Standard & Poor’s Ratings Services Wednesday raised its issuer credit rating on CI Financial Corp. (TSX:CIX) to the same level as its subsidiary, CI Investments Inc., saying that it has come to believe that the structural subordination between between the two firms is not material, as it initially thought. In raising the rating, S&P said that it now doesn’t think there’s structural subordination between CII and CI “because there are no regulatory restrictions on the operating subsidiary’s ability to upstream dividends to the holding company.” ISDA implements ‘Big Bang’ CDS protocol Related news Share this article and your comments with peers on social media Facebook LinkedIn Twitter James Langton CDS may affect bondholders’ incentives in workouts: Moody’s Keywords Credit default swapsCompanies CI Financial Corp. The rating agency says that its ratings on CI Financial are based on “the company’s solid franchise in the Canadian asset management industry and its effective multichannel distribution strategy, which includes an exclusive distribution agreement with Sun Life Financial. The ratings also take into account the company’s good financial profile, including its strong cash flows from operations to service debt.” However, several factors offset these strengths, S&P adds. “The competitive and relatively small Canadian market in which CI operates and the moderately high concentration of equities within total AUM lead to potential earnings volatility. Additionally, on-balance-sheet liquidity is modest, and tangible equity is negative, although the latter is a secondary ratings consideration,” it says. “The stable outlook reflects our expectation that the company will continue to generate strong cash flows from operations, even in moderately volatile markets, to fund its day-to-day operations and to service existing debt obligations,” said Standard & Poor’s credit analyst Sebnem Caglayan. S&P noted that it could raise the ratings on CI, if it is able to diversify its business mix, grow its AUM and market share in the Canadian market significantly, and improve its financial profile, including its on-balance-sheet liquidity and tangible equity. If the company experiences significant outflows and issues a sizable amount of debt to finance either a large acquisition or an aggressive share repurchase program, it could lower the ratings, it said.
ABC News(ORLANDO) — Mississippi’s governor joined Florida in declaring a state of emergency ahead of a subtropical storm’s hitting the Gulf Coast.Subtropical storm Alberto is forecast to move northward into the Gulf of Mexico over the weekend, with its center passing west of Cuba, the Florida Keys and mainland Florida — and setting its sights on eastern Louisiana, the Florida Panhandle and the coasts of Alabama and Mississippi.Florida Gov. Rick Scott said Saturday morning that his declared state of emergency covers all 67 counties to “prepare for the torrential rain and severe flooding this storm will bring.”Mississippi Gov. Phil Bryant also announced a state of emergency and an order “making the National Guard and other resources available should they become necessary.”Alberto was moving north-northeast at 7 mph on Saturday morning with winds currently at 40 mph. The storm is about 95 miles east-southeast of Cozumel, Mexico. The satellite shows that Alberto is somewhat disorganized, with all of the thunderstorm activity east of the center of circulation.Since Alberto is a lopsided storm, the most notable impacts will be east of the center of circulation. Therefore, direct impacts — primarily heavy rain — will affect much of Florida and the Gulf Coast later this weekend.Alberto will likely come ashore, potentially as a tropical storm, somewhere along the Gulf Coast late Monday into early Tuesday. However, the primary impact of heavy rain will affect Florida through much of this weekend and impact the Gulf Coast as early as Sunday.It is important to not focus on the exact cone, since impacts will be felt far away from the center of the storm. Regardless of whether Alberto becomes a true tropical storm by definition, very heavy rain and flooding are likely from Florida to Louisiana over the next several days.The main and most widespread threat from Alberto is the potential for heavy rain. A flash flood watch has been posted for parts of Louisiana, Mississippi, Alabama and large areas of Florida. Widespread rainfall of 3 to 6 inches is expected through the next several days due to tropical rain showers from Alberto. Rainfall could reach or exceed 2 inches per hour in some of these cells. Some locations — especially southwest Florida, the Florida Keys and the