Briefcase

Standard & Poor’s upgrades Avista rating

Standard & Poor’s has raised Avista Corp.’s credit rating to BBB from BBB-.

S&P said the upgrade reflects improvements in Avista’s cash flow and ability to recover costs through higher electric and natural gas rates approved by Washington and Idaho regulators last year. The credit agency also mentioned the Spokane-based utility’s ability to manage its ongoing capital costs. Avista is upgrading its dams and other aging equipment.

Corporate credit ratings are similar to consumer credit scores. Higher ratings allow companies to borrow money more cheaply because more lenders are willing to compete for the companies’ business.

Becky Kramer

Mazda issues recall over spider webs

WASHINGTON – Mazda has some creepy crawly culprits in its new safety recall – spiders.

After discovering spider webs in the vents, the Japanese automaker is recalling more than 50,000 Mazda6 cars from the 2009-’10 model years in the United States and an additional 15,000 vehicles in Canada, Mexico and Puerto Rico.

The company said a spider could weave a web in a vent connected to the fuel tank system and clog up the tank’s ventilation. Pressure on the fuel tank could lead to a crack, causing fuel leakage and the risk of a fire.

The recall involves vehicles with V4 engines built from April 2008 to February 2010. Customers can call Mazda at (800) 222-5500.

Associated Press

Wal-Mart Stores boosting dividend

BENTONVILLE, Ark. – Retailer Wal-Mart Stores Inc. is increasing its annual dividend 21 percent, to $1.46 from $1.21.

The company will pay quarterly dividends of 36.5 cents in April, June, September and January in fiscal 2012, which ends Jan. 31. The next dividend will be paid on April 4 to shareholders of record on March 11.

Associated Press