MIRA INFORM REPORT
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Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
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Name : |
VIKING PUMP, INC. |
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Registered Office : |
406 State St, Cedar Falls, IA 50613-3343 |
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Country : |
United States |
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Year of Establishment : |
1911 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
provides displacement pumping solutions for industrial,
sanitary and original equipment manufacturing applications |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
$ 100,000 (USD) |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United States |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name & address
Viking Pump, Inc.
406 State St
Cedar Falls, IA 50613-3343
United States
Tel: 319-266-1741
Fax: 319-273-8157
Web: www.vikingpump.com
Synthesis
Employees: 500
Company Type: Private Subsidiary
Corporate Family: 110 Companies
Ultimate Parent: IDEX
Corporation
Incorporation Date: 1911
Financials in: USD
(Millions)
Reporting Currency: US
Dollar
Annual Sales: 450.0
Total Assets: NA
Business Description
Founded in 1911,
Viking Pump provides displacement pumping solutions for industrial, sanitary
and original equipment manufacturing applications. Its products include
internal gear pumps, strainers, load monitors, pump systems, hydraulic pumps,
flow dividers and power transfer units. The company's products are distributed
through a global network of more than 240 authorized distributors in over 65
countries. Located in Cedar Falls, Iowa, the company's facility occupies an
area of more than 150,000 square feet. Viking Pump offers various training
programs for distributors and end users. Its technical seminar provides
training related to the company's products, pump performance characteristics,
troubleshooting and failure analysis. The company also operates an online
training Web site that offers information on pumping principles and
applications. Viking Pump is a part of IDEX Corporation.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2451 - Pump and
Compressor Manufacturing
NACE 2002: 2912 - Manufacture
of pumps and compressors
NAICS 2002: 33391 - Pump and
Compressor Manufacturing
UK SIC 2003: 2912 - Manufacture
of pumps and compressors
US SIC 1987: 3561 - Pumps and
Pumping Equipment
Key Executives
(Emails Available)
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Name |
Title |
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Fenton Challgren |
General Manager |
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Jeff Erhardt |
Controller |
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Rohit Mahajan |
Director-Sales |
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Rick Truax |
Director-eCommerce |
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Jeanette Talbert |
Manager-Purchasing |
News
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Title |
Date |
|
Viking
marks 100th anniversary with new Cedar Falls museum |
8-Aug-2011 |
|
Viking
marks 100th anniversary with new Cedar Falls museum |
8-Aug-2011 |
|
Pumping up the
past: Viking Pump marks 100th anniversary by opening new museum |
21-Jun-2011 |
|
Viking to
plant 100 trees to mark anniversary |
13-May-2011 |
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Builder
plans to develop triangular lot |
13-Mar-2011 |
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
406 State St
Cedar Falls, IA, 50613-3343
Black Hawk County
United States
Tel: 319-266-1741
Fax: 319-273-8157
Web: www.vikingpump.com
Sales USD(mil): 450.0
Assets USD(mil): NA
Employees: 500
Industry: Miscellaneous
Capital Goods
Incorporation Date: 1911
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
General Manager: Fenton
Challgren
Contents
· Industry Codes
· Business Description
· Product Codes
· Financial Data
· Additional Information
Industry Codes
ANZSIC 2006 Codes:
2451 - Pump and Compressor Manufacturing
NACE 2002 Codes:
2912 - Manufacture of pumps and compressors
NAICS 2002 Codes:
33391 - Pump and Compressor Manufacturing
US SIC 1987:
3561 - Pumps and Pumping Equipment
UK SIC 2003:
2912 - Manufacture of pumps and compressors
Business
Description
Establishments primarily
engaged in manufacturing pumps and pumping equipment for general industrial,
commercial, or household use, except fluid power pumps and motors. Included are
establishments primarily engaged in manufacturing domestic water and sump
pumps.
More Business
Descriptions
Founded in 1911,
Viking Pump provides displacement pumping solutions for industrial, sanitary
and original equipment manufacturing applications. Its products include
internal gear pumps, strainers, load monitors, pump systems, hydraulic pumps,
flow dividers and power transfer units. The company's products are distributed
through a global network of more than 240 authorized distributors in over 65
countries. Located in Cedar Falls, Iowa, the company's facility occupies an
area of more than 150,000 square feet. Viking Pump offers various training
programs for distributors and end users. Its technical seminar provides
training related to the company's products, pump performance characteristics,
troubleshooting and failure analysis. The company also operates an online
training Web site that offers information on pumping principles and
applications. Viking Pump is a part of IDEX Corporation.
