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Fitch Affirms Rhode Island Student Loan Authority 2009 Trust

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the ratings of the bonds issued by the Rhode Island Student Loan Authority (RISLA) 2009 Trust at ‘Asf’. The Outlook remains Stable.

A detailed list of rating actions follows at the end of this press release.

The affirmations are based on a sufficient level of enhancement to cover the applicable risk factor stresses. The collateral consists of 100% private student loans.

KEY RATING DRIVERS

Adequate Collateral Quality: The trust is collateralized by approximately $147.1 million of private student loans as of September 2014. The loans were originated under the Rhode Island Family Education Loan program by RISLA. The projected rating defaults are expected to range between 9%-11% as a percentage of the current pool balance. A recovery rate of 55% was applied which was determined to be appropriate based on data provided by the issuer.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC; the excess of trust’s asset balance over bond balance) and excess spread. Total parity is currently 110.36% as of September 2014. Cash may be released to the issuer until Dec. 1, 2017 provided that parity exceeds 121%.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by RISLA. Fitch believes the servicing operations are acceptable at this time.

RATING SENSITIVITIES

As Fitch’s base case default proxy is derived primarily from historical collateral performance, actual performance may differ from the expected performance, resulting in higher loss levels than the base case. This will result in a decline in CE and remaining loss coverage levels available to the notes and may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Fitch will continue to monitor the performance of the trust.

A comparison of the transaction’s Representations, Warranties and Enforcement Mechanisms (RW&E) to those of typical RW&Es for that asset class is available at www.fitchratings.com

Fitch affirms the following ratings:

Rhode Island Student Loan Authority Series 2009

–Serial 2015 at ‘Asf’; Outlook Stable;

–Serial 2016 at ‘Asf’; Outlook Stable;

–Serial 2017 at ‘Asf’; Outlook Stable;

–Serial 2017* at ‘Asf’; Outlook Stable;

–Serial 2018 at ‘Asf’; Outlook Stable;

–Serial 2019 at ‘Asf’; Outlook Stable;

–Serial 2019* at ‘Asf’; Outlook Stable;

–Serial 2020 at ‘Asf’; Outlook Stable;

–Serial 2021 at ‘Asf’; Outlook Stable;

–Serial 2022 at ‘Asf’; Outlook Stable;

–Term 2030 at ‘Asf’; Outlook Stable.

Rhode Island Student Loan Authority Series 2010A

–Serial 2015 at ‘Asf’; Outlook Stable;

–Serial 2016 at ‘Asf’; Outlook Stable;

–Serial 2017 at ‘Asf’; Outlook Stable;

–Serial 2018 at ‘Asf’; Outlook Stable;

–Serial 2019 at ‘Asf’; Outlook Stable;

–Serial 2020 at ‘Asf’; Outlook Stable;

–Serial 2021 at ‘Asf’; Outlook Stable;

–Serial 2022 at ‘Asf’; Outlook Stable;

–Serial 2023 at ‘Asf’; Outlook Stable;

–Serial 2024 at ‘Asf’; Outlook Stable;

–Serial 2025 at ‘Asf’; Outlook Stable;

–Serial 2026 at ‘Asf’; Outlook Stable.

Rhode Island Student Loan Authority Series 2010B

–Serial 2015 at ‘Asf’; Outlook Stable;

–Serial 2016 at ‘Asf’; Outlook Stable;

–Serial 2017 at ‘Asf’; Outlook Stable;

–Serial 2018 at ‘Asf’; Outlook Stable;

–Serial 2019 at ‘Asf’; Outlook Stable;

–Serial 2020 at ‘Asf’; Outlook Stable;

–Serial 2021 at ‘Asf’; Outlook Stable;

–Serial 2022 at ‘Asf’; Outlook Stable;

–Serial 2023 at ‘Asf’; Outlook Stable;

–Serial 2024 at ‘Asf’; Outlook Stable;

–Serial 2025 at ‘Asf’; Outlook Stable.

