CariCRIS reaffirms its credit ratings for AID Bank

first_imgLocalNews CariCRIS reaffirms its credit ratings for AID Bank by: – July 11, 2012 Share Sharing is caring! Share Sharecenter_img Tweet 21 Views   no discussions The Agricultural, Industrial & Development Bank. Photo credit:Invest DominicaCaribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed its ratings on the debt issue of the size of USD 10 million of Dominica Agricultural, Industrial and Development Bank (DAID Bank) of CariBBB- (Foreign Currency Rating) and CariBBB- (Local Currency Rating) on its regional rating scale. These ratings indicate that the level of creditworthiness of this obligation, adjudged in relation to other obligations in the Caribbean1 is adequate.DAID Bank’s financial performance improved significantly in FY20112 as profit after tax (PAT) climbed to EC $3.1 million and the PAT margin reached 2%, the highest since FY2004.Interest spread remained comfortable at 3.4% in FY2011, though it declined from 4.2% in the prior year. Net loans and advances recorded the sharpest growth in the last decade increasing by 11.1% in FY2011. Non-performing loans (NPLs) continued its downward trajectory reaching 14% in FY2011 from 15.2% in FY2010. CariCRIS expects DAID Bank’s financial performance to remain moderate in the next year as it continues to draw down on its credit facilities and negotiate new lines of credit, albeit in a challenging environment. Meanwhile, the Bank continued the implementation of its 5-year strategic plan and further improvements were made to the operating procedures and processes particularly in credit administration.A key recent development in the Bank’s operation has been the transfer of the assets of the Industrial Estate Unit (IEU) to the Bank.This transfer contributed to the rise in the Bank’s net worth to EC $61.2 million in FY2011 from EC $32.6 million in the prior year.As a result, the capitalization measures improved in FY2011 as tangible net worth coverage rose to 33.6% from 24.6% in the previous year. CariCRIS expects this development to provide growth opportunities in the medium term as it would enable the Bank to issue larger-sized loans. Additionally, the asset base can be collateralized enabling the Bank to access funding within Dominica eliminating the need for government guarantees.The ratings of DAID Bank continue to reflect its access to funding for its core operations, support from the Government of the Commonwealth of Dominica (GOCD) and its moderate financial performance. Also supporting the ratings is the stable, highly experienced and well qualified senior management team. These strengths are, to some extent, mitigated by the fact that DAID Bank operates exclusively in a small, open economy with a narrow economic base and severe capacity constraints. Dominica’s economy, like all its regional peers, continued to be negatively impacted by the sluggish global recovery. The other factor constraining the ratings is the Bank’s loan portfolio which is characterized by high levels of NPLs.Press Releaselast_img read more

No rust in Badgers’ WNIT victory

first_imgSUNDEEP MALLADI/Herald photoWhen a team has an abnormally long layoff between games, one of two things can happen: It can look sharp and rested, or it can look rusty. Sunday, 16 days after falling to Purdue in overtime in the Big Ten Tournament, the University of Wisconsin women’s basketball team beat Arkansas State 77-45 in the second round of the WNIT. Needless to say, there was no rust.”Wisconsin was just in every aspect of the game a step quicker than we were,” said a disappointed Arkansas State head coach Brian Boyer, whose team was eliminated from tournament play with the loss.The Wisconsin defense forced 17 first-half turnovers, and the Badgers shot lights out to begin the game, shooting 59 percent from the field en route to a 51-18 lead at the break. Freshman walk-on guard Erika Engen scored her first points as a Badger, and UW earned its 20th win of the season and its first postseason victory since 2000, when it won the WNIT Championship and beat the Florida Gators. All of these aspects of Sunday’s victory would be worthy of a headline, if it weren’t for Jolene Anderson.Going into Sunday’s game, Anderson had 585 points on the season, 16 points behind Barb Franke’s program-record 601. Anderson had 22 at the half. Before Sunday, Anderson’s career high was 29 points. With six minutes to go, Anderson had 28 points, and a layup with 5:29 remaining in the half gave her the new milestone of 30. “My teammates [kept] finding me,” Anderson said humbly. “A lot of it came from defense, [but my teammates] found me when I was open, set good screens. I [credit] them.”The Port Wing native finished with seven steals and seven rebounds to balance out the stat sheet.Boyer’s Lady Indians knew about Anderson’s scoring abilities before Sunday’s 4:30 p.m. tip off, but they simply could not stop her or even slow her down. Anderson’s 22 first-half points came on 9-of-13 shooting from the field, including 2-of-6 from beyond the 3-point arc, meaning she was a perfect 7-for-7 on 2-point field goals.Behind Anderson’s hot hand, the Badgers shot out of the gate with a bang. They started the game on a 15-2 run and never looked back. It almost seemed too easy. UW junior guard Janese Banks disagreed.”I don’t think they gave us anything,” Banks explained. “I think we worked for everything we [got]. We were working really hard; it wasn’t easy.”Banks finished with 13 points and three assists.Freshman point guard Rae Lin D’Alie handled the ball with grace, dishing out seven assists — many of which were of highlight reel quality — to complement 11 points of her own.Shooting 50 percent from the field and out-rebounding Arkansas State 39-26, Wisconsin may have played its best game start to finish of the year.”We’re playing our best basketball right now,” UW head coach Lisa Stone said after the game. “To be playing in March is awesome. It’s a great feeling. [We] look fresh. The way we played against Michigan and Purdue in the Big Ten Tournament was some of our best basketball, and it carried over into [Sunday’s game].”The Badgers await tomorrow night’s winner of the second round game between Ball State and Kentucky. No matter the winner, the third round game will be played at 7 p.m. Thursday at the Kohl Center.last_img read more

