Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Moody's Corporation    MCO

MOODY'S CORPORATION (MCO)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
The feature you requested does not exist. However, we suggest the following feature:

Moody's: Hartford Must Raise New Revenue To Support Turnaround

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/26/2018 | 02:08pm CEST

April 26--A robust state bailout for Hartford will help the city tread water financially, but its leaders must find new ways to raise revenue and boost economic development, according to a report by Moody's Investors Service.

"State assistance can reduce the risk of default but won't pave the way for a lasting turnaround unless challenges such as a stagnant tax base, sluggish economy and limited revenue growth are addressed," the agency said.

"The Hartford bailout reduces the city's long-term liabilities by nearly 40 percent, but sustainable financial health will not be achieved without improved revenue growth, managing expenses and a more diversified economy."

The assessment, released Monday, comes weeks after Hartford leaders announced that the state would pay off the city's $550 million in general obligation debt, a subsidy that could exceed $750 million with interest over the next two decades. The bailout was arranged to help Hartford avoid Chapter 9 bankruptcy. Legislation adopted in October permits the state to enter into debt assistance contracts with cities and towns.

In exchange for the aid, city officials have agreed to be placed under state oversight. The oversight panel monitors Hartford's budgets, labor agreements and contracts, and can reject any of them. The city can't issue new debt without the board's approval.

Moody's noted in its report that a surge in city bailouts is unlikely given the oversight panel's strict requirements. Any community that seeks additional aid is subject to state monitoring.

"Other struggling municipalities such as New Haven and Bridgeport could seek and receive large aid packages, but they would have to accept the loss of control over finances that can come with a bailout," officials with Moody's said.

Following Hartford's bailout, the agency this month raised the city's bond rating 13 notches, to A2. It had downgraded the rating to junk status last fall after Mayor Luke Bronin threatened to file for bankruptcy.

Hartford has created a five-year financial plan that is now being weighed by the oversight board. The plan relies on additional state funding -- about $40 million extra per year for the next several years -- to keep the city afloat. Most of that aid comes through the debt assistance.

Bronin last week unveiled a $567 million budget for 2018-19 that cuts spending but avoids layoffs. The oversight board is reviewing the plan and must sign off on it.

___

(c)2018 The Hartford Courant (Hartford, Conn.)

Visit The Hartford Courant (Hartford, Conn.) at www.courant.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on MOODY'S CORPORATION
04/26MOODY'S : Hartford Must Raise New Revenue To Support Turnaround
AQ
04/26MOODY : and Local Bank Host Business Engagement
AQ
04/26RATING ACTION : Moody's Affirms Four and Downgrades Three Classes of JPMCC 2007-..
AQ
04/26ANNOUNCEMENT : Moody's publishes April edition of 'Structured Thinking: Asia Pac..
AQ
04/26RATING ACTION : Moody's Affirms Seven Classes of COMM 2015-LC21
AQ
04/25MOODY : Elects Vincent Forlenza and Gerrit Zalm to Board of Directors
BU
04/25MOODY : EMEA leveraged finance issuance volumes hit $63.9b
AQ
04/25RATING ACTION : Moody's assigns (P)Baa2 rating to PLN's proposed global MTN prog..
AQ
04/25RATING ACTION : Moody's withdraws Ladbrokes' ratings and outlook
AQ
04/25MOODY : Oil is on the Boil Again as Price Tops $75
AQ
More news
News from SeekingAlpha
04/26Notable earnings before Friday?s open 
04/24Moody's declares $0.44 dividend 
04/15Akre Focus Fund Commentary First Quarter 2018 
03/08BY THE NUMBERS : Profitable Stocks With Reasonable Valuations And Rising Earning.. 
03/07Moody's (MCO) Presents At Raymond James 39th Annual Institutional Investors C.. 
Financials ($)
Sales 2018 4 701 M
EBIT 2018 2 073 M
Net income 2018 1 436 M
Debt 2018 3 549 M
Yield 2018 1,08%
P/E ratio 2018 22,07
P/E ratio 2019 19,74
EV / Sales 2018 7,28x
EV / Sales 2019 6,73x
Capitalization 30 665 M
Chart MOODY'S CORPORATION
Duration : Period :
Moody's Corporation Technical Analysis Chart | MCO | US6153691059 | 4-Traders
Technical analysis trends MOODY'S CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 177 $
Spread / Average Target 8,7%
EPS Revisions
Managers
NameTitle
Raymond W. McDaniel President, Chief Executive Officer & Director
Henry K. McKinnell Chairman
Michael S. Crimmins Chief Financial Officer, Senior VP & Controller
Tony Stoupas Chief Information Officer & Senior Vice President
Basil L. Anderson Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
MOODY'S CORPORATION8.71%30 665
S&P GLOBAL INC11.61%47 146
RELX-10.95%44 890
RELX N.V.-7.80%44 761
THOMSON REUTERS CORP-6.55%28 310
EXPERIAN GROUP-0.89%20 904