MünchenerHyp Downgraded due to Weak Profitability

Moody's Investors Service has downgraded Münchener Hypothekenbank eG's bank financial strength rating (BFSR) to D+ from C- (now mapping to Ba1 on the long-term rating scale from Baa2 previously). The downgrade of the BFSR triggered the downgrade of the senior debt and deposit ratings to A2 from A1.

Moody's has also affirmed MünchenerHyp's prime-1 short-term rating and downgraded the Tier 1 instruments issued by GFW Capital and Isar Capital Funding I Limited Partnership to Baa3 (hyb) from Baa2 (hyb). The outlook on all the ratings is stable, from negative previously.

The downgrade of the BFSR was driven by several considerations, including:

* The bank's persistently weak profitability and internal capital generation, which leaves limited room for unexpected losses.

* The bank's only adequate capitalisation in the context of its risk profile and its low quality of capital, which represents a challenge with regards to the upcoming Basel III requirements.

Furthermore, the bank remains exposed to ongoing asset-quality pressures at the current level from non-core portfolios such as international commercial real estate, as well as selected exposures within the bank's financial institutions and sovereign portfolio. Moody's believes that the challenges that MünchenerHyp faces are more consistent with a BFSR of D+, corresponding to Ba1 on the long-term rating scale.

Read More

VW Bank's Downgrade Reflects Low Systemic Support

Moody's Investors Service has downgraded Volkswagen Bank's (VW Bank) long and short-term debt and deposit ratings to A3/prime-2 from A2/prime-1 following Moody's re-assessment of systemic support being made available to the bank. The outlook on these ratings as well as the bank's subordinated debt at Baa1 and its Baa2 (hyb) junior subordinated debt ratings is now positive. VW Bank's standalone bank financial strength rating (BFSR) of C-, which maps to Baa1 on the long-term rating scale, is not affected by this rating action and continues to carry a stable outlook.

Simultaneously, Moody's changed the outlook on the A3 long-term debt ratings of Volkswagen Financial Services (VWFS) to positive from stable.

The downgrade of VW Bank's long and short-term debt and deposit ratings reflects Moody's view of low systemic support for the bank going forward following the recent introduction of a resolution regime in Germany and given the bank's small size and overall market share in its deposit-taking activities. If applied, the resolution regime would allow regulators to selectively transfer assets and/or liabilities and impose losses on creditors.

Moody's believes there is a decreasing willingness of the central government to support banks using taxpayer's money. The reassessment results in VW Bank's debt and deposit ratings being based on the bank's Baa1 standalone credit strength and on parental support assumptions from Volkswagen Aktiengesellschaft, no longer incorporating any rating uplift from systemic support.

Read More

OTP Banka Slovensko's Ratings Withdrawn due to Moody's' Business Reasons

Moody's Investors Service has withdrawn the ratings of OTP Banka Slovensko. The rating agency has withdrawn the credit ratings for its own business reasons. OTP Banka Slovensko had no rated debt outstanding at the time of the withdrawal.

The following ratings of OTP Banka Slovensko were withdrawn:

* Long-term deposit ratings of Ba1 (negative outlook).

* Short-term deposit ratings of not prime.

* Bank financial strength rating (BFSR) of E+ (negative outlook).

Read More

KFH's Viability Rating Downgraded due to Weak Asset Quality Ratios

Fitch Ratings has downgraded Kuwait Finance House's (KFH) viability rating to bb+ from bbb-, while at the same time affirming the bank's long-term issuer default rating (IDR) at A+ with a stable outlook.

The downgrade of KFH's viability rating reflects the bank's weak asset quality ratios, the resulting high impairment charges that continue to impact profitability, and capitalisation that is lower than some peers despite significant sector concentrations in its financing book. The viability rating also considers KFH's dominant franchise in Kuwait, strong funding profile and acceptable liquidity. Upside potential for KFH's viability rating would require a significant improvement in asset quality, as well as improved capitalisation given the large financing portfolio sector concentrations. Downside risk could arise from further deterioration in the bank's risk indicators.

KFH's IDRs and support ratings reflect Fitch's view that there is an extremely high probability that the bank would receive support from the Kuwaiti authorities, if required. This view is based on Kuwait's strong history of supporting domestic banks, KFH's government-related shareholders and its systemic importance. A change in the IDRs would result from any changes in the ability or willingness of the Kuwaiti authorities to support KFH. Fitch does not view this as likely at present.

