Moody’s assigns Aa3 to Kentucky’s $10M first mortgage refunding revenue bonds …

Kentucky has $7.9B of lease-appropriation debt outstanding

New York, November 30, 2015 —

Moodys Rating

Issue: First Mortgage Refunding Revenue Bonds (Justice Center Project),
Series 2015; Rating: Aa3; Sale Amount: $10,000,000;
Expected Sale Date: 12-04-2015; Rating Description:
Lease Rental: Appropriation

Opinion

Moodys Investors Service has assigned a Aa3 rating to $10.0
million Laurel County, Kentucky Judicial Center Public Properties
Corporation First Mortgage Refunding Revenue Bonds (Justice Center Project)
Series 2015. The bonds are expected to price on or around December
2.

SUMMARY RATING RATIONALE

The rating is based on the credit quality of the Commonwealth of Kentucky
(issuer rating of Aa2, stable), the subject-to-appropriation
nature of the payments supporting the bonds, and the commonwealths
significant reliance on appropriation-backed financings to fund
capital investments.

The rating also reflects Kentuckys record of proactive financial control
and an economy that has benefited from auto sector recovery. Low
per-capita income levels, above-average state debt
and very large unfunded pension liabilities contribute to a below-average
credit profile compared to most other states.

OUTLOOK

Kentuckys outlook is stable based on the expectation it will continue
to manage its finances responsibly and work to improve the financing of
teacher pensions, against a background of continued below-average
state economic growth.

WHAT COULD MAKE THE RATING GO UP

-Sustained economic and revenue growth, with structural balance
in state finances and limited reliance on non-recurring resources

-Build-up and maintenance of reserves

-Significant improvement in pension funding levels

WHAT COULD MAKE THE RATING GO DOWN

-Sustained economic slowing, resulting in weaker revenue
performance that strains commonwealth finances

-Depletion of reserves with no replenishment, or indications
of strained liquidity

-Continued trend of negative GAAP basis ending balances,
or continued reliance on non-recurring resources, particularly
use of additional deficit financing, to balance the commonwealths
budget

-Failure to address declining pension system funded levels

OBLIGOR PROFILE

The Commonwealth of Kentucky has a population of 4.4 million people
and a gross state product of $150 billion. It has a large
and diverse economy, but relatively low wealth levels.

The commonwealth has a four-tiered court system called the Court
of Justice that includes the Supreme Court, the Court of Appeals,
circuit courts and district courts. The Administrative Office of
the Courts (AOC) serves as the staff for the Court of Justice, administered
by the Commonwealths Chief Justice of the Supreme Court. AOCs
duties include, among other things, providing offices and
court space for the entire court system and dispersing and maintaining
supplies and equipment. The Court of Justice is funded through
appropriations from Kentuckys General Assembly and represents approximately
3% of the total General Fund.

The Laurel County, Kentucky Judicial Center Public Properties Corporation
is a nonprofit, non-stock public and governmental corporation
organized and existing under the law of the Commonwealth. The corporations
principal purpose is to act as an agency and instrumentality of the county
in the planning, promotion, development, financing and
acquisition by the corporation for and on behalf of the county of public
improvements and public projects for the county.

LEGAL SECURITY

PAYMENTS FOR DEBT SERVICE PROVIDED UNDER BIENNIALLY RENEWABLE LEASE

The bonds are payable solely from lease rental payments from the commonwealths
Administrative Office of the Courts under a lease agreement, as
supplemented, with the corporation. Per the lease,
AOC is obligated to make rental payments, including payment of a
Use Allowance equal to debt service and an Operating Costs Allowance
payment to cover operating costs.

AOC is obligated to make semi-annual rental payments of the Use
Allowance directly to the trustee two business days prior to the debt
service payment due dates. The Operating Costs Allowance payment
is made to the county. Rental payments are made pursuant to the
terms of the lease agreement, which is automatically renewable for
successive biennial periods unless terminated in writing by AOC.

AOC covenants in the lease to seek sufficient legislative appropriations
to make rental payments for each biennial period. The General Assembly
has no obligation to make appropriations for rental payments, and
AOC has no obligation to renew the lease. Under the Mortgage Deed
of Trust, a foreclosable mortgage lien on the project has been granted
to the trustee. In addition, the interests of the corporation
in the lease (excluding the Operating Costs Allowance) have been assigned
to the trustee. In the event of a default on the bonds, the
trustee may sell or re-let the facility to benefit bondholders.

The lease may be amended to reduce AOCs use of the facility and,
correspondingly, reduce its required rental payments. Any
such amendment, however, would be contingent on the countys
assumption of the reduced portion and confirmation by Moodys that the
outstanding rating on the bonds would not be withdrawn or downgraded as
a result of the amendment.

