenture issued by Taiwan Shin Kong Commercial Bank.

Riyad Bank Adds Branch in Saudi Capital, Brings Total to 228

BANKING AND CREDIT NEWS-June 25, 2010-Riyad Bank adds branch in Saudi capital, brings total to 228 (C)2010 M2 COMMUNICATIONS http:// www.m2.com 25 June 2010 - Saudi-based commercial lender Riyad Bank (SAU:1010) has added a branch in the capital Riyadh, bringing its network across the kingdom to 228 units, Al Riyadh daily said on Thursday.

S&P Removes Rating On Envirosolutions Holdings On Lack of Info

BANKING AND CREDIT NEWS-June 25, 2010-S&P removes rating on EnviroSolutions Holdings on lack of info (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - S&P today terminated its D corporate credit rating on US waste hauler and landfill operator EnviroSolutions Holdings Inc citing the lack of adequate information to maintain coverage.

S&P Puts Enertech Environmental On 'Negative' Watch

BANKING AND CREDIT NEWS-June 25, 2010-S&P puts EnerTech Environmental on "negative" watch (C)2010 M2 COMMUNICATIONS http:// www.m2.com (ADPnews) - Jun 25, 2010 - S&P on Thursday put on "negative" watch its BB rating on US biosolids-to-fuel processor Enertech Environmental California LLC's senior tax-exempt revenue bonds and senior taxable revenue bonds.

S&P Cuts Compass Bancshares to a On Weak Results

BANKING AND CREDIT NEWS-June 24, 2010-S&P cuts Compass Bancshares to A on weak results (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - S&P on Wednesday slashed by one notch to A its long-term credit rating on US bank holding company Compass Bancshares Inc.

Fitch Rates Direct Asia Insurance Singapore at Bbb-

BANKING AND CREDIT NEWS-June 25, 2010-Fitch rates Direct Asia Insurance Singapore at BBB- (C)2010 M2 COMMUNICATIONS http:// www.m2.com 25 June 2010 - Fitch on Thursday gave its BBB- insurer financial strength rating with a "stable" outlook to newly incorporated direct personal lines insurer Direct Asia Insurance Singapore.

Crisil Lifts Rating On Shivani to B+

BANKING AND CREDIT NEWS-June 25, 2010-CRISIL lifts rating on Shivani to B+ (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - Indian credit rating agency CRISIL lifted yesterday to B+ from B the rating while keeping the outlook "stable" on the long-term bank facilities of local packaging company Shivani Flexipack Ltd.

Crisil Assigns Bb- to Kalyani Engineering's Bank Facilities

BANKING AND CREDIT NEWS-June 25, 2010-CRISIL assigns BB- to Kalyani Engineering's bank facilities (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - Indian credit rating agency CRISIL assigned yesterday a rating of BB- with a "stable" outlook to the long-term bank facilities of local Kalyani Engineering Works.

Crisil Upgrades Ratings On Nizam to C/P4

BANKING AND CREDIT NEWS-June 25, 2010-CRISIL upgrades ratings on Nizam to C/P4 (C)2010 M2 COMMUNICATIONS http://www.m2.com 25 June 2010 - Indian credit rating agency CRISIL upgraded yesterday to C from D and to P4 from P5 the ratings on the respective long- and short-term bank facilities of local Nizam Deccan Sugars Ltd.