Rhode Island Student Loan Authority Series 2012A

–Serial 2015 at ‘Asf’; Outlook Stable;

–Serial 2016 at ‘Asf’; Outlook Stable;

–Serial 2017 at ‘Asf’; Outlook Stable;

–Serial 2018 at ‘Asf’; Outlook Stable;

–Serial 2019 at ‘Asf’; Outlook Stable;

–Serial 2020 at ‘Asf’; Outlook Stable;

–Serial 2021 at ‘Asf’; Outlook Stable;

–Serial 2022 at ‘Asf’; Outlook Stable;

–Serial 2023 at ‘Asf’; Outlook Stable;

–Serial 2024 at ‘Asf’; Outlook Stable;

–Serial 2025 at ‘Asf’; Outlook Stable.

Rhode Island Student Loan Authority Series 2013A

–Serial 2015 at ‘Asf’; Outlook Stable;

–Serial 2016 at ‘Asf’; Outlook Stable;

–Serial 2017 at ‘Asf’; Outlook Stable;

–Serial 2018 at ‘Asf’; Outlook Stable;

–Serial 2019 at ‘Asf’; Outlook Stable;

–Serial 2020 at ‘Asf’; Outlook Stable;

–Serial 2021 at ‘Asf’; Outlook Stable;

–Serial 2022 at ‘Asf’; Outlook Stable;

–Serial 2023 at ‘Asf’; Outlook Stable;

–Serial 2024 at ‘Asf’; Outlook Stable;

–Serial 2025 at ‘Asf’; Outlook Stable;

–Serial 2026 at ‘Asf’; Outlook Stable;

–Serial 2027 at ‘Asf’; Outlook Stable;

–Serial 2028 at ‘Asf’; Outlook Stable;

Rhode Island Student Loan Authority Series 2014

–A(2015) at ‘Asf’; Outlook Stable;

–A(2016) at ‘Asf’; Outlook Stable;

–A(2017) at ‘Asf’; Outlook Stable;

–A(2018) at ‘Asf’; Outlook Stable;

–A(2019) at ‘Asf’; Outlook Stable;

–A(2020) at ‘Asf’; Outlook Stable;

–A(2021) at ‘Asf’; Outlook Stable;

–A(2022) at ‘Asf’; Outlook Stable;

–A(2023) at ‘Asf’; Outlook Stable;

–A(2024) at ‘Asf’; Outlook Stable;

–A(2025) at ‘Asf’; Outlook Stable;

–A(2026) at ‘Asf’; Outlook Stable;

–A(2027) at ‘Asf’; Outlook Stable;

–A(2028) at ‘Asf’; Outlook Stable;

–A(2029) at ‘Asf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘U.S. Private Student Loan ABS Criteria’ (Jan. 29, 2014);

–‘Global Structured Finance Rating Criteria’ (Aug. 4, 2014);

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (Oct. 31, 2014);

–‘Rhode Island Student Loan Authority 2014 Senior Series A–Appendix’ (April 1, 2014).

Applicable Criteria and Related Research:

U.S. Private Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=730956

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Rhode Island Student Loan Authority 2014 Senior Series A — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=739055

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=978947

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Investment & Company InformationFinanceFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Charlene M. Davis

Director

+1 212-908-0213

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1 212-908-9171

or

Media Relations:

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Affirms Rhode Island Student Loan Authority Series 2012-2

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed the Rhode Island Student Loan Authority Series 2012-2 class 2012-2 note at ‘AAAsf’. The Rating Outlook remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% (99.84% Non-Rehab; 0.16% Rehab) of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch’s opinion, based on the guarantees provided by the transaction’s eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch currently rates the U.S. sovereign ‘AAA’ with a Stable Outlook.

Sufficient Credit Enhancement (CE): The CE is provided by overcollateralization and future excess spread. As of June 2014, total parity is 104.39% (4.2% CE). The trust is a turbo structure therefore no cash is released until the note is paid in full.

Adequate Liquidity Support: Liquidity support for the note is provided by a debt service reserve account. The reserve is sized equal to the greater of 0.25% of the pool balance and $390,000. Additionally, a $600,000 balance will be retained in the revenue fund until the September 2015 monthly distribution date.

Acceptable Servicing Capabilities: Day-to-day servicing is provided by Nelnet Servicing, LLC. Fitch considers Nelnet to be an acceptable servicer of FFELP loans.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

A comparison of the transaction’s representations, warranties, and enforcement mechanisms (RW&Es) to those of typical RW&Es for FFELP asset-backed securities is available in the presale appendix. This presale appendix and Fitch’s special report on ‘Representations, Warranties, and Enforcement Mechanisms on Global Structured Finance Transactions,’ may be accessed via the links provided below.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 20, 2014);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (June 23, 2014).

