...Brazil s Ba# local- and foreign-currency government bond ratings and stable outlook incorporate important reductions in external vulnerabilities and lower credit risks on the fiscal front. Economic polic y continuity and th e anticipation of moderate political risks that could reverse this condition are factored into Brazil s current ratings. External debt indicators have declined steadily driven by reduced external indebtedness and sustained export growth. Increased international reserves have considerably reduced the country' s exposure to external shocks. Government debt indicators have report ed moderately declining trends in recent years supported by the authorities' commi tment to primary surplus targets. The current government debt profile incor porates a much-reduced exposure to exchange rate risk, as well as lower interest-rate risks. The main constraints to the government s ra tings are (#) relatively high debt ratios that, though declining, exceed the Baa-ca tegory...

...Markel Corporation (NYSE: MKL) is an insurance holding co mpany based in Glen Allen, VA and is the #th largest Excess & Surplus ( E&S ) carrier in the United States. The group underwrites property, casualty and specialty insurance products and programs to a variety of niche markets. For ####, Markel reported net written premiu ms of $#.# billion and net income of $### million. As of December ##, ####, shareholders' equity was $#.# billion. Markel s US-based insurance subsidiari es underwrite specialty property and casualty insurance programs through wh olesale brokers and agents, competing primarily in the E&S and Specialty Admitted segments. Markel's London Insurance Market segment underwrites through Markel Capital Limited and Markel International Insurance Company Limited (formerly Terra Nova Insurance Company). Markel Capital Limited is the corporate capital provider for Markel's Lloyd's syndicate, Markel Syndicate ####, which is managed by Markel Syndicate Management...

... Moody s Credit Policy - Addendum to Rating of Transacti ons Wrapped by Financial Guarantors: Frequently Asked Questions ...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary #The higher reserve fund amount than target is due to the interest credited to the Cash Reserve Account. Footnotes - Capital Structure Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). Footnotes - Trigger Description Delinquencies - Early Amortisation: Early amortisation occurs when, amongst others, the Delinquency Ratio is greater than ##%. Losses - Cumulative - Early Amortisation: Early amortisation occurs when, amongst others, the Cumulative Realised Loss Ratio is greater than the Cumulative Realised Loss...

... Sebastian Hoepfner, ####-####-####, Sebastian.Hoepfner@moodys.com Olimpia da Silva, ####-####-####, Olimpia.DaSilva@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary #Trigger calculations are based on delinquency as defined in the Offering Circular while total delinquencies refer to all loans that are at least one day in arrears. Footnotes - Capital Structure Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). Footnotes - Trigger Description Delinquencies - Early Amortisation: Early amortisation occurs when, amongst others, delinquencies exceed #,##%. Losses - Cumulative - Early Amortisation: Early amortisation occurs when, amongst others, cumulative realised losses exceed...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary #Please note that the level of protection against losses to the class A was achieved by the subordination of #% of the collateral value at closing. Class B benefits from #.#% of the collateral value at closing. Footnotes - Capital Structure ...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary #Net Excess Spread is the cash available after payment on interest on Class E Notes in accordance with the Pre-Enforcement Interest Payments Priorities. Footnotes - Capital Structure # Residual tranches are not considered for any of the total amount or total % calculations. Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). Footnotes - Trigger Description Delinquencies - Early Amortisation: Early amortisation occurs when, amongst others, the Delinquency Ratio exceeds ##%. PDL - Early Amortisation: Early amortisation...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Maria Turbica Manrique, ##-##-###-####, Maria.TurbicaManrique@moodys.com Ignacio Rivela, ####-####-####, Ignacio.Rivela@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Maria Turbica Manrique, ##-##-###-####, Maria.TurbicaManrique@moodys.com Ignacio Rivela, ####-####-####, Ignacio.Rivela@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Maria Turbica Manrique, ##-##-###-####, Maria.TurbicaManrique@moodys.com Ignacio Rivela, ####-####-####, Ignacio.Rivela@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Daron Kularatnam, ####-####-####, Daron.Kularatnam@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

... Maria.TurbicaManrique@moodys.com Ignacio Rivela, ####-####-####, Ignacio.Rivela@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

Global Credit Research New Issue # MAY #### New Issue: Indiana Finance Authority MOODY'S ASSIGNS Aaa/VMIG # TO INDIANA FINANCE AUTHORITY VARIABLE RATE DEMAND EDUCATIONAL FACILITIES REVENUE BONDS, SERIES ####A AND SERIES ####B (DEPAUW...

Global Credit Research New Issue # MAY #### New Issue: Nature Conservancy, VA MOODY'S UPGRADES THE NATURE CONSERVANCY'S LONG-TERM RATING TO Aa# FROM Aa# AND ASSIGNS Aa#/VMIG# RATINGS TO SERIES ####A REVENUE BONDS, Aa#/P-# RATINGS TO...

...Habib Bank Ltd (HBL) is the second-largest commercial bank in Pakistan, with total assets of PKR### billion (USD##.# billion). It has market shares of ##.##% in terms of assets and ##.##% in terms of deposits as at the end of September ####. The bank operates the largest country-wide branch network in Pakistan with #,### branches as at the end of December ####. The bank also has a modest international representation with ## branches. HBL was founded in #### in Bombay, India, and relocated to Pakistan in ####. Remittances that contributed to the initial growth of trade and industry in Pakistan were routed through HBL. All banks in Pakistan, including HBL, were nationalised by the government in ####, as part of the nationalisation of large private sector entitie s. HBL had a domestic market share of more than ##% at the time. The bank was privatised in December #### when the government relinquished management cont rol and sold a ##% stake to the Aga Khan Fund for Economic...