Read More

OneAmerica’s financial strength ratings and stable outlook affirmed by Standard & Poor’s

Rating remains AA- (Very Strong) despite turbulent national economic conditions

Contact:
Jim Gavin, Media Relations Manager
(317) 285-4168 or jim.gavin@oneamerica.com
For Immediate Release: 

Indianapolis (August 4, 2011) – Standard & Poor’s has affirmed its ratings of OneAmerica and its life insurance operating companies, American United Life Insurance Company^® (AUL) and The State Life Insurance Company and maintains a stable outlook. For the nineteenth consecutive year, the financial strength ratings of the insurance companies remain at AA- (Very Strong)¹. In May, A.M. Best Co. upgraded its financial strength rating of AUL, State Life, and Pioneer Mutual Life Insurance Company (PML) to A+ (Superior).^{2 3}

“Unquestioned financial strength remains important in these uncertain times,” said Dayton H. Molendorp, chairman, president and CEO of OneAmerica. “The ratings agencies recognize that, despite a challenging environment, OneAmerica is well-positioned to meet its obligations. Simply put, we are here to deliver on the promises we’ve made to our policyholders today and for the future.”

In a report issued today, Standard & Poor’s made several observations about OneAmerica, including:

•         Very strong capital adequacy as evidenced by ‘AAA’ level redundancy according to Standard & Poor’s insurance risk-based capital model

•         Diverse business profile supported by above-average growth in key business segments
•         Strong liquidity profile supported by a high-quality and very conservatively managed investment portfolio

•         OneAmerica’s management has increasingly pursued conservative operating and risk-management practices.

•         OneAmerica’s investment management is very strong, with this strength demonstrated by the company's asset allocation, low tolerance for risk, and history of very strong investment yields.

•         The mutual insurance holding company structure provides the financial flexibility to access capital markets if the need arises.

•         OneAmerica’s long-term strategy to emphasize policyholder value protection while striving to maintain a strong balance sheet, profitable growth and geographic expansion

Standard & Poor’s also noted individual life and whole life insurance sales growth of 39 and 65 percent respectively in 2010, along with 401(k) first year asset growth of 20 percent. In the first half of 2011, total sales for the enterprise are up 39 percent over the same period in 2010.

“We remain committed to protecting our customers and creating value for them, and we do this by adhering to a long-term strategy that preserves our mutual values,” said Molendorp. “As Standard & Poor’s noted, this strategy has served us well amid turbulent market conditions.”

1.   This is the fourth highest of 21 possible ratings
2.   This is the second highest of 16 possible ratings
3.   PML, OneAmerica’s third insurance operating subsidiary, is not rated by Standard and Poor’s.

About AUL

American United Life Insurance Company® (AUL) is the founding member of OneAmerica® and is focused on providing a strong portfolio of products for individuals, families and small businesses. AUL uses a national network of experienced professionals utilizing an extensive menu of financial products, including life insurance, annuities and employee benefit plan products. The company helps consumers prepare for tomorrow by helping to protect their financial futures.

About OneAmerica

OneAmerica Financial Partners, Inc., is headquartered in Indianapolis, IN. The companies of OneAmerica® can trace their solid foundations back more than 130 years in the insurance and financial services marketplace.



OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefit plan products. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.

The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources that are committed to increasing value to our policyholders by helping them prepare to meet their financial goals.

Read More

NanoMarkets Adds Report Printed Gold: Gold Ink and Pastes Market – 2011 to Firm’s Schedule

Although silver inks are expected to maintain a dominant role in printed electronics, gold is expected to account for a profitable niche for ink makers.

Industry analyst firm NanoMarkets today announced the addition of the report, Printed Gold: Gold Ink and Pastes Market – 2011 to the firm’s publication schedule.  The report is scheduled to be released the week of September 19, 2011.  The firm is offering the report at pre-publication rates.  Additional details are available on the firm’s website at http://nanomarkets.net/market_reports/report/printed_gol ...

About the Report:

Although silver inks are expected to maintain a dominant role in printed electronics, gold is expected to account for a profitable niche for ink makers.  In a sense, there is nothing new in this gold pastes have been used for quite some time in traditional chip and wired circuits.  However, several ink makers and research teams are now taking printed gold to the next stage with the development of nano-gold inks that are being pitched at novel applications ranging from sensors to photovoltaics.

This report assesses and quantifies the applications – new and old – for gold inks and pastes.  It examines the products and firms that make up the printed gold business and the marketing strategies that are being used in this interesting sector.  The also report contains eight-year market forecasts broken out both by application and by gold ink/paste chemistry and printing technology type.  In addition, we consider what the impact of the current very high price of gold will have on the printed gold sector.