Manufacturer of rotary pumps, process flow controllers, gear reducers,
and liquid strainers. Products are sold to the petrochemical, chemical,
process, pharmaceutical manufacturing, food, and oem application industries.
Product Codes
Product Code Product Description
SUB-ME-M Rotary pumps
SUB-ME-N Gear reducers
TAM-PV-M Process flow
controllers
TAM-SC-LS Liquid strainers
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Credit Report as of 02/01/2011
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Location |
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406 State St |
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County: |
Black Hawk |
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MSA: |
Waterloo-CF, IA |
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Phone: |
319-266-1741 |
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Fax: |
319-273-8157 |
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URL: |
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ABI©: |
006631493 |
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Employees: |
600 |
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Facility Size(ft2): |
40,000+ |
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Facility Own/Lease: |
Own |
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Business Type: |
Private |
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Location Type: |
Subsidiary |
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Corp. Affiliation: |
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Recommended Credit
Limit * |
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$100,000 (USD) |
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Primary Line Of
Business: |
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SIC: |
3561-01 - Pumps-Manufacturers |
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NAICS: |
333911 - Pump & Pumping Equip Mfg |
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Secondary Lines
Of Business: |
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NAICS: |
423990 - All Other Durable Goods Merchant Whols |
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541613 - Marketing Consulting Svcs |
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SICs: |
3321-98 - Gray & Ductile Iron Foundries (Mfrs) |
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3325-02 - Foundries-Steel (Mfrs) |
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5099-05 - Importers (Whls) |
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8742-13 - Marketing Programs & Services |
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9999-66 - Federal Government Contractors |
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331513 - Steel Foundries, Except Investment |
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331511 - Iron Foundries |
Table of Contents
Profile Links
· Similar Businesses in the Area
· Closest Neighbors
External Links
· http://vikingpump.com
· Similar Businesses in the Area *
Russell Pump &
Engineering Inc
102 W Chicago St
Albion, IA 50005-9655
Ohler Machinery Co
501 N Maple St
Janesville, IA 50647-1023
Sundown Apartments
10881 Memorial Park Rd Ste: 5b
Burlington, IA 52601-8682
Psi Engineering
LLC
1800 E 122nd St
Burnsville, MN 55337-6872
KONE Inc
1214 Agency St
Burlington, IA 52601-4306
Comet USA
11975 Portland Ave Ste: 104
Burnsville, MN 55337-1555
Roth Pump Co
525 4th St W
Milan, IL 61264-2722
Renewal Service
2600 5th St
Rock Island, IL 61201-4024
Zimmer &
Francescon Inc
6200 65th Ave
Moline, IL 61265-9797
V-Ram Solids
620 S Broadway Ave
Albert Lea, MN 56007-4526
* Similar Businesses are
defined as the closest businesses sharing the same six-digit primary SIC code (
3561-01 - Pumps-Manufacturers) regardless of size.
Closest Neighbors
Cedar Falls Public
Works-Sewer
501 E 4th St
Cedar Falls, IA 50613-3320
Cedar Falls Water
Reclamation
501 E 4th St
Cedar Falls, IA 50613-3320
Cedar Falls
Traffic Signs
501 E 4th St
Cedar Falls, IA 50613-3320
Motorcar Media
1022 Wendy Rd
Waterloo, IA 50701-5232
Maid-Rite
116 E 4th St
Cedar Falls, IA 50613-2826
Custom Image
Embroidery
415 State St
Cedar Falls, IA 50613-3300
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Corporate
Family |
Corporate
Structure News: |
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Total Corporate Family Members: 110 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Lake Forrest, IL |
United States |
Miscellaneous Capital Goods |
1,513.1 |
5,966 |
