...A Moody's atribui um rating de for a financeira de banco (BFSR) D para o Banco Panamericano S.A. (Panamericano). O rating justificado pela carteira pulverizada, rentabilidade robusta e uma franquia tradicionalmente focada no nicho de financiamento ao co nsumidor. O BFSR do Panamericano representa um Perfil de risco de cr dito individual (BCA) igual a Ba#. Na opini o da Moody's, o Panamericano n o seria eleg vel para receber qualquer suporte sist mico em situa o de dificuldade financeira, devido pequena participa o do banco no total de dep sitos vista do mercado. A Moody's atribui um rating Ba# de dep sit o global em moeda local (GLC) para o Panamericano; portanto, n o h ajuste do rating BCA Ba# do banco para cima. ...

...Provincia Seguros is one of the largest property and casualty insurancecompanies in the Argentine ma rket. Part of the major financial services group GRUPO BAPRO, the insurer is owned by the second-largest bank in the Argentine system: Banco Provincia de Buenos Aires. GRUPO BAPRO holds the ##% of the ownership of Provincia Seguros and the remaining ##% belongs to Caja de Jubilaciones y Pensiones de Empleados del Banco Provincia an organization that provides additional pension benefits only for employees of Banco Provincia de Buenos Aires-. Regarding its main stake holder, GRUPO BAPRO, it is engage in different financial and services segment and it is present in the insurance industry with a life company, Provincia Seguros de Vida, and in the workers compensation segment with the monoline Provincia Seguros ART. Provincia Seguros holds an approximat e #% market share in the domestic P&C segment, as well as a #% share of the highly competitive motor business. The motor line...

...San Crist bal Seguros Generales is one of the three most important mutual companies operating in the Argentine property and casualty insurance sector. It has been in the market for al most ## years and has a significant presence in several major provinces. Nationally, the company holds an approximate #% market share (based on gross premiums) of the p&c segment. In the important business of motor insurance, San Crist bal ranks fourth, with a #% share; it is third in the hail insurance line with ##% share. The mutual insurer has majority-ownership in several subsidiaries including Asociart ART, which concentrates in the workers compensation segment, and San Crist bal Seguro de Retiro, which focuses on the previsional annuity coverage f ...

...Boston University upgraded . . . # CareGroup assigned A# on $###.# million in bonds . . . # Elmhurst Memorial Healthcare downgraded in conjunction with new issuance . . . # New Houston ratings affect $### million in debt . . . # Los Angeles's wastewater bonds underlying ratings is A# . . . # North Carolina's coal generation plant upgraded to A# from A# . . . ## N. Texas Tollway Authority's $# billion in bonds rated A# rating . . . ## Orlando-Orange County Expressway Authority assigned Aaa/VMIG # ratings for each sub-series of revenue bonds . . . ## Aaa/VMIG to each sub-series of the New Jersey school bonds . . . # San Diego County COP series rated Aa# . . . ## ...

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

Global Credit Research Announcement # MAY #### Announcement: Moody's Fully Supported Municipal & IRB Deals New York, May ##, #### -- ASSIGNMENTS Allen (County of) OH, Adjustable Rate Hospital Facilities Revenue Bonds US$ ###.##M Ser....

Global Credit Research Announcement # MAY #### Announcement: Supplement to Moody's worldwide rating actions for May #, #### -- Part I New York, May ##, #### -- Moody's Investors Service has issued press releases on the following rating...

Global Credit Research Announcement # MAY #### Announcement: Supplement to Moody's worldwide rating actions for May #, #### -- Part II New York, May ##, #### -- Moody's Investors Service has issued press releases on the following rating...

...Danmarks Skibskredit A/S (Danish Ship Finance), one of the leading ship finance institutions in the world, is headquarte red in Copenhagen and was created in #### as Danmarks Skibskreditfond. Throughout its existence, Danish Ship Finance has been providing direct financing and refinanci ng at competitive terms to ship owners and shipyards for building and converting vessels as well as the sale and acquisition of vessels. In July #### Danish Ship Finance s legal status was changed from a foundation to a limited-liability company following an am endment to the special law under which it was originally established in ####. Danish Ship Finance s key shareholders are the central bank of Denmark, banks and insurance companies, ship owners and shipyards, and Den Danske Maritime Fond (the Danish Maritime Fund). As of ## December ####, Danish Ship Finance had total assets of DKK##.## billion ( ##.## billion). ...

...Las calificaciones de emisor Aa#.mx (Escala Nacional de M xico) y Baa# (Escala Global, Moneda Local) asignadas al Municipio de Zapopan (Estado de Jalisco) reflejan una evaluaci n del riesgo crediticio base (BCA por sus siglas en ingl s) de ## (en una escala del # al ## en la que # representa el riesgo crediticio m s bajo) y una baja probabilidad de que el Estado de Jalisco intervenga para prevenir un incumplimiento por parte del municipio. La evaluaci n de riesgo crediticio base de ## del municipio de Zapopan tiene en cuenta su buen desempe o financiero, su amplia y creciente base econ mica y de ingresos propios y sus altos m rgenes operativos. La calidad crediticia intr nseca del municipio tambi n se ve afectada por el importante incremento en los niveles de endeudamiento que se espera para este a o. ...