–‘Rhode Island Student Loan Authority, Series 2012-2 Appendix’ dated Nov. 7, 2012;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions – Amended’ dated April 17, 2012.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

Rhode Island Student Loan Authority, Series 2012-2 Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=692972

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=901394

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch RatingsRhode IslandFFELP Contact:

Fitch Ratings, Inc.

Primary Analyst

Paul Jiang

Analyst

+1-212-908-9120

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations:

Sandro Scenga, New York, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Location, not cash, SC's loan player headache


Location, not cash, SC’s loan player headache

STU PIDDINGTON

Last updated 05:00 23/08/2014

Relevant offers

The South Canterbury Rugby Union is happy to fund loan players on a case-by-case basis but the problem is location not money, according to chairman Brent Isbister.

Heartland coach Chester Scott has struggled to secure quality players this season and it appears money is a major sticking point.

Isbister said there was no “set in stone budget” for loan players.

“Board policy is that funding requests will be considered on their merits. The board have an open mind on loan players.”

The Heartland team management had discussed loan player funding with the union but there have been no specific requests as yet, he said.

“The potential player needs to be significantly better than what we have here already and at a reimbursement that is affordable and meets competition rules.

“Sometimes it is not easy to find that combination.”

Isbister said funding requests are also balanced between the need to fund community rugby and the desire to be a leading Heartland union.

The budget for running the 2014 campaign is $145,000. The Herald understands less than $4000 of that is targeted on loan players. Competition rules allow three plus a “player of origin”.

Isbister said money was often not the issue.

“Our location, two hours drive from Christchurch and Dunedin, for practice and games being a key impediment, as an example.

Isbister did not necessarily believe the provinces with the best loan players won.

“I wouldn’t agree every year that is the case but I would agree it is becoming more important.

“It was important when East Coast won [in 2012] but has had long-term financial ramifications for them.”

Isbister said ideally South Canterbury would field a winning team of locally grown players.

“The board is reviewing its high performance strategy to that end.

“We are also implementing specific initiatives to fund the Heartland team’s fortunes in future seasons thus increasing budget flexibility.”

In the past they had run a “try time” initiative through the Heartland team with the funds being used to support them.

“This has been picked up again this season and members of the public can support the team by donating an amount per try.”

There was also a chance to win prizes, he said.

Isbister said the union is also running a “Green and Black” club targeting former representatives on a subscription basis.

Three days before the Heartland Championship kicked off Scott secured the services of two players to face Wanganui.

Cook Island international lock Simon Marcel, who plays club rugby in Auckland, has signed on.

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Englishman Angus Compton-Bowyer, a first five who played club rugby in Hawkes Bay, will make his appearance off the bench.

– The Timaru Herald

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Next Sport story:

South Canterbury neighbours shape up best

Timaru Herald Homepage

[…]

Fitch Expects to Rate Rhode Island Student Loan Authority 2014-1; Issues Presale

NEW YORK–(BUSINESS WIRE)–

Link to Fitch Ratings’ Report: Rhode Island Student Loan Authority, Series 2014-1 (US Student Loans)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749648

Fitch Ratings expects to rate Rhode Island Student Loan Authority, series 2014-1 as follows:

–$93,100,000 series 2014-1 notes ‘AAAsf(EXP)’; Outlook Stable;

KEY RATING DRIVERS

High Collateral Quality: The trust collateral for the notes is comprised of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high and based on the guarantees provided by the transaction’s eligible guarantors and at least 97% reinsurance of principal and accrued interest provided by the U.S. Department of Education (ED).

Sufficient Credit Enhancement: The cash flow results for the notes were satisfactory under Fitch ‘AAAsf’ stresses. At closing, total parity is expected to be approximately 110.03%. Total credit enhancement (CE) is provided by overcollateralization of $9,336,141. Excess cash cannot be release from the trust until all notes are fully redeemed.

Adequate Liquidity Support: Liquidity support for the RISLA Series 2014-1 notes is provided by a $250,000 reserve account (0.25% of initial student loan balance) and funded at closing. The required reserve account balance for any distribution dates is 0.25% of the outstanding student loan balance or $250,000.

