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S&P gives Richmond debt top grade
CCT Staff
May 16, 2008
Standard & Poor's Rating Services upgraded the City of Richmond's issuer credit rating one notch to A+, the highest rating in the single-A tier of credit ratings. The company also upgraded the city's wastewater bonds four levels to A+ and upgraded the Richmond Community Redevelopment Agency to A.
The city expects the rating upgrade to result in debt savings of about $2.3 million once the restructuring is completed for the bonds that funded the City's Civic Center project. This is the largest construction project ever undertaken by Richmond, with the City Hall portion expected to be completed as early as February 2009.
Biotech
Shares of South San Francisco-based Genentech rose $1.06, or 1.5 percent, after its drugs Avastin and Herceptin in combination with other medicines showed promise in human trials. Avastin, used for breast, colon and lung tumors, and Herceptin, a breast cancer treatment, are being tested with drugs being developed by Genentech for more tumor types and earlier intervention .
Shares of Emeryville-based Onyx Pharmaceuticals fell $1.68, or 4.5 percent after the drug Nexavar failed to prolong life as much as expected in advanced-liver-cancer patients , a study found. The findings showed Nexavar, developed by Onyx with Bayer AG, extended the lives of patients by 6.2 months, according to preliminary data released yesterday. That's less than the 10.7 month benefit in an earlier study used to get approval of the drug for liver cancer.
Quickly
Walnut Creek-based the PMI Group said its board has declared a regular quarterly dividend of 1.25 cents per common share payable July 15 to shareholders of record on June 30. ... National outdoor gear store Recreational Equipment is retrofitting more than 10 percent of its stores with solar electric technology this year, including stores in Arcadia, Folsom, Sacramento, San Carlos, San Diego, San Francisco and Santa Rosa.
Compiled from staff and wire report. Got Bay Area business news? Reach Drew Voros at 925-943-8099 or dvoros@bayareanewsgroup.com .
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