Tag: Credit

‘Vindicating’: An Analyst Who Lowered the U.S.’s Credit Rating in 2011 on Fitch’s Downgrade

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When Nikola Swann heard that Fitch Ratings had removed the United States from its list of risk-free borrowers this week, he felt a sense of satisfaction.

“It was vindicating,” he says.

More than a decade ago, Swann played a key role in a similar decision: He was Standard & Poor’s primary analyst for its sovereign credit rating on the United States when the agency became the first ever to downgrade the nation’s long-term credit rating amid a debt ceiling standoff

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Universal Credit claimants could face key change to payments if they’re in a couple | Personal Finance | Finance

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Couples in Scotland who receive Universal Credit as a single payment may soon be able to get a ‘split’ payment.

Social Security Secretary for the devolved Scottish Government, Shirley-Anne Somerville, said officials are preparing a policy proposal to present to the DWP.

She said in response to a written question: “Scottish Government officials are continuing to work closely with the Department for Work and Pensions (DWP) to consider the feasibility of introducing split payments of Universal Credit.

“Officials expect to

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White House Hits Back on Fitch Credit Downgrade, Protecting Biden

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When the Fitch Ratings agency announced this week that it was downgrading its long-term credit rating of the United States from AAA to AA+, Biden administration officials were ready — and angry.

Administration officials had been lobbying Fitch against the downgrade, which bewildered many economists but became immediate fodder for congressional Republicans and nonpartisan budget hawks to criticize the nation’s current fiscal direction.

When the ratings agency went through with the move anyway, President Biden’s team mobilized a rapid response,

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Markets Still Weigh the Meaning of a U.S. Credit Rating Cut

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Stocks appear set to open lower today, after falling yesterday in the wake of Fitch Ratings downgrading the United States’s AAA credit rating. (Treasury yields rose as well.)

White House officials, economists and some prominent Wall Street leaders said the move, which took the U.S. rating to AA+ because of concerns about growing federal deficits and political polarization, was puzzling and wouldn’t have much impact. But others have said Fitch’s move, while largely symbolic,

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Universal Credit claimants in for major change to benefits within weeks | Personal Finance | Finance

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The DWP is continuing to move people on legacy benefits over to Universal Credit this month.

Claimants should look out for a migration notice letter to inform them they are being switched over and giving them three months to put in their claim for Universal Credit.

The DWP will be contacting people in these areas this month:

  • West Scotland

  • Derbyshire

  • South London

  • Staffordshire

  • West Yorkshire

Universal Credit is replacing these six benefits:

The DWP is moving people across in stages,

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DeSantis Rips Biden Over U.S. Credit Being Downgraded: Florida’s Rating ‘Nation’s Blueprint’

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Florida Governor Ron DeSantis called out President Joe Biden’s disastrous economic policies this week that have led to one of the “Big Three” credit agencies lowering the United States’ rating by a tick on Tuesday.

Fitch Ratings downgraded the country’s Long-Term Foreign-Currency Issuer Default Rating from top-rated “AAA” to “AA+” in a move that could lead to higher interest rates and borrowing costs. It follows the federal government narrowly avoiding a default on its debt earlier this summer and several

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Credit Acceptance Q2 earnings: Net income down 79%; car loans up

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Credit Acceptance Corp.’s net income fell to $22.2 million, down 79 percent from a year earlier as the major non-prime auto lender collected less than it expected from borrowers and saw “below-average” loan prepayment rates cut into its cash flow.

Net income also was impacted by Credit Acceptance revamping its forecasting to take into account more recent loans with weaker performance, the lender said in announcing earnings Aug. 1. The revised projections were among the factors leading Credit Acceptance to

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What Fitch’s Downgrade of the US Credit Rating Means

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Markets are pointing down this morning after Fitch Ratings downgraded the United States’ AAA long-term credit rating, citing the “steady deterioration in standards of governance over the last 20 years” that have eroded confidence in fiscal management.

It’s unlikely that the move — only the second downgrade in American history — will dent investor appetite for Treasury notes. But the decision is another sign that Wall Street is worried about political chaos, including

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