LEASE PERMITS ABATEMENT, RENTAL CREDITS

Should the project be destroyed or damaged such that it is rendered unusable
by AOC, rental payments may be abated until AOC regains use of the
project. As protection against such an event, rental interruption
insurance sufficient to cover twenty-four months of debt service
is required per the lease. In addition, the lease provides
for an assessment of whether or not the project could be sufficiently
renovated in twenty-four months. If the project cannot be
repaired within twenty-four months of the date of damage to the
point that it is sufficiently of use to AOC that AOC will make rental
payments, insurance proceeds will be used to discharge the bonds.
Per the lease, casualty insurance is provided at full replacement
value of the project.

Certain rental credits are permitted if AOC incurs operating costs in
performing maintenance or other functions that are the obligation of the
county under the lease. These credits, however, may
only be taken against the Operating Costs Allowance, which AOC pays
to the county for operating costs.

USE OF PROCEEDS

The bonds are being issued to partially advance refund the Laurel County,
Kentucky Judicial Center Public Properties Corporation First Mortgage
Revenue Bonds (Justice Center Project) Series 2008. The refunding
plan is being undertaken to provide interest cost savings to the county
and the AOC.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was The Fundamentals of
Credit Analysis for Lease-Backed Municipal Obligations published
in December 2011. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moodys
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support providers credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.

Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moodys legal entity that has issued
the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.

Anne Cosgrove
Vice President – Senior Analyst
Public Finance Group
Moodys Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Emily Raimes
VP – Sr Credit Officer/Manager
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moodys Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moodys assigns Aa3 to Kentuckys $10M first mortgage refunding revenue bonds, issued by Laurel County (KY) Judicial Center Public Properties Corp.; outlook stable

iPad and bank cards stolen from Glenella home

BURGLARS have entered a Gingham St home in Glenella through an unlocked front door.

Once inside, rooms have been searched and an iPad, several bank cards, identification and also a wallet have been stolen, police said.

Residents are believed to have been home when the offence occurred although they did not witness or hear any thing unusual.

The offence occurred between 8.30pmNovember 23 and November 24 noon.

If anyone has information which may assist police investigating this matter, phone Mackay police station on 4968 3 444 or contact Crimestoppers.

Card-not-present fraud solution takes new approach to CVV codes

A startup company is looking to add an extra layer of security to card-not-present transactions by rethinking the model for the three-digit CVV security codes commonly found on the back of cards.

The company, Tender Armor, has created a system for generating a daily CVV code that customers can use with card-not-present purchases, meaning purchases made over the phone or online. Tender Armor is not the first to introduce the concept of dynamic CVV codes, but other dynamic CVV code solutions have added technology for generating changing CVV numbers directly to the cards. Tender Armors product, called CVVPlus, issues a CVV code that cardholders can retrieve through text message, email or a website lookup, effectively authenticating the user of a card as well as the transaction.

There are some companies out there that are offering dynamic codes that are actually residing on cards, but if the card gets lost and the crook picks up the card, the code is on the card, said Madeline K. Aufseeser, Tender Armors CEO. Because our solution is out-of-band dual-factor, it means nobody else can get that code, and that code is kept separate from the card.

Tender Armor has structured CVVPlus as a product to be offered by banks, rather than by merchants, and is marketing the product both to banks and to processors who could resell the product to their bank customers. CVVPlus is designed to be completely transparent to merchants.

The technology is agnostic and can be used with any type of card, from bank cards to debit cards or prepaid cards, and it can run on any network, whether Visa, MasterCard, American Express or Discover. CVVPlus software is also designed to be able to household cards, meaning that if a customer has several cards with a bank, they could share a single daily code. The technology can also household a customers cards across several institutions, provided the banks issuing the customers other cards have also adopted CVVPlus.

Aufseeser, a payment industry veteran who spent the past five years researching the card payments space as a senior analyst for Aite Group, said the solution is well-timed to address specific challenges facing todays card industry. In particular, the US card industrys transition to EMV chip cards, is expected to lead to a rise in incidences of phone and Internet card fraud.

The conversion of the physical card to an EMV chip-based card makes it nearly impossible for fraudsters to clone physical cards or to perpetuate fraud at the point of sale. Therefore, fraudsters are going to move to the path of least resistance, which is card-not-present transactions, Aufseeser said.