Pending acquisition of Advanced Thin Films.See corporate structure news on IDEX Corporation for details
|
Subsidiary |
Cedar Falls, IA |
United States |
Miscellaneous Capital Goods |
450.0 |
500 |
|
|
Branch |
Cedar Falls, IA |
United States |
Miscellaneous Capital Goods |
54.4 |
100 |
|
|
Branch |
|
Ireland |
Miscellaneous Capital Goods |
7.7 |
29 |
|
|
Subsidiary |
Benton Harbor, MI |
United States |
Miscellaneous Capital Goods |
40.0 |
301 |
|
|
Branch |
Benton Harbor, MI |
United States |
Miscellaneous Capital Goods |
13.4 |
36 |
|
|
Subsidiary |
Lake Bluff, IL |
United States |
Miscellaneous Capital Goods |
40.0 |
300 |
|
|
Subsidiary |
Oklahoma City, OK |
United States |
Miscellaneous Capital Goods |
18.9 |
70 |
|
|
Subsidiary |
Lake Bluff, IL |
United States |
Scientific and Technical Instruments |
|
35 |
|
|
Subsidiary |
Houston, TX |
United States |
Aerospace and Defense |
3.1 |
4 |
|
|
Subsidiary |
Denver, CO |
United States |
Construction and Agriculture Machinery |
40.0 |
220 |
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous Fabricated Products |
1.0 |
11 |
|
|
Subsidiary |
Isando |
South Africa |
Retail (Specialty) |
|
7 |
|
|
Subsidiary |
Kempen, Nordrhein-Westfalen |
Germany |
Miscellaneous Fabricated Products |
46.6 |
203 |
|
|
Subsidiary |
Blackburn |
United Kingdom |
Commercial Banks |
25.3 |
203 |
|
|
Subsidiary |
Blackburn |
United Kingdom |
Miscellaneous Fabricated Products |
12.8 |
131 |
|
|
Subsidiary |
Blackburn |
United Kingdom |
Miscellaneous Fabricated Products |
11.9 |
72 |
|
|
Subsidiary |
Aberdeen |
United Kingdom |
Fabricated Plastic and Rubber |
|
6 |
|
|
Subsidiary |
Erlangen, Bayern |
Germany |
Medical Equipment and Supplies |
|
200 |
|
|
Subsidiary |
Albuquerque, NM |
United States |
Miscellaneous Capital Goods |
40.0 |
180 |
Recently acquired (previously owned by Wells Fargo &
Company).See corporate
structure news on
IDEX Corporation for details
|
Subsidiary |
Carlsbad, CA |
United States |
Electronic Instruments and Controls |
54.0 |
201 |
|
|
Subsidiary |
Carlsbad, CA |
United States |
Electronic Instruments and Controls |
|
664 |
|
|
Subsidiary |
Carlsbad, CA |
United States |
Electronic Instruments and Controls |
49.4 |
201 |
|
|
Subsidiary |
Rochester, NY |
United States |
Scientific and Technical Instruments |
22.2 |
90 |
|
|
Subsidiary |
Longmont, CO |
United States |
Miscellaneous Capital Goods |
|
35 |
|
|
Subsidiary |
Didam, Gelderland |
Netherlands |
Medical Equipment and Supplies |
|
26 |
|
|
Subsidiary |
Bensheim, Hessen |
Germany |
Miscellaneous Capital Goods |
|
9 |
|
|
Subsidiary |
Hyde |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Covina, CA |
United States |
Medical Equipment and Supplies |
17.5 |
57 |
|
|
Subsidiary |
Voisins Le Bretonneux |
France |
Construction and Agriculture Machinery |
4.1 |
14 |
|
|
Subsidiary |
Bristol, CT |
United States |
Fabricated Plastic and Rubber |
37.5 |
165 |
|
|
Subsidiary |
Oak Harbor, WA |
United States |
Scientific and Technical Instruments |
1,043.3 |
150 |
|
|
Branch |
Middleboro, MA |
United States |
Appliance and Tool |
11.7 |
45 |
|
|
Subsidiary |
Alsbach |
Germany |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Oak Harbor, WA |
United States |
Scientific and Technical Instruments |
40.0 |
150 |
|
|
Subsidiary |
Wheeling, IL |
United States |
Miscellaneous Capital Goods |
|
150 |
|
|
Subsidiary |
Scarborough, ON |
Canada |
Miscellaneous Capital Goods |
0.7 |
1 |
|
|
Subsidiary |
Pocasset, MA |
United States |
Business Services |
|
148 |
|
|
Subsidiary |
Elmhurst, IL |
United States |
Miscellaneous Capital Goods |
22.0 |
125 |
|
|
Subsidiary |
Vancouver, WA |
United States |
Miscellaneous Capital Goods |
22.5 |
120 |
|
|
Subsidiary |
West Jordan, UT |
United States |
Miscellaneous Capital Goods |
1,043.3 |
25 |
|
|
Subsidiary |
Mansfield, OH |
United States |
Miscellaneous Capital Goods |
5.0 |
120 |
|
|
Branch |
Export, PA |
United States |
Miscellaneous Capital Goods |
8.8 |
30 |
|
|
Subsidiary |
Lake Forest, CA |
United States |
Miscellaneous Capital Goods |
1,043.3 |
100 |
|
|
Subsidiary |
Mississauga, ON |
Canada |
Miscellaneous Capital Goods |
2.5 |
6 |
|
|
Subsidiary |
Unanderra, NSW |
Australia |
Chemical Manufacturing |
1.0 |
3 |
|
|
Subsidiary |
Conshohocken, PA |
United States |
Miscellaneous Capital Goods |
50.0 |
100 |
|
|
Subsidiary |
Ocala, FL |
United States |
Auto and Truck Parts |
1,043.3 |
100 |
|
|
Subsidiary |
Shelby, NC |
United States |
Personal Services |
22.5 |
50 |
|
|
Subsidiary |
Rohnert Park, CA |
