Debt-rating agency Moody’s Investor Service on Wednesday upgraded the University of Denver’s debt by one notch to A1, citing the private institution’s “strengthening student market position, growth of financial resources and consistently positive operating performance.”
Moody’s also assigned an underlying rating of A1 for a $40 million bond sale scheduled for next month. Moody’s considers the university’s $157.7 million of rated debt as low risk and of investment grade.
Additional business news briefs:
DENVER
Trammell Crow ends final phase of sale
Trammell Crow Co. announced Wednesday it has completed the final phase of the sale of AmeriVest Properties’ office building portfolio to Newport Beach, Calif.-based Koll Co. The $68.7 million transaction was for three office buildings totaling 485,191 square feet.
The sale represented the final transaction in the liquidation of Denver-based AmeriVest Properties’ assets, which included 12 office buildings in Denver, Phoenix and Dallas.
DENVER
State receives $236,282 in fraud restitution
The Colorado Department of Labor and Employment announced Wednesday it has obtained $236,282 in restitution through 21 successful criminal convictions for unemployment- insurance fraud during the third quarter.
The cases were investigated by the department’s Office of the Inspector General.
DENVER
Qwest adds searches; N.M. orders refunds
Qwest on Wednesday announced the addition of enhanced category searches for Qwest Wireless customers to its directory-assistance services. The new services include driving directions, horoscopes, movie listings, ski conditions and weather forecasts.
The New Mexico Public Regulation Commission has frozen basic telephone rates for Qwest customers for three years and ordered the telecommunications giant to refund a total of $3.6 million to residential customers as a credit on their February bills. The refunds, which Commissioner Jason Marks estimated will run between $5 and $6 each, were ordered Tuesday because of Qwest’s failure to comply with quality-of-service standards.
JEFFERSON COUNTY
Mining firm’s plan to transfer sites OK’d
Vista Gold Corp., a Jefferson County-based mining firm, announced Wednesday that the Supreme Court of the Yukon Territory has approved a plan that will result in Vista transferring its existing Nevada properties into a recently incorporated company, Allied Nevada Gold Corp.
The new company will concurrently acquire the Nevada mineral assets of Carl and Janet Pescio. The deal is expected to close in December.
DENVER
Oil company to divest its properties in N.D.
Bill Barrett Corp. on Wednesday announced it intends to divest its Williston Basin properties in North Dakota. The company plans to begin marketing efforts early next year and to close during the second quarter.
Company production in the basin is about 1,200 barrels of oil equivalent per day or 5 percent of the company’s current production. Barrett also has about 160,000 undeveloped acres in the area with 2005 proven reserves of 5.3 million barrels.
VEVEY, Switzerland
Nestlé may buy Gerber and nutrition business
Nestlé SA, the world’s largest foodmaker, may buy baby-food company Gerber Products along with a medical-nutrition business from Swiss drugmaker Novartis AG for as much as $5 billion, according to a published report.
Novartis is already in negotiations to sell Nestlé the medical-nutrition business, and Nestlé executives are interested in trying to make the acquisition of Gerber Products Co. part of the same deal, according to The Wall Street Journal, which cited people familiar with the matter.
ATLANTA
Delta plans to bring 200 pilots back in
Delta Air Lines Inc., the largest U.S. carrier in bankruptcy, plans to recall 200 more pilots next year as it adds planes and international service.
The recalls are in addition to the 250 pilots brought back to work since June 2005, the Atlanta-based carrier said Wednesday in a statement.
DES MOINES, Iowa
Gates must testify just once in antitrust case
Microsoft chairman Bill Gates must travel to Iowa only once to defend his company in a class-action antitrust case, beginning today. He is accused of running a monopoly that overcharged Iowans millions of dollars.
The company, which has denied the allegations, said it will prove customers received high- quality software for a reasonable price. In a ruling filed Wednesday, Polk County District Court Judge Scott Rosenberg said that Gates and Microsoft chief executive Steve Ballmer must testify only once.
SAN DIEGO
Council’s ban of giant stores to hit Wal-Mart
The City Council here voted late Tuesday to ban certain giant retail stores, dealing a blow to Wal-Mart Stores Inc.’s potential to expand in the nation’s eighth- largest city.
The measure, approved on a 5-3 vote, prohibits stores of more than 90,000 square feet that use 10 percent of space to sell groceries and other merchandise that is not subject to sales tax.