The prevalent theory of a rise in online and phone-based fraud coinciding with a transition to more secure EMV chip cards is based in part on data from other countries that have already made the EMV chip card transition. In Canada, which undertook EMV adoption in 2008, point-of-sale fraud dropped 54 percent from 2008 to 2013 as embedded chip cards reduced the risk of counterfeiting. The same period saw a 133 percent rise in card-not-present or remote credit card fraud, according to Aite Group.

The rising potential risk for card not present purchases also corresponds to a trend toward rapidly rising online purchase volumes. Thanksgiving online sales were reportedly up 26 percent compared to a year ago, according to IBM which collected the data through its IBM Watson Benchmark Live survey. Aufseeser said industry predictions suggest one in four purchase transactions will occur online by 2018.

Related Articles:
Prepaid phone card processor expand into payments ahead of US move to EMV
A big week for credit and debit card security

Ladder Capital Corp (LADR) Trading Down 4.3%

Ladder Capital Corp (NASDAQ:LADR) last issued its earnings results on Wednesday, November 4th. The company reported $0.40 earnings per share for the quarter, missing the Zacks consensus estimate of $0.50 by $0.10. During the same period last year, the business posted $0.31 EPS. Analysts forecast that Ladder Capital Corp will post $1.87 EPS for the current fiscal year.

The company also recently disclosed a Quarterly dividend, which will be paid on Thursday, January 21st. Stockholders of record on Thursday, December 10th will be given a $1.45 dividend. The ex-dividend date of this dividend is Tuesday, December 8th.

Ladder Capital Corp is a holding company. The Company is a real estate investment trust (NASDAQ:LADR). It conducts its business through three business lines: commercial mortgage lending, investments in securities secured by first mortgage loans, and investments in selected net leased and other real estate assets. Its segments include loans, securities and real estate. It invests primarily in loans, securities and other interests in United States commercial real estate, with a focus on senior secured assets. The Companys Loans segment consists of conduit first mortgage loans, balance sheet first mortgage loans and other commercial real estate-related loans. Its Securities segment consists of commercial mortgage-backed securities (CMBS) Investments and United States Agency Securities Investments. Its Real Estate segment consists of commercial real estate properties and residential real estate.

This story was originally published by Putnam Standard (http://putnamstandard.com) and is the sole property of Putnam Standard. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of US and International copyright law. You can view the original version of this story at http://putnamstandard.com/2015/12/10/ladder-capital-corp-ladr-trading-down-4-3/684651/

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The case that may derail GST

On Tuesday, Congress president Sonia Gandhi invoked her late mother-in-law Indira Gandhi when asked about the trial court summons on her in the National Herald case. Not without reasons. Pt Jawaharlal Nehru had incorporated The Associated Journals on November 19, 1937, the day his beloved daughter, then Indira Priyadarshini, had turned 20. It had paid-up capital of Rs 500,000 – 2,000 preference shares of Rs 100 each (carrying a fixed but non-cumulative dividend of five per cent) and 30,000 ordinary shares of Rs 10 each. Three newspapers were published by The Associated Journals: National Herald in English, Qaumi Awaaz in Urdu and Navjeevan in Hindi.

Over the years, the equity capital of the company expanded significantly. Things took a curious turn in November 2010 when Sonia, son Rahul Gandhi, Congress treasurer Motilal Vora (also the chairman of The Associated Journals) and party leader Oscar Fernandes floated a not-for-profit company called Young Indian with a capital of Rs 5 lakh. While Sonia and Rahul owned 38 per cent each, Vora and Fernandes took 12 per cent stake each. A month later, on December 21, the directors of The Associated Journals, which included Vora and Fernandes, authorised assigning the companys loans of about Rs 90 crore to Young Indian for a consideration of Rs 50 lakh. Technocrat Sam Pitroda and journalist Suman Dubey, old Gandhi family loyalists, were appointed on the board of The Associated Journals on the same day. The transaction of the liability was approved by the shareholders of The Associated Journals in an extraordinary general meeting on January 21, 2011 in Lucknow. The shareholders, on that day, also approved the allotment of 90.2 million shares at Rs 10 each to Young Indian. With this, the paid-up capital of The Associated Journals zoomed from Rs 93 lakh to over Rs 91 crore. Young Indian came to own 98.97 per cent of the company; the remaining 1,088 shareholders were reduced to a minority.

Ladder Capital Corp (LADR) PT Lowered to $17.00

The business also recently disclosed a Quarterly dividend, which will be paid on Thursday, January 21st. Stockholders of record on Thursday, December 10th will be given a dividend of $1.45 per share. The ex-dividend date of this dividend is Tuesday, December 8th.

