UPDATE 1-CanWest switches to bridge financing for Alliance

(Reuters) - CanWest, Canada's biggest media company, along with a
private-equity affiliate of Goldman Sachs have agreed to
pay C$53 a share to buy Alliance Atlantis, co-producer of the
hit "CSI: Crime Scene Investigation" TV show, and owner of
Canadian specialty-TV channels.




CanWest's AA Acquisition Corp., which will acquire
Alliance, has written commitments from its banking syndicate
for bridge financing to complete the deal, the companies said
in separate statements.


Read more at Reuters.com Bonds News

S&P upgrades 16 CDO tranches, cuts 14 tranches

(Reuters) - The ratings affected 12 separate CDOs, with ratings ranging
from "AAA," the highest investment-grade ranking, to
"BBB-plus," the third-lowest investment grade.




S&P also affirmed its ratings on two CDO tranches.


Read more at Reuters.com Bonds News

REFILE-S&P slashes "AAA" ratings on some mortgage bonds

(Reuters) - Eight classes of mortgage bonds, including some issued by a
Goldman Sachs Group Inc. trust, were cut to "BBB" from
"AAA" as S&P applied its new assumptions, it said.




Read more at Reuters.com Bonds News

New York City's Credit Rating Raised by Moody's on Revenue, Faster Growth

(Bloomberg) -- New York City's credit rating was
raised by Moody's Investors Service as Wall Street bonuses and a
robust real estate market resulted in a record surplus, allowing
the city to set aside funds to pay down debt and cover future
expenses.

Moody's boosted the most-populous U.S. city's rating on $36
billion of general obligation debt one level to Aa3, its fourth-
highest investment grade, from A1. It is the third upgrade for
the city in the last six weeks, and brings New York's rating to
the AA category at all three rating companies for the first
time. Last month, Standard & Poor's raised its ranking on the
city's debt to AA, while Fitch Ratings boosted its grade to AA-.


Read more at Bloomberg Bonds News

LBO Debt Proves Treacherous for Fidelity, Lehman Brothers, IAA-CREF Funds

(Bloomberg) -- The world's biggest bondholders have
had their fill of leveraged buyouts, convinced that increasing
mortgage delinquencies will drag down the U.S. economy and drive
debt-laden companies into default.

TIAA-CREF, which oversees $414 billion in retirement funds
for teachers and college professors, is boycotting some debt
offerings used to finance LBOs. Fidelity International, a unit of
the world's largest mutual fund company, and Lehman Brothers
Asset Management LLC, the money-management arm of the third-
biggest bond underwriter, say they're avoiding debt from buyouts.


Read more at Bloomberg Bonds News

Angola rescinds British Airways permit - BA spokesman

(Reuters) - Angola's civil aviation authority has rescinded British Airways' permit to fly into the southwestern African nation, a spokesman for the airline said on Monday.

"We were informed on Friday by the Angolan CAA that it had rescinded BA's seasonal operating permit with immediate effect," BA spokesman Richard Goodfellow said. BA operates one return flight a week between London and Luanda.


Read more at Reuters Africa

Red Hat maintains its full-year earnings estimates

(Reuters) - Three months ago he said he had expected the business
software maker to report full year non-GAAP cash flow from
operations of $250 million to $260 million.




At the time, he also had said he expected the company to
report full-year, non-GAAP earnings per share of 67 to 72 cents
on revenue of $510 million to $520 million.


Read more at Reuters.com Market News

Bear Stearns Forms Saudi Arabian Asset Management Firm With Zad Investment

(Bloomberg) -- Bear Stearns, the biggest broker for
U.S. hedge funds, signed an agreement to form a joint-venture
asset management company in Saudi Arabia with Zad Investment
Co., a privately-controlled investment company.

Bear Stearns Arabia Asset Management, which will be known
as BSAAM, will provide equity and fixed income investment
services to companies and individuals in Saudi Arabia, the
world's largest oil producer, the company said in an e-mailed
statement today.


Read more at Bloomberg Stocks News