– Under Fitch’s baseline economic and fiscal scenario, which assumes a continued policy commitment to reducing the underlying budget deficit and medium-term annual growth potential of 2%-2.25%, government debt gradually falls as a share of national income in the latter half of the decade. – The long average maturity of public debt (15 years) – the longest of any high-grade sovereign -exclusively denominated in local currency and low interest service burden implies a higher level of debt tolerance than many high-grade peers. – The international reserve currency status of sterling and the ability and willingness of the Bank of England to intervene in the UK government debt market largely eliminates the risk of a self-fulfilling fiscal financing crisis. – The gradual improvement in the UK banking sector’s capital and liquidity position has further reduced contingent liabilities arising from this sector. The UK’s ‘AA+’ rating is underpinned by its high-income, diversified and flexible economy as well as a high degree of political and social stability. The monetary policy framework as well as sterling’s international reserve currency status afford the UK a high degree of financial and economic policy flexibility. Strong civil and policy institutions and a high degree of transparency enhance the predictability of the business and economic policy environment that compares favourably with peers in the ‘AA’ category. Weak economic performance and growth prospects, relatively high levels of private and foreign as well as public debt, along with sizeable twin fiscal and current account deficits, are weaknesses relative to rating peers. RATING SENSITIVITIES The Stable Outlook indicates a less than 50% chance of a change in the UK sovereign ratings over the next two years. The main factors that could lead to a negative rating action, individually or collectively, are: – Failure to stabilise the government debt to GDP ratio over the medium term. – Increased threat to macro-financial stability, for example arising from an intensification of the eurozone crisis or an erosion of confidence in the UK’s policy commitment to price stability. The main factors that could lead to a positive rating action, individually or collectively, are: – Stronger economic recovery and rebalancing of the UK economy than currently forecast. – Government budget deficits and debt declining at a faster pace than currently projected so that GGGD is on a sustainable path towards 90% of GDP and below. KEY ASSUMPTIONS A key assumption underpinning Fitch’s medium-term fiscal projections reflected in the ‘AA+’ rating and Stable Outlook is that the growth potential of the UK economy is around 2%-2.25% pa. This assumption is based on the UK’s labour market and demographic outlook and expectation that labour productivity will revert to its long-run trend of around 2% pa.
Hyde Marine Names Cammell Laird Installation Partner in the United Kingdom
The position of the assistant Auditor-General was created to enable the deserving directors of audit to be promoted to that position. All other deserving staff whose promotions had delayed or withheld for lack of vacancy, some as long as 17 years across board, were promoted. Dr. Edward Dua Agyeman has written several books/booklets on taxation and co-authored four books in the United Kingdom with a colleague, Mr. A.W. Brindley. He has also reviewed books and international journals. He has made presentations to fourteen international seminars and workshops in the following countries: Accra, Ghana; Pretoria, South Africa; Beijing, China; Kasane, Botswana; Washington DC, USA; Tanzania and Angola. The others are Hanoi, Vietnam; Ottawa, Canada; Abuja, Nigeria; Vienna, Austria; and Freetown, Sierra Leone. The rest are Abidjan, Cote dIvoire; Kuala Lumpur, Malaysia; Seoul, Korea and Bermuda. Under his leadership the international image of the Audit Service of Ghana improved significantly. Dr. Edward Dua Agyeman was the founding vice chairperson of the African Organisation of English-speaking Supreme Audit Institutions (AFROSAI-E) and served two terms of three years each. He also served as a chairperson of the audit committee of AFROSAI-E. He chaired the ad-hoc committee that suggested the way forward for the harmonisation of the structures of the Assembly of English speaking Supreme Audit Institutions in Africa and that of the Southern Africa Development Community Organisation of Supreme Audit Institution (SADCOSAI) into African Organisation of English speaking Supreme Audit Institutions (AFROSAI-E).
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We are looking forward to continuing our partnership with Hyde Marine as we work together to ensure shipowners and operators have access to one of the industry’s leading ballast water treatment technologies,” said Rob McBurney, Commercial Director of Cammell Laird. “Hyde Marine’s commitment to providing superior service and support will drive continued success for Cammell Laird clients as the industry works to comply with pending ballast water treatment requirements. Visit www.hydemarine.com for more information about Hyde Marines ballast water management solutions. For additional background on Cammell Laird, visit www.clbh.co.uk . About Calgon Carbon Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner. For more information about Calgon Carbon’s leading activated carbon and ultraviolet technology solutions for municipalities and industries, visit www.calgoncarbon.com . About Hyde Marine With more than 100 years in the maritime industry and pioneering development of ballast water treatment technologies, Hyde Marine has become the leading U.S. manufacturer and educator regarding regulations, technologies, installation experiences, and challenges facing this sector. Since its initial launch in 1998, the Hyde GUARDIAN BWTS has rapidly emerged as an industry leader featuring mechanical separation with stacked-disc filtration followed by UV disinfection with more than 265 Hyde GUARDIAN units sold to date for installation in various ship types and sizes around the world. About Cammell Laird Cammell Laird was founded in 1828 and is based on the River Mersey in the Liverpool City Region on the west coast of Britain. The companys Birkenhead site expands across 130 acres and includes four dry docks, a large modular construction hall and extensive covered workshops. It is also at the centre of a marine and engineering cluster with easy access to support services classification societies and port state authorities. Today, its highly skilled workforce and extensive world-class facilities are used to support a broad range of sectors and projects. This news release contains historical information and forward-looking statements. Forward-looking statements typically contain words such as “expect,” “believe,” “estimate,” “anticipate,” or similar words indicating that future outcomes are uncertain. Statements looking forward in time, including statements regarding future growth and profitability, price increases, cost savings, broader product lines, enhanced competitive posture and acquisitions, are included in the company’s most recent Annual Report pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995.