...National Bank of Pakistan (NBP) is t he largest commercial bank in Pakistan, with total assets of PKR### billion (USD##.# billion). It has the largest market shares in terms of assets (##.##%) a nd deposits (##.##%) as at September ####. The bank operates the second-lar gest country-wide branch network in Pakistan with #,### branches as at the end of December ####. The bank also has a modest international representation with ## branches. NBP was established in Pakistan in November ####. The bank was set up with an issued capital of PKR## million, of which the government paid ##%. The balance was offered to the public. All banks in Pakistan, including NBP, were nationalised by the government in ####, as part of the nationalisation of large private sector entit ies. The bank is still ##% owned by the Government of Pakistan. The bank also handles tr easury transactions for the government as an agent to the State Bank of Pakistan (SBP). The government is expected to further...

...United Bank Limited (UBL) is the thir d-largest commercial bank in Pakistan, with total assets of PKR### billion (USD#.# billion). UBL operates a country- wide network of #,### branches including # Islamic banking branches and has the second-largest ATM network in Pakistan complemented by moderate overseas operations. United Bank Limited was founded in ####. The bank was nationalised in ####, as part of the nationalisation of large private sector entities. UBL was partially privatised in September ####: a consortium of Abu Dhabi Group (comprising individual investors) and Bestways Group (UK) offered the highest bid for a ##% stake and management rights in the bank: each Group has an equal stake. In June #### t he Pakistan Privatisation Commission offered #.#% of that shareholdi ng to the market through an IPO. The government s stake was further partially diluted in June ####, when it disinvested ##% of total shareholding of the bank in the form of Global Depository Receipts...

...MCB Bank Ltd is the fourth-largest bank in Pakistan in terms of assets at PKR###.# billion as of year-end #### (US$#.# million), with a wide network of branches and the largest ATM netwo rk in Pakistan, complemented by small overseas operations. It has market shares of #.#% in terms of assets and #.#% in terms of deposit s as of September ####. MCB was incorporated as a limited company in July ####. In ####, MCB was nationalised along with all other private- sector banks. This led to deterioration in the quality of the bank s loan portfolio and service. MCB was again privatised in ####. Over the past ## years, the bank has concentrated on growth through improving service qua lity, investment in technology and people, utilisation of its extensive branch network, development of a large and stable deposit base and management of its non-performing loans via improved risk management processes. The bank s ordinary shares are listed on all the stock exchanges in Pakistan whereas...

...The second half of #### proved to be an extremely volatile period, without prece- dent, as turmoil in the subprime mortgage market starting in the summer rocked financial markets, including the money mark ets. Fear of increasing losses stem- ming from the subprime mortgage market touched off concerns that asset-backed commercial paper programs issued by structured investment vehicles with expo- sure to mortgage products could start incurring losses. Some of the riskier pro- grams did run into trouble, as it became incr easingly more difficult to find investors for maturing ABCP. This caused ## programs to extend and/or default between August ##, #### and year-end ####. An ex treme liquidity-turned-credit crunch in the asset-backed commercial paper market made for very difficult trading in an unsettled market. Fears about the potent ial impact on U.S. economic growth also surfaced, but receded somewhat due to subsequent interest rate cuts by the Fed- eral Reserve. Against this...

... to the Class B notes to be issued in the term securitization of prim e automobile loans by DaimlerChrysler Auto Trust ####-B (DCAT ####-B). Moody's provisional ratings of the Class A notes are based on the following: The quality of the underlying automobi le loans and their expected performance; The structural and legal integrity of the transaction; The enhancement provided by subordin ation, overcollateralization, reserve account, yield supplement overcollatera lization amount (YSOA) and available excess spread; Ability of DaimlerChrysler Financial Services Americas LLC (DCFS) as servicer. In addition, the provisional ...

Global Credit Research Rating Update # MAY #### Rating Update: New Mexico S.D. Enh. Prog.-Pre Mar.##, #### MOODY'S REMOVES NM SCH DIST ENH PROG PRE-#/##/## FROM WATCHLIST; CONFIRMS Aa# RATING AND STABLE OUTLOOK ACTION IMPACTS ENHANCED...

Global Credit Research Rating Update # MAY #### Rating Update: New Mexico S.D.Enh.Prog.-Post Mar. ##, #### MOODY'S ASSIGNS Aa# TO NM SCH DIST ENH PROG POST-#/##/##; OUTLOOK IS STABLE ACTION IMPACTS ENHANCED RATINGS ON APPROXIMATELY...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). ...

... Maria.TurbicaManrique@moodys.com Ignacio Rivela, ####-####-####, Ignacio.Rivela@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary #Trigger calculations are based on delinquency as defined in the Offering Circular while total delinquencies refer to all loans that are at least one day in arrears. Footnotes - Capital Structure Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) Moody's CPR calculation = #-(#-(Current Period Unscheduled Principal Payments divided by Current Period Outstanding Pool Balance plus Unscheduled Principal Payments))^[reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#,...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure # Residual tranches are not considered for any of the total amount or total % calculations. Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) ...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). ...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). ...

...Footnotes - General Information # Date forma