This report draws on NanoMarkets ongoing coverage of metallic inks and pastes.

Coverage:

Gold inks and pastes: technology evolution
•   Impact of exploding gold prices on printed gold
•   Key markets and a roadmap for gold inks and pastes
•   Opportunities for the gold industry
•   Opportunities for ink makers
•   Firms to watch

Gold Inks and Pastes:  Products and Technologies
•   Gold vs. copper and silver for printed electronics
•   Pastes and inks that use gold with other metals
•   Gold pastes for thick-film electronics
•   Traditional role of gold in thick-film electronics
•   Future evolution of gold pastes
•   Major suppliers and their strategies
•   Nano-gold inks
•   Gold ink chemistries
•   Major suppliers and their strategies
•   Inkjet and other printing modes for nano-gold inks
•   Sintering and substrates

Markets for Gold Inks and Pastes
•   Gold in traditional thick-film electronics markets
•   Emerging semiconductor applications
•   MEMS
•   Data storage
•   Lead-free electronics
•   Electrode applications in organic electronics
•   OLEDs
•   OTFTs
•   Printed gold as a substitute for ITO
•   Sensors and RFID
•   Uses for gold inks and pastes in photovoltaics
•   Related graphics applications

Market Forecasts: by application, ink/paste type and by printing technology used with alternative scenarios considered.

About NanoMarkets:

NanoMarkets tracks and analyzes emerging market opportunities created by developments in advanced materials. It provides regular and comprehensive industry analysis of printed electronics and provides ongoing coverage of many of the firms active in the inks space.  It is recognized worldwide as a leading source of expertise for functional printing and nanomaterials more generally.  Please visit http://www.nanomarkets.net for a full listing of NanoMarkets' reports and other services.

Read More

Finding Custom Manufacturing Services in Hawaii Has Just Got Easier Says AMSN

With its beautiful beaches, endless attractions and sprawling landscapes, few people think of Hawaii's manufacturing sector or its importance to the state's economy, according to the American Machine Shops Directory which recently added a number of Hawaii Machine Shops to its custom manufacturing trade portal at http://mfgpartners.net/category/hawaii-shops/. Thursday morning the company revealed in a press release its website is now utilized by thousands of companies looking for stainless steel fabricators, custom sheet metal fabrication, plastic fabricating, custom-made parts & components, Swiss-style & CNC precision machining as well as other manufacturing solutions provides by US-based machine/job shops. AMSN says its now helping local jobbing shops, tool & die, fabricators, welders, foundries and other contract manufacturers find work all over the country.

AMSN offers a free Machine Shop RFQ Service designed to help buyers save time and money according to the company at http://www.mfgpartners.net/rfq.html.

The American Machine Shops Network also provides B2B SEO and Industrial Marketing services at http://mfgpartners.net/advertise.

MFGpartners spokesperson Paul Lynch says the primary difference between its machine shop price quote services versus competitors is AMSN does not charge a fee to either the vendor or the buyer and thus, enables suppliers (machine & jobbing shops) to bid more competitively. According to Lynch, traditional manufacturing marketplaces online require vendors to pay outrageously high fees and/or commissions and such costs are almost always passed on to the buyer. Lynch believes by providing a free machine shops RFQ (request for quotes) for both the buyer and the supplier all parties win. The company expects its service to generate a lot of interest among those looking to buy/sell made-to-order parts and path the way to how business relationships are developed on the Web within the manufacturing community.

“AMSN was developed to help companies looking for metal fabricating, Swiss-style machining, horizontal & vertical milling as well as complete contract manufacturing solutions in the United States with emphasis on promoting the 'Buy American' concept,” says Lynch. He concluded, “The site has offering from top notch stainless steel fabricators, foundries, small & medium size specialized job shops, custom sheet metal fabrication and other manufacturers employing some of the most skilled machinists and craftsman in the country.” Lynch went on to say AMSN welcomes all companies and organizations in Hawaii as well as across the nation and beyond looking for machining or fabricating services provided by its trusted network of job shops.


About MFGpartners

MFGpartners.net is home of the American Machine Shops Network (AMSN). The company specializes in promoting US-based manufacturers of machined parts and components as well as other custom manufacturers. AMSN is designed to help companies, inventors, engineers and others find the most suitable machine shop offering a variety of CNC machining, fabrication, prototyping, foundry casting and other contract manufacturing solutions. AMSN also owns MFGmatch.net, the leading custom manufacturing marketplace.

By Smart Magazine India

Read More

Finding Custom Manufacturing Services in Hawaii Has Just Got Easier Says AMSN

Read More