A number of other equities analysts also recently issued reports on LADR. Deutsche Bank dropped their price objective on shares of Ladder Capital Corp from $23.00 to $22.50 and set a buy rating on the stock in a report on Friday, November 6th. Zacks Investment Research downgraded shares of Ladder Capital Corp from a buy rating to a sell rating in a report on Monday, November 9th. Finally, FBR Co. lowered their price target on shares of Ladder Capital Corp from $22.00 to $19.00 in a report on Friday, October 9th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Ladder Capital Corp currently has an average rating of Buy and an average price target of $20.00.

Ladder Capital Corp is a holding company. The Company is a real estate investment trust (NASDAQ:LADR). It conducts its business through three business lines: commercial mortgage lending, investments in securities secured by first mortgage loans, and investments in selected net leased and other real estate assets. Its segments include loans, securities and real estate. It invests primarily in loans, securities and other interests in United States commercial real estate, with a focus on senior secured assets. The Companys Loans segment consists of conduit first mortgage loans, balance sheet first mortgage loans and other commercial real estate-related loans. Its Securities segment consists of commercial mortgage-backed securities (CMBS) Investments and United States Agency Securities Investments. Its Real Estate segment consists of commercial real estate properties and residential real estate.

This story was originally published by MidSouth Newz (http://midsouthnewz.com) and is the sole property of MidSouth Newz. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of US and International copyright law. You can view the original version of this story at http://midsouthnewz.com/ladder-capital-corp-ladr-pt-lowered-to-17-00/59187/

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Debt-ridden Birkenhead postman who stole bank cards from the mail jailed for …

A DEBT-ridden postman, who tried to help his problems by stealing bank cards from the mail, was jailed for eight months today.

A court heard that father-of-fiveJohn Bentleyhad not wanted to let his family down but has now “let them down tenfold.”

Ironically he turned to the thefts after being the victim on an online fraud himself and then got loans to get out of his financial problems.

Jailing the 43-year-old Birkenhead grandfather, Judge Denis Watson, QC, told him:”You have abused your job.”

He pointed out:”The institution of the Post Office, in one shape or another, has existed for just short of 500 years. It is an institution which relies on the honesty and integrity of its employees who are trusted to deliver and handle items of sensitivity and value.

“The breach of trust in stealing from the mail is one of the most serious breaches of trust that someone can commit.”

Judge Watson said that Bentley’s 13 years service as a postman meant he recognised envelopes containing bank cards and pin numbers and decided to resolve his debt problem by stealing three bank cards and then watched out over the next couple of days for the corresponding pin numbers.

Ladder Capital Corp (LADR) To Go Ex-Dividend on December 8th

LADR has been the topic of several research analyst reports. Zacks Investment Research cut Ladder Capital Corp from a buy rating to a sell rating in a research note on Monday, November 9th. Keefe, Bruyette Woods reduced their target price on Ladder Capital Corp from $20.00 to $18.00 and set an outperform rating for the company in a report on Friday, November 6th. Deutsche Bank cut their price target on Ladder Capital Corp from $23.00 to $22.50 and set a buy rating for the company in a report on Friday, November 6th. FBR Co. cut their target price on Ladder Capital Corp from $22.00 to $19.00 in a research note on Friday, October 9th. Finally, JMP Securities lowered their price target on Ladder Capital Corp from $23.00 to $21.50 and set a market outperform rating on the stock in a research report on Monday, August 10th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $20.25.

Ladder Capital Corp is a holding company. The Company is a real estate investment trust (NASDAQ:LADR). It conducts its business through three business lines: commercial mortgage lending, investments in securities secured by first mortgage loans, and investments in selected net leased and other real estate assets. Its segments include loans, securities and real estate. It invests primarily in loans, securities and other interests in United States commercial real estate, with a focus on senior secured assets. The Companys Loans segment consists of conduit first mortgage loans, balance sheet first mortgage loans and other commercial real estate-related loans. Its Securities segment consists of commercial mortgage-backed securities (CMBS) Investments and United States Agency Securities Investments. Its Real Estate segment consists of commercial real estate properties and residential real estate.

This story was originally published by WKRB News (http://www.wkrb13.com) and is the sole property of WKRB News. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of US and International copyright law. You can view the original version of this story at http://www.wkrb13.com/markets/931483/ladder-capital-corp-ladr-to-go-ex-dividend-on-december-8th/

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Online banking, bank card issues resolved for PNC customers after outage

LOUISVILLE, Ky. (WDRB) –PNC customers should be able to access their accounts again,after having problems this morning.

Customers took to social media early Friday after experiencing problems using debit and credit cards and accessingtheir online accounts. One WDRB Facebook viewer posted: PNC Bank is completely down.Debit cards being declined and website crashed.

There were numerous posts on Twitter as well.