United States |
Scientific and Technical Instruments |
37.2 |
100 |
|
|
Subsidiary |
Zülpich |
Germany |
Fabricated Plastic and Rubber |
15.5 |
88 |
|
|
Subsidiary |
Rochester, NY |
United States |
Miscellaneous Fabricated Products |
14.6 |
75 |
|
|
Subsidiary |
Huntsville, AL |
United States |
Biotechnology and Drugs |
22.5 |
70 |
|
|
Subsidiary |
Huntsville, AL |
United States |
Business Services |
49.2 |
75 |
|
|
Subsidiary |
West Wareham, MA |
United States |
Water Utilities |
3.9 |
4 |
|
|
Subsidiary |
Crawfordsville, IN |
United States |
Miscellaneous Capital Goods |
44.0 |
60 |
|
|
Division |
Punta Gorda, FL |
United States |
Miscellaneous Capital Goods |
20.0 |
60 |
|
|
Subsidiary |
Rochester, NY |
United States |
Miscellaneous Capital Goods |
75.0 |
50 |
|
|
Subsidiary |
Unanderra, NSW |
Australia |
Chemical Manufacturing |
3.3 |
50 |
|
|
Subsidiary |
Segrate, Milano (Milan) |
Italy |
Miscellaneous Capital Goods |
10.9 |
47 |
|
|
Subsidiary |
Newton, MA |
United States |
Miscellaneous Fabricated Products |
9.4 |
44 |
|
|
Subsidiary |
Newton, MA |
United States |
Scientific and Technical Instruments |
|
16 |
|
|
Division |
Fullerton, CA |
United States |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Vadodara |
India |
Miscellaneous Fabricated Products |
1.0 |
40 |
|
|
Subsidiary |
Windsor, ON |
Canada |
Miscellaneous Capital Goods |
|
30 |
|
|
Subsidiary |
Longwood, FL |
United States |
Software and Programming |
|
25 |
|
|
Subsidiary |
St Paul, MN |
United States |
Scientific and Technical Instruments |
1,043.3 |
20 |
|
|
Subsidiary |
London |
United Kingdom |
Commercial Banks |
4.4 |
20 |
|
|
Subsidiary |
Cinisello Balsamo, Milano (Milan) |
Italy |
Construction and Agriculture Machinery |
28.0 |
19 |
|
|
Branch |
Valinhos |
Brazil |
Chemical Manufacturing |
|
12 |
|
|
Subsidiary |
Muskego, WI |
United States |
Miscellaneous Fabricated Products |
|
8 |
|
|
Branch |
Muskego, WI |
United States |
Miscellaneous Fabricated Products |
5.2 |
20 |
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
1.0 |
7 |
|
|
Branch |
Gennevilliers |
France |
Chemical Manufacturing |
|
5 |
|
|
Subsidiary |
Export, PA |
United States |
Retail (Home Improvement) |
0.5 |
3 |
|
|
Subsidiary |
Boulder, CO |
United States |
Miscellaneous Capital Goods |
9.0 |
|
Pending acquisition by IDEX Corporation.See corporate structure news on IDEX Corporation for details
|
Subsidiary |
Vancouver, WA |
United States |
Miscellaneous Capital Goods |
|
|
|
|
Faure Herman |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
La Ferte Bernard |
France |
Scientific and Technical Instruments |
20.8 |
97 |
Executive report
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Executives |
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General Manager |
Division Head Executive |
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Vice President and Controller |
Accounting Executive |
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Controller |
Controller |
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Vice President-Human Resources |
Human Resources Executive |
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Manager-Training |
Training Executive |
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|||
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Director-Sales |
Sales Executive |
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|||
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Director-eCommerce |
E-Commerce Executive |
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|||
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Marketing |
Marketing Executive |
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|||
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Marketing |
Marketing Executive |
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|||
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Director-Marketing |
Marketing Executive |
|
|||
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Information Technology |
Information Executive |
|
|||
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Technical Support |
Information Executive |
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|||
|
Product Manager |
Product Management Executive |
|
|||
|
Manager-Purchasing |
Purchasing Executive |
|
|||
|
Manager |
Other |
|
press clippings
Viking
marks 100th anniversary with new Cedar Falls museum
Waterloo-Cedar Falls Courier (IA): 08 August 2011
[What follows is the full text of the news story.]
