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Durable goods are just that: hard goods; they don't wear out quickly and can be used over and over again for at least several years. Think your car, TV, refrigerator or computer. These are certainly not disposable, one-time use items.
The opposite of a hard good is (surprise!) a soft good or, if you like, a non-durable good. These are products you use once, like your lunch at McDonald's, the gas in your car and the ugly sweater your grandmother bought you for your birthday. These items have an intended lifespan short of three years, or are consumed immediately.
Investors pay attention to the monthly durable orders report released by the Commerce Department around the end of each month. When durable goods are strong, it means that U.S. manufacturing is humming along, though economists tend to parse the numbers pretty closely. Big-ticket items can skew the overall results, since an order for, say, 75 Boeing 747s has a bigger impact than 75 iPods. Luckily, the data lets economists break down the sectors.
Home / Markets / Industries / Energy
Friday, May 09, 2008
Fitch Affirms Entergy Mississippi's IDR at 'BBB-'; Outlook Stable
Comtex
CHICAGO, May 09, 2008 (BUSINESS WIRE) ----Fitch has affirmed the Issuer Default Rating (IDR) and outstanding debt ratings for Entergy Mississippi, Inc. (EMI) as follows:
--IDR at 'BBB-';
--Senior secured at 'BBB+';
--Preferred stock at 'BBB-'.
Approximately $695 million of debt is affected. The Rating Outlook is Stable.
EMI's ratings reflect its constructive regulatory environment, and stable credit metrics. In 2007, funds from operations (FFO)-to-interest coverage was 5.7 times (x), and total debt-to-FFO was 3.2x. Credit metrics weakened in 2005 and 2006 due to the damage caused by hurricane Katrina. EMI's ratings are linked to the credit profile of Entergy Corp. (ETR; IDR rated 'BBB-' with an Evolving Rating Outlook by Fitch) and affiliate utilities through participation in the Entergy system money pool and through a variety of contractual arrangements.
The Stable Rating Outlook is based on Fitch's expectation that EMI's credit metrics will be adequate for its rating category. For 2008-2009, Fitch projects that EMI's FFO interest coverage will range from 5.0x to 6.0x, while debt-to-FFO will range from 3.0x to 4.0x. The Stable Rating Outlook also assumes there is no negative effect from ETR's proposed spin-off of its merchant nuclear assets. Should the spin-off improve ETR's credit quality, Fitch may upgrade EMI's ratings or Outlook.
EMI is a regulated utility that provides electric service to 432,000 customers located in western and southwestern Mississippi.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
SOURCE: Fitch Ratings
Fitch Ratings Justin Bowersock, CFA, +1-312-368-3151 (Chicago) Sharon Bonelli, +1-212-908-0581 (New York) Media Relations Brian Bertsch, +1-212-908-0549 (New York)
Copyright Business Wire 2008
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