Gulf Coast — will receive even heavier rain, with isolated totals of 6 to 10 inches possible.Western Cuba could see rainfall totals of over 2 feet with Alberto, which could cause life-threatening flash flooding and mudslides.A tropical storm watch has been posted for parts of the Gulf Coast, including New Orleans; Biloxi, Mississippi; and Mobile, Alabama. A storm surge watch has been posted for parts of the coastal region from eastern Louisiana to the panhandle of Florida. Storm surge could reach 2 to 4 feet when Alberto approaches the region on Monday.There will be an increase in showers and thunderstorms in southern Florida, especially the Florida Keys, on Saturday. Some of these tropical showers will have very heavy rainfall. A couple of these tropical showers and thunderstorms could also spawn brief tornadoes. Key West, Florida, has already had its wettest May on record, with 13.08 inches of rain. Several more inches of rain is likely this weekend from Alberto.By Sunday morning, the center of Alberto will be over the Gulf of Mexico, but widespread tropical showers and thunderstorms will be over much of Florida. Once again, very heavy rainfall is likely with these tropical downpours, and brief tornadoes will be possible.Alberto is expected to come ashore late Sunday and early Monday along the Gulf Coast, with heavy rain being the primary threat.Storm threat in the PlainsThere were 79 reports of severe weather in the country on Friday, with the majority of the reports coming from the central United States. That includes three reported tornadoes, including one landspout in southern Minnesota and one supercell tornado in central Texas. Hail up to the size of baseballs and softballs were also reported in central Texas.On Saturday, the severe threat should be kept to a fairy localized and rural part of the country, with parts of eastern Montana and western North Dakota at risk for damaging winds, large hail and lightning.The threat slides south and east on Sunday and stretches from western Kansas to southern North Dakota. In the slight-risk region, there is a threat for damaging winds, large hail and brief tornadoes.The severe weather looks to stick around in this same part of the country — the central and northern high Plains — on Memorial Day. Once again, the risk will primarily be damaging winds and large hail.Copyright © 2018, ABC Radio. All rights reserved.
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Athletics BY SIMON KESLEP Pacific Sprint Queen Toea Wisil is a glaring omission from Papua New Guinea’s 2019 Pacific Games track and field team announced yesterday. PNG athletics union avoided the Toea issue when prodded, instead opting to focus on their up and coming, new talents led by Leonie Beu, the evolving young star likely to replace Wisil. At 31, Wisil, long regarded as the fastest women in the Pacific and Oceania, is being shunted into the 9th lane for the Samoa games. Yesterday Green said Beu from Morobe, who has been in Goroka (NSI) continues to do well in the sprints and admits she is one of the exciting talents who has what it takes to continue the PNG sprint queen legacy currently held by Toea Wisil. “She is probably the second fastest in the Pacific in both the 100m and 400m so we are looking at Leonie to come through well at the games.” He said experienced athletes who still aim to be part of the team include Mowen Boino who won the gold during the 2015 Pacific Games making it his fourth consecutive gold medal in the 400 m hurdles. “He (Boino) is still there and hoping to make the team again. He will be 40 years old in December including Sapolai Yao who is 37 years old so we got a couple of experience there,” said Green. Asked if who would take up the PNG sprint queen legacy forward, Green admits He said they have a good mix number of experience athletes and some very good new comers to participate at the Pacific Games this year. Green said they were unable to announce the full team as yet but rather await the PNG Olympics Committee justification process to screen athletes vying for a spot in Team PNG athletics for the 2019 Samoa Pacific games. “We are expecting to have a team of around 50 athletes, probably 20 girls and 30 male athletes.” Green said their original plan was to take the full team to the Ocean regional championship (Townsville, Australia at the end of June) and then to Samoa. “Currently I think we have around 30 athletes training at National Sports Institute. Justification committee is a subcommittee of the PNG OC they screen selections from each sports and want to make sure athletes qualify, right standards and we just have to justify each athlete.