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The Honolulu Advertiser
Posted on: Tuesday, September 25, 2001

Business briefs

Advertiser Staff and News Reports

Queen's Health rated 'stable'

Moody's Investors Services has revised its outlook on the Queen's Health Systems' A1 long-term bond rating to stable from negative. The outlook revision affects about $230 million of debt outstanding, including the Series 1996A bonds and 1998 Series A variable rate bonds.

In raising its outlook, the rating agency said the system had improved operations. "Although financial performance remains weak, we believe significant changes at the organization, including board and management changes and the divestiture of Queen's managed-care business, has shifted the momentum and will allow the organization to continue to implement its turnaround initiatives," Moody's said.

Aloha Tower Marketplace cuts hours

Aloha Tower Marketplace yesterday reduced operating hours for all retail stores. Shops will be open from 10 a.m. to 8 p.m. Monday through Saturday, instead of 9 a.m. to 9 p.m., and from 10 a.m. to 6 p.m. on Sunday, instead of 9 a.m. to 6 p.m. Restaurant hours are unchanged.

Cheap Tickets offer extended

Cendant Corp., franchiser of the Avis rental car chain and Days Inn hotels, extended until Oct. 5 its tender offer for shares of Honolulu-based Cheap Tickets Inc., which it announced Aug. 13 it would buy for about $280 million. The original offer was scheduled to expire last Friday, but Cendant had bought only 86 percent of the shares by midnight Friday.