Montana's 'AA' general obligation (GO) debt rating reflects our opinion of the state's strong economic growth and financial performance in fiscals 2004-2007, historical willingness to respond to weakened revenues with expenditure cuts and new revenue-generating measures, and continued very low debt burden, according to a report published today by Standard & Poor's Ratings Services.
"In our opinion, despite currently softer revenue performance and projections of lower reserve levels, the state is likely to maintain good reserve levels given its history of budgetary conservatism and willingness to make necessary expenditure reductions," said Standard & Poor's credit analyst Paul Dyson. "In addition, the state's economy has been spared the brunt of the national economic downturn, and sources indicate the state will be one of the first in the U.S. to return to peak employment."
Montana's general fund revenues increased by nearly 10% annually to $1.95 billion in 2008 from $1.13 billion in 2002, then declined 11% to an estimated $1.74 billion in 2009. The state recorded five consecutive general fund surpluses totaling $521 million during fiscals 2003-2007. The fiscal 2008 unreserved fund balance fell to $433 million, or 23% of expenditures, and according to state officials is estimated at $383 million, or 22% of expenditures, for fiscal 2009. In perspective, the 2009 biennium budget had a projected ending available fund balance of $125 million, and more current state estimates pegged it at $180 million. However, the state's fund balance performance comfortably exceeded both, totaling $383 million, due to strong revenue growth and successful reversions of appropriations of more than $90 million.
Montana's unemployment rate has consistently been less volatile than and below that of the U.S. and was 6.4% as of October 2009 -- the fourth lowest among the 50 states. Seasonally adjusted payroll employment has lost only 9,600 jobs since December 2007, which makes the state the seventh best for payroll job growth since the recession began. Moreover, according to IHS Global Insight, Montana will return to peak employment during 2010-2011, one of only a few states to rebound that quickly. The state actually added 6,500 jobs in July and August 2009, and year-over-year job losses of just 0.7% put the state fourth lowest in the nation.
Montana is the fourth-largest state in area in the U.S. and has a population of 979,480 as of 2009, up 8% since 2000. Montana's economy is dominated by tourism, agriculture, and mining; lumber and recreation are the major sources of income in the western part of the state, and agriculture in the east. Montana's GO debt totals a very low $183 million, or a very low $187 per capita and 0.6% of personal income.
The report is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to research_request@standardandpoors.com. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided.
Wednesday, December 16, 2009
Barclays Capital lists iPath Exchange Traded Note on SGX, first-ever ETN in Asia outside Japan
Barclays Capital, the investment banking division of Barclays Bank PLC, and Singapore Exchange Limited (SGX) today announced the listing of the iPath Dow Jones-UBS Commodity Index Total ReturnSM Exchange-Traded Note (ETN) on the SGX. The iPath Dow Jones-UBS Commodity Index Total ReturnSM ETN is the first-ever ETN listed in Asia outside Japan and provides both institutional and retail investors with exposure to a broad range of commodities during the Asian time zone.
iPath ETNs were first launched by Barclays Capital in the US in 2006 and are designed to provide investors with convenient access to the returns of market benchmark indices, less investor fees. The iPath ETNs are senior, unsecured, unsubordinated debt securities linked to the performance of an underlying index.
"We are very excited to bring the iPath ETN platform to investors in Asia. iPath ETNs have been tremendously successful in the US attracting over US$5 billion in market capitalisation with over US$80 billion in volume traded since inception," said Philippe El-Asmar, Head of Investor Solutions at Barclays Capital. "iPath ETNs provide investors with simple, transparent, cost efficient instruments that provide access to difficult-to-reach markets with the ease of trading through an exchange," he added.
Ms Janice Kan, Senior Vice President & Head of Product Development at SGX said, "We are pleased to be the first listing venue for Barclays Capital's iPath ETN platform in Asia. The launch of this new product class broadens our suite of investment offerings and will provide investors with cost-efficient access to the commodities asset class, and eventually, a range of other asset classes. This underpins our efforts in developing SGX as the one-stop investment gateway in Asia."
Peter Hu, Barclays Capital's Head of Investor Solutions in Non Japan Asia said, "We are delighted to be able to provide investors with a new way to invest across different asset classes during Asian trading hours. The iPath Dow Jones-UBS Commodity Index Total ReturnSM ETN we are launching today enables investors to gain exposure to a broad range of underlying commodities with ease via a single, liquid and transparent instrument. We see self-directed investors becoming an increasingly important client segment in Asia and we plan to cater for their varied investment needs by launching many more iPath ETNs in the future."
iPath ETNs were first launched by Barclays Capital in the US in 2006 and are designed to provide investors with convenient access to the returns of market benchmark indices, less investor fees. The iPath ETNs are senior, unsecured, unsubordinated debt securities linked to the performance of an underlying index.
