In brief: Moody’s upgrades Avista debt rating
A second debt-rating agency has restored an investment-grade rating to Avista Corp., a change that reflects the Spokane utility’s improving financial condition.
Moody’s said Thursday the upgrade was based on the sale of Avista Energy Inc., a subsidiary involved in the high-risk business of traded electricity and natural gas, and increases in Washington customer electricity and natural gas rates that will kick in Jan. 1.
Fitch upgraded Avista’s debt rating in June. The third major ratings agency, Standard & Poor’s, boosted its assessment of some debt, and the outlook for the company, but has not yet completed a full review.
Avista Treasurer Ann Wilson said the company continues to work with S&P.
She likened the changes to a higher consumer credit score. Avista will be able to borrow money more cheaply because more lenders will be willing to compete for its business, she said.
The company will benefit from greater liquidity, Wilson added, and other utilities with whom Avista Utilities trades energy will demand less collateral.
“It’s definitely a step in the right direction,” she said.
– Bert Caldwell
Columbia, Mo.
Ex-Nextel CEO will lead MU
Former Sprint Nextel Corp. Chief Executive Officer Gary Forsee was chosen Thursday to lead the four-campus University of Missouri.
In a unanimous vote, the university system’s leaders chose Forsee, 57, as its 22nd president, according to a university news release. He replaces Elson Floyd, who left in April for the top job at Washington State University.
At a welcoming reception Thursday, Forsee acknowledged he’s about to enter unfamiliar territory with the move to academia. He vowed to “earn that trust and respect” of skeptics, including some faculty members who question his qualifications.
“I come into this with a lot to learn,” he said. “I have to go back to school, if you will. … The burden of proof falls on the new guy.”
– Associated Press
New York
‘Daily,’ ‘Colbert’ returning to air
Politicians beware: Parody is returning.
“The Daily Show with Jon Stewart” and “The Colbert Report” will resume production on Jan. 7 without their striking writers, the Comedy Central network announced Thursday.
Both late-night shows were shuttered after the Hollywood writers strike began seven weeks ago. The comedy duo are the latest late-night hosts to announce their return to the air while the ongoing writers strike continues to devastate much television and film production. Jay Leno, Conan O’Brien and Jimmy Kimmel have all recently said that they will resume their programs on Jan. 2 with or without their writing staffs.
On Friday, leaders of striking television writers plan to meet with David Letterman’s production company in an attempt to reach a separate deal that could return the “Late Show” to the air with its writing staff.
But “The Daily Show” and “The Colbert Report” rely far more on scripted material than those shows, which are more centered around interviews and musical guests.
– Associated Press