Acceptable Servicing Capabilities: Day-to-day servicing is provided by Nelnet Servicing, LLC (Nelnet) for 100% of the loans. Fitch has reviewed the servicing operations of Nelnet and believes it to be an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Key Rating Drivers and Rating Sensitivities are further detailed in the presale report, released today and available at ‘www.fitchratings.com‘ or by clicking on the link.

A comparison of the transaction’s Representations, Warranties & Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that asset class is available by accessing the appendix that accompanies the initial Presale Report. Please refer to ‘ Rhode Island Student Loan Authority, Series 2014-1 — Appendix ‘, published on June 2, 2014 at www.fitchratings.com.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 2014);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (April 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=832660

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch RatingsStudent LoansRhode IslandFFELP Contact:

Fitch Ratings

Primary Analyst

Emily Lee

Director

+1 212-908-0667

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Secondary Analyst

Harry Kohl

Associate Director

+1 212-908-0866

or

Committee Chairperson

Michael Dean

Managing Director

+1 212-908-0556

or

Media Relations, New York

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Rep. Ferri's Bill Would Lower Interest Allowed on Payday Loans in …

Rhode Island lawmakers are considering a bill that would revise existing rules on payday loans. The short-term loans are limited to $500, must be paid back in two weeks, and carry interest rates as steep as 280 percent. The proposal, sponsored by Rep. Frank Ferri (D-Warwick), would cap interest at 36 percent and force payday lenders to follow the same rules as other lenders. The House Finance Committee held the measure for further study.

Ferri is sponsoring the bill for the fourth year in a row. It has gained support from groups such as the Rhode Island AFL-CIO, the Rhode Island Coalition for the Homeless, AARP Rhode Island, and the Rhode Island Payday Lending Coalition. It also has received push-back, however, from payday loan providers that operate in the state.

Rhode Island is one of about 35 states that allow some form of payday lending. State law currently lets lenders charge up to $10 in fees for every $100 borrowed.

[…]

Report: Mets owner refinances $250M loan

Mets secure $250M loan refinancing

Updated: January 31, 2014, 12:01 AM ET

By Adam Rubin | ESPNNewYork.comRecommend0 Tweet0 Comments0 Print

NEW YORK — New York Mets owner Fred Wilpon and family, who faced a massive $250 million loan against the team coming due in the next few months, have successfully arranged for it to be refinanced, according to a published report.

The Post reported that the refinanced loan will not come due for seven years, freeing the cash-strapped owners from an immediate, burdensome obligation that could put their ownership of the team in peril.

The newspaper added that interest payments will remain about the same for team owners under the new terms. They will not be required to immediately pay down any principal as part of the refinancing agreement — avoiding the type of immediate lump-sum obligation that could trip them up.

The refinanced loan reportedly also does not restrict the Mets’ payroll, whereas the original loan’s terms capped how much the Mets could spend on players. The Mets’ payroll currently is about $87 million for 2014 — well below what is customary in a large market such as New York.

The owners have faced financial peril in recent years in part because they invested in swindler Bernard Madoff’s Ponzi scheme. They recently sold minority ownership shares in the club in order to pay down debt, including a loan from Major League Baseball.

<![CDATA[ .vote-module { margin: 10px; } ]]>Recommend0 Tweet0 Comments0 Print Subscribe

Adam Rubin

ESPNNewYork.com

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Adam Rubin has covered the Mets since 2003. He’s a graduate of Mepham High School on Long Island and the Wharton School of the University of Pennsylvania. He joined ESPNNewYork after spending 10 years at the New York Daily News.

Follow Adam on Twitter »Chat archive » […]

Rapid Recovery Solution, An Authority Among Commercial Debt …

Image 1fe254d74cb909e51ad43110387308f4

Bohemia, NY (PRWEB) November 28, 2013

Rapid Recovery Solution, Inc. voices its disapproval of high-interest loans targeting servicemen and women.

According to a November 22 article from The New York Times’ Dealbook titled “Service Members Trapped In Cycle of Debt,” payday loans are crippling the bank accounts of many of America’s bravest citizens. Thousands of active duty members are at risk of falling victim to these high-interest monetary advances.

One such soldier, Petty Officer First Class Vernaye Kelly, has publicly opposed the predatory practices of some lenders. “Someone has to start caring…I’m worried about the sailors who are coming up behind me.” Officer Kelly sees $ 350 deducted from each of her bimonthly Navy paychecks to pay off loans with interest rates of nearly 40 percent.

