Homeland Security Capital Corporation (OTCBB: HOMS), a company engaged in the acquisition, development and consolidation of homeland security-related businesses, announced today that it has acquired Knoxville-based Safety & Ecology Holdings Corporation (SEC) as part of the Company's strategy to capitalize on significant opportunities within the homeland security industry. The acquisition is expected to generate revenues in excess of $55 million for 2008, and will enhance HSCC's position in the global marketplace for nuclear remediation and detection products and services.

In addition, HSCC is simplifying its capital structure by exchanging its convertible debt for preferred stock and non-convertible notes. As part of this transaction, Christopher P. Leichtweis, founder and Chief Executive Officer of SEC, has been appointed President of HSCC and will join the HSCC board of directors.

(AFX UK Focus) 2008-03-14 14:20 GMT: Budapest outlook lowered to negative after Hungary outlook cut - S&P

MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it lowered its outlook on the Hungary's capital city Budapest to negative from stable, following a similar cut in the country's outlook, arising from worsening prospects for public finance consolidation from next year.

S&P said it has also affirmed the city's 'BBB+' long-term and 'A-2' short-term foreign and local currency issuer credit ratings.

Budapest's ratings are closely linked to that of the country as nearly half of the city's debt is guaranteed by the state and all contract loans are linked by cross-default clauses, S&P said.

S&P added that the city's ratings continue to be constrained by Budapest's lack of financial flexibility, which results from the Hungarian institutional framework for local and regional governments.

Fitch Rates Rancho California Water District s $212.5MM Revs AA ; . Outlook Stable

Outlook Stable 14/03/2008 22:31:00 Business Wire Fitch Ratings assigns an AA rating to Rancho California Water District Financing Authority s (the authority) refunding revenue bonds as follows: --$167,170,000 fixed-rate series of 2008A; --$45,355,000 adjustable-rate series of 2008B.
The AA rating for the series 2008B bonds reflects the underlying security.
The 2008B bonds will be enhanced by a direct pay direct pay letter of credit provided by UBS.
Fitch expects to assign a rating to the 2008B based on the credit enhancement closer to the pricing.
In addition, Fitch affirms the AA rating on approximately $87.7 million in outstanding parity bonds.
The Rating Outlook is Stable.
The 2008A bonds will price on or about March 19, while the 2008B bonds will price on or about April 1.