"We are very excited to bring the iPath ETN platform to investors in Asia. iPath ETNs have been tremendously successful in the US attracting over US$5 billion in market capitalisation with over US$80 billion in volume traded since inception," said Philippe El-Asmar, Head of Investor Solutions at Barclays Capital. "iPath ETNs provide investors with simple, transparent, cost efficient instruments that provide access to difficult-to-reach markets with the ease of trading through an exchange," he added.
Ms Janice Kan, Senior Vice President & Head of Product Development at SGX said, "We are pleased to be the first listing venue for Barclays Capital's iPath ETN platform in Asia. The launch of this new product class broadens our suite of investment offerings and will provide investors with cost-efficient access to the commodities asset class, and eventually, a range of other asset classes. This underpins our efforts in developing SGX as the one-stop investment gateway in Asia."
Peter Hu, Barclays Capital's Head of Investor Solutions in Non Japan Asia said, "We are delighted to be able to provide investors with a new way to invest across different asset classes during Asian trading hours. The iPath Dow Jones-UBS Commodity Index Total ReturnSM ETN we are launching today enables investors to gain exposure to a broad range of underlying commodities with ease via a single, liquid and transparent instrument. We see self-directed investors becoming an increasingly important client segment in Asia and we plan to cater for their varied investment needs by launching many more iPath ETNs in the future."
Tuesday, December 15, 2009
Accumetrics Closes 2009 with Positive Outlook
New distribution agreements, favorable clinical data, and significant capital financing position the company for continued growth in 2010 Accumetrics, Inc., developer and marketer of the VerifyNow(R) System, the first rapid and easy-to-use diagnostic system for measuring an individual's response to multiple antiplatelet agents, announced that 2009 included a doubling in the number of international and U.S. distribution agreements, as well as positive medical community support, and significant capital financing
that will take the company into 2011.
In 2009, the company continued its commitment to creating a powerful, worldwide distribution network aimed at gaining adoption of its products at end-user levels. Spanning Europe, Latin America and Asia, Accumetrics currently has partnerships with 20 leading international distributors who provide the company with local representation in over 30 countries. Latest additions to the international distribution network include Keller Medical in Germany, ZAO "Schag" in Russia and VSA Alta Complejidad S.A. in Argentina. Accumetrics continued to strengthen its U.S. presence by partnering with 10 cardiovascular specialty distributors to enhance support to the company's growing base of clinicians in the domestic hospital market. Accumetrics has
also partnered with National Distribution & Contracting, Inc. (NDC), the largest organization of independent medical supply distributors in North America, to expand its distribution network in the physician office lab
marketplace.
Increasing evidence of the clinical value of platelet reactivity testing was demonstrated in several presentations of new clinical studies including the POPular study, presented at the American Heart Association Scientific Sessions in November, and a meta-analysis presented at a symposium during the 2009 Transcatheter Cardiovascular Therapeutics (TCT ) Conference. These data also build upon the anticipation of the results of the GRAVITAS trial, which has now completed 80% enrollment.
"2009 has proven to be an outstanding year of growth for Accumetrics," said Timothy I. Still, CEO and President of Accumetrics. "We look at 2010 as a breakthrough year for the company, and are pleased to be in a position to capitalize on the growing clinical acceptance of platelet reactivity testing."
Accumetrics concluded 2009 with $17.1 million in new capital financing, which will fully support the company into 2011. Proceeds will fund a number of key 2010 milestones including expanded claims for existing products, new product development and continued expansion of commercialization efforts. About Accumetrics (www.accumetrics.com)
Accumetrics is committed to advancing medical understanding of platelet function and enhancing quality of care for patients receiving antiplatelet therapies by providing industry-leading and widely accessible diagnostic tests for rapid platelet function assessment.
Accumetrics' VerifyNow System is the first rapid and easy to use platform for measuring an individual's response to multiple antiplatelet agents. Addressing every major antiplatelet drug, including FDA-cleared products for aspirin, P2Y12 inhibitors (e.g. prasugrel (Effient(TM)) and clopidogrel (Plavix(R))), and the GP IIb/IIIa inhibitors (e.g. ReoPro(R) and Integrilin(R)), the VerifyNow System provides a valuable tool to help
physicians make more informed treatment decisions.
The Accumetrics logo and VerifyNow are registered trademarks of Accumetrics, Inc. ReoPro is a registered trademark of Centocor, Inc. Integrilin is a registered trademark of Millennium Pharmaceuticals. Plavix is a registered trademark of sanofi-aventis. Effient is a trademark of Eli Lilly and Company.
that will take the company into 2011.
In 2009, the company continued its commitment to creating a powerful, worldwide distribution network aimed at gaining adoption of its products at end-user levels. Spanning Europe, Latin America and Asia, Accumetrics currently has partnerships with 20 leading international distributors who provide the company with local representation in over 30 countries. Latest additions to the international distribution network include Keller Medical in Germany, ZAO "Schag" in Russia and VSA Alta Complejidad S.A. in Argentina. Accumetrics continued to strengthen its U.S. presence by partnering with 10 cardiovascular specialty distributors to enhance support to the company's growing base of clinicians in the domestic hospital market. Accumetrics has
also partnered with National Distribution & Contracting, Inc. (NDC), the largest organization of independent medical supply distributors in North America, to expand its distribution network in the physician office lab
marketplace.