In 2006, Congress passed the Military Lending Act to protect service members from dangerous short-term loans and caps interest rates at 36 percent. However, the law does not cover loans over $ 2,000 that last for more than three months. Auto-title loans of six months and over are also exempt from the act’s protections.

John Monderine, CEO of Rapid Recovery Solution, voices his objections. “Although any group of consumers being victims of predatory loans is worrisome, it is especially unsettling to see service members singled out by aggressive lenders. They often turn to payday loans without fully understanding the ramifications of the commitments. Therefore, it is the responsibility of our armed forces to better educate soldiers on financial matters.” Monderine continues. “Any consumer, especially those in the military, curious about how to best satisfy their outstanding loans should turn to the guidance of commercial debt collection agencies.

Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.

#####

This entry was posted in Payday Loans and tagged , , , , , , , , , , , , , . Bookmark the permalink. […]

KBRA Affirms DBUBS 2011-LC3 Commercial Mortgage Trust PM Certificates

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency (KBRA) affirmed its ratings on all six PM classes of DBUBS 2011-LC3 Commercial Mortgage Trust (see ratings list below). The PM certificates were issued in conjunction with a $1.6 billion CMBS conduit/fusion transaction and derive their cash flow solely from the Providence Place Mall loan. The Providence Place Mall loan is a single $296.3 million non-recourse, first lien mortgage loan secured by a leasehold interest in 980,711 sf of Providence Place Mall, a 1.3 million sf super-regional mall located in Providence, Rhode Island. The land underlying the property is leased from the Rhode Island Economic Development Corporation under a 99-year ground lease expiring in 2096 with four, 99-year extension options.

The proceeds from the mortgage loan were used by GGP Limited Partnership (GGP) to refinance existing debt. The loan bears interest at an annualized rate of 5.203% and amortizes on a 30-year amortization schedule. Providence Place Mall has three anchors, Macy’s (200,000 sf), Nordstrom (197,000 sf), and JCPenney (116,691 sf). Macy’s and JCPenney own their improvements subject to ground leases with the borrower.

The transaction has exhibited stable performance since issuance. For the trailing twelve months (TTM) ending March 2013, in-line tenants occupying less than 10,000 sf generated sales of $618 per sf, a 0.2% decrease from $628 as of Full-Year 2012. The current sales performance is 34.4% above the International Council of Shopping Centers (ICSC) average national mall sales, which were $460 per sf as of June 2013, and 13.4% above ICSC US Northeast region sales, which were $545 per sf for the same period.

KBRA used information obtained from the trustee, US Bank National Association, and the servicer, Wells Fargo Bank, National Association, to analyze the loan collateral. The analysis produced a KBRA Net Cash Flow (KNCF) of $34.4 million and a KBRA value of $444.1 million, each of which has increased 0.4% since August 2012 and 2.5% since issuance. The resulting in-trust KBRA Loan to Value (KLTV) was 66.7%.

Class of Certificates

Rating Current Balance (USD) Rating Action Class PM-1 AAA (sf) $134,508,519 Affirmed Class PM-X AAA (sf) $187,160,172 (1) Affirmed Class PM-2 AAA (sf) $32,900,000 Affirmed Class PM-3 AA (sf) $28,900,000 Affirmed Class PM-4 A (sf) $26,500,000 Affirmed Class PM-5 BBB (sf) $20,877,553 Affirmed

1Notional Amount

Related Publications (available at https://www.krollbondratings.com):

DBUBS 2011-LC3 Providence Place Mall Surveillance Report (August 2012)

DBUBS 2011-LC3 Providence Place Mall Pre-Sale Report

CMBS Property Evaluation Guidelines

CMBS Single Borrower and Large Loan Rating Methodology

Contact:

Analytical Contacts:

Kroll Bond Rating Agency

Allison Werry, 646-731-2335

awerry@krollbondratings.com

or

David Chan, 646-731-2413

dchan@krollbondratings.com

or

Michael Haas, 215-622-0249

mhaas@krollbondratings.com

or

Sarah Woo, 646-731-2361

swoo@krollbondratings.com […]

Fitch Affirms Rhode Island Student Loan Authority Series 2012-1

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed the student loan notes issued by Rhode Island Student Loan Authority series 2012-1 at ‘AAAsf’. The Rating Outlook on the notes, which is tied to the sovereign rating of the U.S. government, remains Negative.

