Fitch Ratings has downgraded the Commonwealth of Puerto Rico's general obligation (GO) and related debt ratings to 'B' from 'BB-' and placed them on Rating Watch Negative. The complete list of affected credits is included at the end of this release.
Today's action on the GO rating results in a downgrade of the Puerto Rico Aqueduct and Sewer Authority (PRASA) senior lien revenue bonds to 'B' from 'B+' and maintained on Negative Watch. However, it does not affect Fitch's ratings on debt of the Puerto Rico Electric Power Authority (PREPA; rated 'CC', Watch Negative).
The downgrade and Negative Watch reflect elevated concerns regarding both the ability of the Commonwealth to execute a financing to bolster the liquidity cushion of the Government Development Bank (GDB), and thereby that of the Commonwealth, and the willingness to pay on the part of the legislature. These issues are clearly related, as Fitch believes that recent statements and actions by the legislature that would result in an abrogation of the Commonwealth's commitments to general government bondholders have increased the challenges to a successful Puerto Rico Infrastructure Finance Authority (PRIFA) financing and, at a minimum, are likely to result in an increase in already elevated borrowing costs.
Interesting read. Very long and in depth article.http://www.janney.com/File%20Library/Muni%20Sector%20Scorecard/PR-March-2015.pdf#481_42771896_18911_-1_1426772314051
Cohen barking about bonds again. Probably why we were off today
It will be most interesting to see the action around $15.25. After that is the gap to almost $18. Volumes are strong on every push up. Pretty soon the sellers will be gone and all that's left are buyers.
Just saw this written by Joe Williams today:
zulily, inc. (NASDAQ:ZU) witnessed a selling pressure and the shares last traded with a loss of -0.08 points or -0.56% at $13.4. Investors jumped in to buy the shares on weakness. The net money flow till latest update was calculated at $1.74 million with an inflow of $8.08 million in upticks and an outflow of $6.35 million in downticks. Using the data, the up/down ratio is found to be 1.27. This is very significant and implies that the smart money is buying the counter on dips. The share price has recorded -4.39% on a weekly basis.A block trade of $1.23 million in uptick and $0.13 million in downtick was also observed, resulting in an up/down ratio of 9.11. The net money flow of the block trade stood at a $1.09, signaling heavy buying.
Do some homework and read this:http://semiaccurate.com/2015/03/02/behind-fake-qualcomm-snapdragon-810-overheating-rumors/