On Monday, in the course of current trade, Shares of MBIA Inc. (NYSE:MBI), dropped -4.60%, and is now trading at $5.81.
National Public Finance Guarantee Corporation (National), an indirect partner of MBIA Inc. (MBI), declared that Standard & Poor’s Ratings Services (S&P) has affirmed its AA- financial strength rating of National with a Stable Outlook. In its June 29 report affirming National’s rating, which is accessible on National’s website, S&P recognized National’s extremely strong capital adequacy position, strong liquidity and operating performance and prospective strong competitive position within the financial guarantee industry. In addition, S&P noted that there would be no change in National’s capital adequacy score if there were a default by multiple Puerto Rico issuers over a one, two or three year time period, without accounting for any other factors, reflecting the substantial capital accessible at National in excess of S&P’s triple-A capital level, which the company estimates to be almost $1 billion as of year-end 2014.
“We’re happy that S&P continues to recognize National’s financial strength and standing in the municipal bond insurance industry,” said Bill Fallon, National’s Chief Executive Officer. “We’ve made great strides in reestablishing our franchise and demonstrating the benefits and value of our financial guarantee to both issuers and investors. With respect to our exposure in Puerto Rico, we continue to believe that consensual agreements can be reached among the financial guarantors, other creditors and Puerto Rico’s various governmental issuers and therefore that access to Chapter 9 of the bankruptcy code for Puerto Rican government corporations is not necessary. In any event, National will ensure that its policyholders continue to receive all of their planned interest and principal payments on time and in full.”
MBIA Inc. provides financial guarantee insurance services to public finance markets in the United States and internationally. The company operates through U.S. Public Finance Insurance, and International and Structured Finance Insurance segments.
During an Afternoon trade, Shares of Scorpio Tankers Inc. (NYSE:STNG), climbed 0.44%, and is now trading at $11.34.
Scorpio Tankers, declared that it has agreed to sell 6 million common shares of Dorian LPG Ltd. (NYSE: LPG) owned by the Company to BW Euroholdings Limited, a wholly owned partner of BW Group Limited, for a purchase price of $15.34 per share. The shares will be sold following an effective resale registration statement filed by Dorian LPG on July 8, 2015, and are predictable to be delivered to BW Euroholdings Limited on or around July 22, 2015.
Scorpio Tankers Inc., together with its auxiliaries, engages in the seaborne transportation of refined petroleum products and crude oil worldwide. As of March 31, 2015, it owned 67 tankers comprising 11 LR2 tanker, 2 LR1 tankers, 15 Handymax tankers, 39 MR tankers with an average age of 1.1 years; and time charters-in 20 product tankers, counting 5 LR2, 5 LR1, 3 MR, and 7 Handymax tankers. The company was founded in 2009 and is based in Monaco, Monaco.
Shares of NRG Energy Inc (NYSE:NRG), during its Monday’s current trading session fell -2.34%, and is now trading at $21.72.
NRG Energy, declared that its Board of Directors declared a quarterly dividend on the Company’s common stock of $0.145 per share, or $0.58 per share on an annualized basis. The dividend is payable on August 17, 2015 to stockholders of record as of August 3, 2015.
NRG Energy, Inc., together with its auxiliaries, operates as a power company. The company provides electricity; system power, distributed generation, solar and wind products, backup generation, storage and distributed solar, demand response, energy efficiency, and on-site energy solutions; carbon administration and specialty services; and various energy services, such as operations, maintenance, technical, development, and asset administration services.
Finally, ACE Limited (NYSE:ACE), gained 0.18% Monday.
ACE Limited, declared the release of an in-depth report on the critical risks faced by the restaurant industry. As the U.S. economy continues to improve, the restaurant industry is experiencing substantial growth with analysts projecting there will be over 1 million restaurants and foodservice locations employing 14 million workers in 2015i. Success in this highly competitive and rapidly growing industry depends on more than just good food service and ambience. A good reputation is critical. Liability claims can represent a major threat to a restaurant’s status, and even lead to bankruptcy. ACE’s new advisory highlights the critical liability risks that restaurants face due to this growth, and offers a series of proactive strategies to assist restaurant owners in managing these exposures and protecting their businesses.
“Restaurants: A Proactive Strategy for Managing Evolving Risks” was authored by Joseph Fobert, Senior Vice President, Corporate Risk Excess Casualty, ACE USA. The advisory is the latest installment in ACE’s series of insurance and risk administration perspectives for risk managers.
ACE Limited, through its auxiliaries, provides a range of property and casualty insurance and reinsurance products worldwide. The company’s Insurance North American P&C segment offers casualty insurance, environmental, inland marine, professional risk, disaster protection, vacant land and building, and claims and risk administration services; homeowners, automobile, valuables, umbrella liability, and recreational marine insurance; and wholesale excess and surplus lines property, casualty, environmental, professional liability, inland marine, and product recall coverages.
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