Increasing evidence of the clinical value of platelet reactivity testing was demonstrated in several presentations of new clinical studies including the POPular study, presented at the American Heart Association Scientific Sessions in November, and a meta-analysis presented at a symposium during the 2009 Transcatheter Cardiovascular Therapeutics (TCT ) Conference. These data also build upon the anticipation of the results of the GRAVITAS trial, which has now completed 80% enrollment.
"2009 has proven to be an outstanding year of growth for Accumetrics," said Timothy I. Still, CEO and President of Accumetrics. "We look at 2010 as a breakthrough year for the company, and are pleased to be in a position to capitalize on the growing clinical acceptance of platelet reactivity testing."
Accumetrics concluded 2009 with $17.1 million in new capital financing, which will fully support the company into 2011. Proceeds will fund a number of key 2010 milestones including expanded claims for existing products, new product development and continued expansion of commercialization efforts. About Accumetrics (www.accumetrics.com)
Accumetrics is committed to advancing medical understanding of platelet function and enhancing quality of care for patients receiving antiplatelet therapies by providing industry-leading and widely accessible diagnostic tests for rapid platelet function assessment.
Accumetrics' VerifyNow System is the first rapid and easy to use platform for measuring an individual's response to multiple antiplatelet agents. Addressing every major antiplatelet drug, including FDA-cleared products for aspirin, P2Y12 inhibitors (e.g. prasugrel (Effient(TM)) and clopidogrel (Plavix(R))), and the GP IIb/IIIa inhibitors (e.g. ReoPro(R) and Integrilin(R)), the VerifyNow System provides a valuable tool to help
physicians make more informed treatment decisions.
The Accumetrics logo and VerifyNow are registered trademarks of Accumetrics, Inc. ReoPro is a registered trademark of Centocor, Inc. Integrilin is a registered trademark of Millennium Pharmaceuticals. Plavix is a registered trademark of sanofi-aventis. Effient is a trademark of Eli Lilly and Company.
Thai bourse lists TLOGIS property fund on December 16
The Stock Exchange of Thailand (SET) will list and trade TPARK Logistics Property Fund in the Property Fund Sector, Property & Construction Group on December 16, using “TLOGIS,” as its trading symbol, revealed SET Chief Market Officer, Issuer & Listing, Vichate Tantiwanich.
TLOGIS is a closed-end fund with an unspecified project life. TLOGIS is THB1,533 million (approx. USD46.21 million) in fund size, consisting of 153.30 million investment units with a par value of THB10.00 per unit. TLOGIS plans to use the funds raised to investment in land, warehouses and cold storage for two projects of Ticon Logistics Park Co., Ltd., which are Ticon Logistics Park in Bangna, Bangkok and Ticon Logistics Park in Wang Noi, Ayudhya.
TLOGIS’s rental space is located near Bangkok’s Suvarnbhumi Airport, and is in an excellent distribution center to serve the North, Central, and Northeast regions. In addition, TLOGIS shall have income guarantee after common area service for seven years and a month.
TLOGIS offered its investment units to the general public at THB10.00 per unit during November 18-25. BBL Asset Management Co., Ltd. was the fund manager. TLOGIS’s dividend payment policy is to pay no less than two times a year, and not less than 90% of net profits, excluding unrealized profit from immovable property.
TLOGIS’ major unitholders are Ticon Industrial Connection PCL, which holds 30.66 million units; the Social Security Office, holding 20 million units, Muang Thai Life Assurance Company Limited, with 10 million units, or 20%, 13.05% and 6.52% , respectively, of issued units.
TLOGIS is a closed-end fund with an unspecified project life. TLOGIS is THB1,533 million (approx. USD46.21 million) in fund size, consisting of 153.30 million investment units with a par value of THB10.00 per unit. TLOGIS plans to use the funds raised to investment in land, warehouses and cold storage for two projects of Ticon Logistics Park Co., Ltd., which are Ticon Logistics Park in Bangna, Bangkok and Ticon Logistics Park in Wang Noi, Ayudhya.
TLOGIS’s rental space is located near Bangkok’s Suvarnbhumi Airport, and is in an excellent distribution center to serve the North, Central, and Northeast regions. In addition, TLOGIS shall have income guarantee after common area service for seven years and a month.
TLOGIS offered its investment units to the general public at THB10.00 per unit during November 18-25. BBL Asset Management Co., Ltd. was the fund manager. TLOGIS’s dividend payment policy is to pay no less than two times a year, and not less than 90% of net profits, excluding unrealized profit from immovable property.
TLOGIS’ major unitholders are Ticon Industrial Connection PCL, which holds 30.66 million units; the Social Security Office, holding 20 million units, Muang Thai Life Assurance Company Limited, with 10 million units, or 20%, 13.05% and 6.52% , respectively, of issued units.
Subscribe to:
Posts (Atom)