Aug. 08--CEDAR FALLS -- The history of Viking Pump is now a
ready resource.
Viking Pump opened its new museum in June in the main hall
of the company's main office at 406 State St.
The museum, opened as part of Viking's yearlong 100th
anniversary celebration, showcases the company's products and history with
displays, documents, photographs and time lines.
Among the displays are original patents issued to Jens Nielsen,
the company's founder, who started the company after having emigrated from
Denmark.
Prior to the museum, which was designed in-house and put
together over the last eight or nine months, anybody who was curious about
Viking Pump's history was relegated to a small display on the third floor of
the George Wyth House in Cedar Falls.
"They gave us some of the previous memorabilia they
had, and we were trying to figure out how we could display that," said
Beth Sulentic, Viking's marketing manager.
"That, and the 100th anniversary, were the drivers
(behind building the new museum)."
Planners decided it was time to tell Viking's history and
its aspirations for the future in greater detail, Sulentic said.
"The museum does a good job of explaining who we are
and what we've done," she said. "We tell the story of our roots and
move to some things we're known for today and to what the future vision of the
company is."
The museum features Viking-manufactured pumps of virtually
every shape, size and era, Sulentic said.
"We have 50 to 60 panels of information, plus
interactive displays," she said, adding that a tour through all the
displays could take upwards of two to three hours.
"It's self-guided, but we do have tour guides available
during large open houses" and school field trips, she said.
Steve Dust, CEO of the Greater Cedar Valley Alliance &
Chamber, said the museum is a welcome addition to the local business and
cultural landscape.
"Viking Pump is an example of a local business that
continues to be a very strong presence in our local business community, and
celebrating that amazing anniversary," Dust said. "For any business
to stay open and grow for 100 years is really something to celebrate, and they
deserve congratulations for being able to mark that milestone of success by
opening that museum."
The museum is designed to appeal to different tastes,
whether it's a love of history, an appreciation of the evolution of
technologies, or a desire to learn about the types of Viking products found in
the home, Sulentic said.
"I like the history aspect of it," she said.
"We were able to get Jens Nielsen's original passport. We were able to
capture a lot of information we didn't know existed."
The museum is available to visitors free of charge and is
open during community events, such as the annual Sturgis Falls celebration each
June. Individuals looking to tour the museum should call 266-1741 ahead of the
visit to make an appointment, Sulentic said.
Pumping
up the past: Viking Pump marks 100th anniversary by opening new museum
Waterloo-Cedar Falls Courier (IA): 21 June 2011
[What
follows is the full text of the news story.]
June 21--CEDAR FALLS, Iowa -- The history of Viking Pump is
now a ready resource.
Viking Pump Friday opened its new museum in the main hall of
the company's main office, at 406 State St.
The museum, which the company opened as part of its
year-long 100th-anniversary celebration, showcases the company's varied
products and long history with displays, documents, photographs and time lines.
Among the displays are original patents issued to Jens
Nielsen, the company's founder, who started the company after having emigrated
from Denmark.
Prior to the museum, which was designed in-house and put
together over the last eight or nine months, anybody who was curious about
Viking Pump's history was relegated to a small display on the third floor of
the George Wyth House in Cedar Falls.
"They gave us some of the previous memorabilia they
had, and we were trying to figure out how we could display that," said
Beth Sulentic, Viking's marketing manager. "That, and the 100th
anniversary, were the drivers (behind building the new museum)."
Planners decided it was time to tell Viking's history and
its aspirations for the future in greater detail, Sulentic said.
"The museum does a good job of explaining who we are
and what we've done," she said. "We tell the story of our roots and
move to some things we're known for today and to what the future vision of the
company is."
The museum features Viking-manufactured pumps of virtually
every shape, size and era, Sulentic said.
