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LOCAL BRIEFING

Wednesday, October 8, 2008

CREDIT

Circuit City Loses Recommendation

Circuit City Stores lost a recommendation from a firm that advises manufacturers on whether to ship goods to retailers a week after the Richmond-based electronics chain posted a quarterly loss more than triple its year-earlier loss. The withdrawal by Bernard Sands signaled concerns that Circuit City may have trouble paying its vendors.

Moody's Downgrades Legg Mason Debt

Legg Mason's debt rating was lowered one grade, to A3, by Moody's Investors Service because of expenses to offset losses at its money-market funds and withdrawals by stock and bond investors.

The money manager's previous rating was A2, Moody's said in a statement. The downgrade affects about $2.2 billion in Legg Mason debt, Moody's said. The debt outlook for Legg Mason, of Baltimore, was cut to negative last year by Moody's.

LEGAL

Va. Trucking Company Settles Bias Lawsuit

A trucking company has agreed to a $175,000 settlement of a racial discrimination lawsuit filed by the federal government after the firing of a black dockworker at a company facility in Mississippi.

The Equal Employment Opportunity Commission sued Estes Express Lines of Richmond after the dismissal of Morris Young, who worked at the company's Richland, Miss., facility. The settlement was announced by the EEOC.

The lawsuit claimed that Young was wrongfully fired from his job in 2005 after being falsely accused of stealing tobacco shipments.

CONTRACTING

Lockheed to Supply Planes to Qatar

Lockheed Martin said it won a contract from Qatar valued at $393.6 million for four C-130J Super Hercules transport aircraft plus spare parts and training.

Deliveries are scheduled to begin in 2011, said Lockheed, based in Bethesda.

The C-130J is used by the U.S. military and other countries including Australia, Denmark and India. The sale to Qatar includes the training of air crew and maintenance technicians, spares, forklifts and loading vehicles.

General Dynamics Unit Wins Navy Pact

A unit of Falls Church's General Dynamics said it received a contract that could be worth nearly $183 million to coordinate naval aviation foreign military sales.

The five-year, indefinite-delivery, indefinite-quantity contract went to General Dynamics Information Technology. The company said it would provide logistics, technical and financial management, and administrative support to the Navy program.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.

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