KEY RATING DRIVERS

The rating on the notes is affirmed based on stable trust performance and the sufficient level of credit to cover the applicable risk factor stresses. The notes benefit from overcollateralization and future excess spread.

The parity ratio for the trust has steadily increased since inception due to the transaction structure in which no cash will be released from the trust until all notes are paid in full. Parity is currently 105%.

In Fitch’s analysis, the notes passed the cash flows corresponding to its respective rating stress scenarios.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch has taken the following rating actions:

Rhode Island Student Loan Authority Series 2012-1:

–Series 2012-1 affirmed at ‘AAA’; Outlook Negative.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ dated May 24, 2013;

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ dated May 17, 2013.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria — Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=799411

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings

Primary Analyst

Autumn Mascio

Director

+1-212-908-0896

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Committee Chairperson

Steven Stubbs

Senior Director

+1-212-908-0676

or

Media Relations

Elizabeth Fogerty

+1-212-908-0526

elizabeth.fogerty@fitchratings.com […]

Inaction Means Student-Loan Rates Will Double Next Week

The rate that undergraduates from poor families pay for student loans will double on July 1. U.S. senators have departed for a one-week break without an agreement on what do to about the automatic increase.

The interest rate for subsidized Stafford loans, available to undergraduates from low-income families, will increase to 6.8 percent from 3.4 percent. More than 7 million students borrow through that program.

With one group of senators pushing for a floating interest rate and another group seeking a one-year freeze, action was postponed until after the new rate takes effect.

Senate leaders have agreed to schedule a July 10 procedural vote on S. 1238, a bill that would keep current rates in place until 2014, said Rhode Island Democrat Jack Reed.

Questions to be resolved when senators return include:

— Should interest rates be frozen?

— Should interest rates be allowed to rise and fall by linking them to Treasury notes?

— If the rates are linked to Treasury notes, should there be a cap, or maximum rate that students can expect to pay?

— Should the interest rate be set exactly where the government breaks even, or should it be higher to bring in extra money for deficit reduction?

“The best option for students is extension of the 3.4 percent rate for one more year,” Reed told reporters.

The Education Department can administratively handle a retroactive interest-rate adjustment, he said. That “can be accomplished fairly easily,” so “we’re in a position where we have a window,” Reed said.

“There’s no particular drop-dead date,” he said.

Debt Loads

The share of 25-year-old Americans with student debt increased to 43 percent last year from 25 percent in 2003, according to the Federal Reserve Bank of New York. During that nine-year period, the average education-loan balance of people in that age group increased 91 percent, to $20,326 from $10,649, according to the New York Fed.

In the aggregate, student-loan debt totals almost $1.2 trillion, according to the Consumer Financial Protection Bureau.

Economists warn that what is owed in student loans may rival home-mortgage indebtedness as a drag on U.S. growth.

“The difficulties borrowers face when trying to manage cash flow may have a broader impact on the economy and society,” Rohit Chopra, the consumer bureau’s student-loan ombudsman, told the Senate Banking Committee on June 25. “When young workers are putting large portions of their income toward student-loan-payment payments, they’re less able to stash away cash for that first down payment.”

Loan Types

The most popular government loan is the Stafford.

Subsidized Stafford loans are limited to students with lower incomes, and the interest rate is 3.4 percent, set by Congress. The government pays the interest during school. The interest rate will increase to 6.8 percent on new originations if Congress doesn’t act by July 1.

Any undergraduate, regardless of income, can get an unsubsidized Stafford loan at a rate of 6.8 percent.

The federal loan limits for undergraduates are $5,500 the first year, $6,500 the second year and $7,500 in the last years. Graduate students no longer dependent on their parents also can take out Stafford loans.

Another type of direct federal loan, called PLUS, carries a rate of 7.9 percent for graduate students and parents of undergraduates.

On May 23, the Republican-run House passed legislation, H.R. 1911, that sought to tie student loan interest rates to the 10-year Treasury note plus 2.5 percent.

President Barack Obama has a different proposal, that would let the rate float with less fluctuation.

To contact the reporter on this story: James Rowley in Washington at jarowley@bloomberg.net

To contact the editor responsible for this story: Katherine Rizzo at krizzo5@bloomberg.net

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