CapitalMark boosts profits
CapitalMark Bank & Trust boosted its third-quarter earnings by more than 5.4 percent over a year ago to $604,785.
The 4-year-old Chattanooga bank increased deposits in the past year by more than 34 percent to $505 million while raising its loan volume by 3.3 percent to $336 million.
Nonperforming loans fell in the past year, and the bank said its capital ratios remained well above the industry norms.
“We are pleased to report increased earnings despite protracted challenges for the banking industry,” CapitalMark CEO Craig Holley said.
Moody’s raises Ford, GM grades
DETROIT — Moody’s Investors Service raised the corporate debt ratings for General Motors Co. and Ford Motor Co. on Thursday, citing new labor agreements and improvements in their finances.
The ratings were raised from “Ba2” to “Ba1,” which is one notch below investment grade. The upgrades will make it cheaper for the automakers to borrow money.
Ford and GM’s debt fell below investment grade in 2005 when the companies were deeply indebted. GM later declared bankruptcy and took government loans to stay afloat, while Ford borrowed heavily to fund a restructuring. Both are now profitable.