Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, March 3, 1993 TAG: 9303030134
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: staff report
DATELINE: LENGTH: Medium
IN BUSINESS
Fitch raises rating on Dominion's debtThe rating of Dominion Bankshares Corp.'s senior debt was raised Tuesday to "A" from "BBB-" by Fitch, a New York bond and securities rating firm. The action followed Monday's acquisition of Dominion by First Union Corp.
Fitch's rating on Dominion's $8.5 million of 7.75 percent debentures due 1996 is removed from FitchAlert, where it was placed with positive implications on Sept. 22. The rating will be withdrawn upon redemption of the issue on March 8.
First Union Corp.'s "A" senior debt and First Union National Bank's "A+/F-1+" structured transaction ratings remain on FitchAlert, where they were placed with negative implications following the Sept. 21 announcement of plans to acquire Dominion. - Staff report
Earnings . . .
Littlefield, Adams & Co., owner of two Roanoke companies, has reported higher earnings and a decline in sales for its third quarter ending Sept. 30. Profit was $110,000, up 134 percent from $47,000 in the same quarter a year earlier. Revenue was $1.6 million, down 5 percent from $1.7 million.
In the first nine months of what it called "a turnaround year," the company reported profit of $482,000, up 276 percent from $128,000. Littlefield, owner of Collegiate Pacific Inc. and Personal Screening Inc. in Roanoke, is operated from San Antonio, Texas.
Medical Sales Associates, a Jackson, Miss., subsidiary of Littlefield, reported that its recent Veterans Administration contract for a wheelchair support system is valued at more than $40 million. Littlefield said it has completed documentation to close the acquisition of Funwear, a Dayton, Ohio, company that imprints brand name apparel. The purchase was reported in December.