"We have 50 to 60 panels of information, plus
interactive displays," she said, adding that a tour through all the
displays could take upwards of two to three hours.
"It's self-guided, but we do have a tour guides
available during large open houses" and school field trips, she said.
Steve Dust, CEO of the Greater Cedar Valley Alliance &
Chamber, said the museum is a welcome addition to the local business and
cultural landscape.
"Viking Pump is an example of a local business that
continues to be a very strong presence in our local business community, and
celebrating that amazing anniversary," Dust said. "For any business
to stay open and grow for 100 years is really something to celebrate, and they
deserve congratulations for being able to mark that milestone of success by
opening that museum."
The museum is designed to appeal to different tastes,
whether it's a love of history, an appreciation of the evolution of
technologies, or a desire to learn about the types of Viking products found in
the home, Sulentic said.
"I like the history aspect of it," she said.
"We were able to get Jens Nielsen's original passport. We were able to
capture a lot of information we didn't know existed."
The museum is available to visitors free of charge. It will
be open during community events, such as the annual Sturgis Falls celebration
next weekend. Individuals looking to tour the museum should call (319) 266-1741
ahead of the visit to make an appointment, Sulentic said.
Viking
to plant 100 trees to mark anniversary
Waterloo-Cedar Falls Courier (IA): 13 May 2011
[What follows is the full text of the news story.]
May 13--CEDAR FALLS, Iowa -- Viking Pump turns a century old
this year, and the company is planting trees Saturday to mark the occasion.
The Cedar Falls-based pump designer and manufacturer, in
conjunction with Cedar Falls Parks and Recreation, the University of Northern
Iowa, Cedar Falls Utilities and Trees Forever, has put together a group of
about 140 participants to plant trees on the UNI campus, in Birdsall Park and
on residential streets in Cedar Falls Saturday.
The first trees are scheduled to be planted at 9:30 a.m. in
Birdsall Park.
Cedar Falls Mayor Jon Crews is scheduled to turn the first
shovelful of dirt.
All participants will learn how to plant a tree correctly
and the "value of adding the trees to the community," the company
said in a news release.
"We look forward to giving a token of our appreciation
to our community that has supported Viking Pump's progress for 100 years,"
Fenton Challgren, Viking Pump's general manager, said in the news release.
The tree planting is one of several activities the company
has scheduled to honor its longevity. Viking Pump also is running a contest for
its distributors through June 11 to find the oldest company-manufactured pump
still in use. Viking also has scheduled a 5k run/walk and 1-mile walk/ kids fun
run June 11 on the trails in Cedar Falls.
Viking has scheduled what it's calling its biggest community
event June 17. That day, the company will hold a grand opening of its new
Viking Pump Museum in the atrium of the company's headquarters, at 406 State St.,
from 5 to 7 p.m.June 17. That night, the company will co-host "Live To
9" with the Cedar Valley Jaycees at Sturgis Park in Cedar Falls. A
fireworks display will follow in downtown Cedar Falls. After that event, Viking
will sponsor "Movies Under the Moon" at Overman Park in Cedar Falls.
Standard
& Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion
that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term rating
is negative. We could lower the long-term rating to 'AA' within the next two
years if we see that less reduction in spending than agreed to, higher interest
rates, or new fiscal pressures during the period result in a higher general
government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating
Methodology and Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government's
other economic, external, and monetary credit attributes, which form the basis
for the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to effectively
address the rising U.S. public debt burden in a manner consistent with a 'AAA'
rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating
Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The
U.S., Going Gray Will Likely Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose monetary
policy at a time of fiscal tightening. Nonetheless, it is possible that
interest rates could rise if investors re-price relative risks. As a result,
our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year
bond yields relative to the base and upside cases from 2013 onwards. In this
scenario, we project the net public debt burden would rise from 74% of GDP in
2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service. Although
in our view the credit standing of the U.S. government has deteriorated
modestly, we see little indication that official interference of this kind is
entering onto the policy agenda of either Congress or the Administration.
Consequently, we continue to view this risk as being highly remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high earners--lead
to fiscal consolidation measures beyond the minimum mandated, and we believe
they are likely to slow the deterioration of the government's debt dynamics,
the long-term rating could stabilize at 'AA+'.
On Monday, we will issue
separate releases concerning affected ratings in the funds, government-related
entities, financial institutions, insurance, public finance, and structured
finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.38 |
|
UK Pound |
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.