Arsenal on the rise under Emery

first_imgBut once Rafa Benitez’s side quickly ran out of attacking ideas and intent, the Gunners took an increasingly firm stranglehold to post their best run of league results for more than five months thanks to goals from Granit Xhaka and Mesut Ozil in the space of nine minutes early in the second-half.It was another tough 90 minutes to endure for Spanish manager Benitez, whose side remain in the bottom three with a single point, equalling their lowest tally after five games of a Premier League season.But England manager Gareth Southgate would have been equally frustrated watching two international hopefuls at St James’ Park, as midfielder Jonjo Shelvey was an unused substitute after his recent injury layoff, while centre-back Jamaal Lascelles failed to reappear for the second half after sustaining a thigh problem.– Emery intensity –Arsenal still clearly need time to acclimatise to the demands of new manager Emery following the end of Arsene Wenger’s near 22-year reign, but they secured victory with enough to spare to suggest they are heading in the right direction under the 46-year-old Spaniard, who himself put in a fair shift while patrolling his technical area with the kind of high-intensity effort he wants from his players out on the pitch.Following further supporter protests against the Newcastle owner Mike Ashley outside the ground prior to kick-off, Benitez’s side failed to make the most of their early dominance.Once again, Gunners goalkeeper Petr Cech looked ill at ease with the ball at his feet in his new ‘sweeper-keeper’ role, with questions very much remaining over the Arsenal skipper’s ability to play out from the back.In mitigation, Cech saved well from Jacob Murphy’s header midway through the first half, but the home team fell away and were undone by two fine finishes shortly after the interval.Xhaka broke the deadlock with a sublime 49th-minute free-kick which found the top corner after Federico Fernandez had fouled Pierre-Emerick Aubameyang 25 yards from goal.Former Germany international midfielder Ozil, whose influence grew as the contest wore on, settled matters just before the hour, side-footing home from the edge of the area after Alexandre Lacazette’s initial shot was blocked by Fernandez.Newcastle famously fought back from four goals down at half-time to earn a 4-4 draw against the Gunners here seven years ago, but there was never remotely a suggestion they could overturn half that deficit.Defender Ciaran Clark did reduce the arrears with a header from Fernandez’s injury-time cross, but it failed to prevent Emery’s side gaining further momentum as Arsenal secured back-to-back league away wins for the first time in 16 months.0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Arsenal midfielder Granit Xhaka opens the scoring with a free-kick in a 2-1 win at Newcastle on Saturday © AFP / Lindsey PARNABYNEWCASTLE, United Kingdom, Sep 15 – New-era Arsenal continue to be a work in progress, but they made it three straight Premier League wins under Unai Emery with a 2-1 victory at struggling Newcastle United on Saturday.It was far from pretty from the visitors, who were forced to weather an early storm from their winless hosts.last_img read more