Ratings

While praising its safety record and consistently high government ratings, President Bush wants tighter financial controls for the Tennessee Valley Authority (TVA) in place by Sept. 30 to reduce its burgeoning debt and improve its stature in the competitive electric marketplace.

The oil and gas industry, led by exploration and production (E&P), will be one of the stronger investments in 2003, according to Standard & Poor’s Ratings Service (S&P), which published its year-end equity market wrap-up and outlook on Wednesday. S&P expects the strengthening momentum as the year ends to carry into the coming year.

The oil and gas industry, led by exploration and production (E&P), would be a strong investment in 2003, according to Standard & Poor’s Ratings Service (S&P), which published its year-end equity market wrap-up and outlook on Wednesday. S&P expects a strong finish to 2002, which will poise the market for a turnaround in the coming year.

The panache of a “AA+” rating of the corporate parent by Standard & Poor’s Ratings Service apparently has failed to win over doubters, after UBS Warburg Energy switched off its online energy trading system (formerly EnronOnline) and announced it will terminate nearly all of its 380 Houston-based employees. Those not fired will be offered jobs in a UBS office in Stamford, CT, the company said Wednesday.

The panache of a “AA+” rating of the corporate parent by Standard & Poor’s Ratings Service apparently has failed to win over doubters, after UBS Warburg Energy switched off its online energy trading system (formerly EnronOnline) and announced it will terminate nearly all of its 380 Houston-based employees. Those not fired will be offered jobs in a UBS office in Stamford, CT, the company said Wednesday.

Another day, another corporate scandal. On Thursday, the target was Westar Energy Inc. Chairman David Wittig, who was indicted by a federal grand jury on charges of money laundering, conspiracy and four counts of submitting false books to a federally insured bank in Topeka, KS.

Another day, another corporate scandal. On Thursday, the target was Westar Energy Inc. Chairman David Wittig, who was indicted by a federal grand jury on charges of money laundering, conspiracy and four counts of submitting false books to a federally insured bank in Topeka, KS.

Standard & Poor’s Ratings Services said Tuesday that for now its downgrade of PG&E Corp’s merchant energy unit, the National Energy Group (NEG), will not impact the rating of Selkirk Cogen Funding Corp., of which NEG is a part owner, even if the PG&E unit is forced to seek bankruptcy. No announcements were scheduled on NEG’s efforts to improve its balance sheet.

The common stock price of El Paso Corp. took a massive hit last week, as the ratings agencies focused on Monday’s adverse FERC administrative law judge decision (see related story). Standard & Poor’s placed El Paso and its affiliates on CreditWatch with negative implications, and Moody’s also initiated a review for possible downgrade.