...Bankpozitif s D bank financial strength rating (BFSR) reflects the bank s inherent financial standing. The rating is constrained by the bank s only recently created (but rapidly growing) corporate and retail lending franchises and by the high borrower concentration to middle-market Turkish corporate customers. The rating is supported by the bank s strong capitalisation, profitability and asse t quality metrics and by its robust system of internal controls. The D BFSR is in line with the rating s of other small Turkish banks rated by Moody s. The bank has also been assigned a Baa#/Prime-# local currency deposit rating, which is two notches higher than the rating implied by the D BFSR (which maps to a baseline credit assessment of Ba#). The ratings uplift is based on a high likelihood of support from the bank s majority shareholder, Bank Hapoalim, in case of need and on Bank Hapoalim s own standalone rating, represented by a C BFSR (mapping to a baseline credit assessment of...

Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk.

...The entire Portfolio is disclosed in the offering circular as at the Issue Measurement Date (## April ####). - It is a static CLO which means that there is no reinvestment risk in the transaction. ...

... Copyright ####, Moody s Investors Service, Inc. and/or its licensors and affiliates including Moody s Assurance Company, Inc. (together, " ...

...CIT Equipment Collateral ####-VT# (the "issu er" or the "trust") will be CIT's first transaction of #### and eighth transaction under the CITEC (VT) banner. CIT has a broad range of experience in the asset-backed securities market, with previous transactions in mid-ticket equipment, home equity, manufactured housing, recre- ational vehicles, and marine assets. Moody's provisional ratings for the ####-VT# transaction are based on: The quality of the collateral , which consists of a pool of leases secured by tech- nology, communications and general office equipment; Credit enhancement provided by subo rdination and cash collateral account. Credit enhancement for the ####-VT# tran saction is higher than the previous (####-VT#) transaction and reflects the comp osition of the collateral pool and its expected performance; The structural and legal integrity of the transaction; and The experience of CIT Financial USA, Inc. as servicer. The collateral underlying the current transaction...

... 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: Mesa (City of) AZ Combined Utility Enterprise MOODY'S ASSIGNS A# RATING TO CITY OF MESA, ARIZONA'S UTILITY SYSTEMS REVENUE AND REFUNDING BONDS, SERIES #### RATING AND STABLE OUTLOOK...

...Moody s outlook for the Russian RLG sector is stable. This Outlook expresses Moody s expectations for the fundamental credit conditions in the sector over the next ## to ## months. ...

...Apartments, the market for which is more liquid than those for other types o fresidential properties in Korea, secure most of the underlying mortgages. - The rated notes will benefit from the subordination to be provided by the purchaser junior note. - The securitized pool had a weighted average LTV (current loan value to original property value) of [##.##]% and seasoning of [#.#] years as of the cut-off date in February ####. The relatively low LTV and price appreciation from origination to current prices provide a cushion for potential price drops. ...

... hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by ...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary #SVFC: Senior Variable Funding Certificate. 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=#, annual=#). Footnotes - Trigger Description Delinquencies - Early Amortisation: Early amortisation occurs when...

Global Credit Research Credit Opinion # MAY #### Credit Opinion: Chelyabinsk Tube-Rolling Plant, OJSC Chelyabinsk Tube-Rolling Plant, OJSC Russia Ratings Category Moody's Rating Outlook Stable Corporate Family Rating B# NSR Corporate...

...Headquartered in Copenhagen, DLR Kredit A/S (DLR) previously focused on granting mortgage loans to the agricultural se ctor in Denmark its historical core business. Today, DLR caters to a wider client base. DLR was established by special law, as Dansk Landbrugs Realkreditfond, in #### at the initiative of the D anish Bankers Association. In #### DLR was transformed into a shareholding company. Its equity is ###% owned by ### regional and local Danish banks, which also originate up to ##% of DLR s loans. In addition, the owner banks have set up a collective guarantee scheme that comes into force in the event of DLR suffering losses exceed ing a given level. The guarantee scheme covers ##% of DLR s total loan portfolio. DLR s funding for its lending activity is exclusively via the issuance of bonds, and follows a strict matching principle betw een the volume of loans granted and the issuance of bonds. As of year-end ####, DLR s total lendin g amounted to DKK### billion...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure # The Percentages may not add up to ###% due to rounding or a tranche(s) having a rating not in the categories displayed. Footnotes - Portfolio and Performance Data # 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 PDL - Switch to sequential: The Notes will amortize sequentially when there is a positive amount standing to the debit of the Issuer Principal Deficiency Ledger. Delinquencies - Switch to sequential: The Notes will amortize sequentially when more than #.#% of the Outstanding Principal Amount of the Mortgage Loans...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure # The Percentages may not add up to ###% due to rounding or a tranche(s) having a rating not in the categories displayed. Footnotes - Portfolio and Performance Data # 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 # The Percentages may not add up to ###% due to rounding or a tranche(s) having a rating not in the categories displayed. Footnotes - Portfolio and Performance Data # 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 - Switch to sequential: Amortisation will switch from pro rata to sequential if arrears > ## days exceed #.#%. PDL - Switch to sequential: Amortisation switches to sequential when the PDL > #. ...

Global Credit Research Rating Action # MAY #### Rating Action: Brazil Foreign Diversified Payment Rights Finance Company, Series ####-# Moody's Assigns A# Rating to Brazil Foreign Diversified Payment Rights Notes New York, May ##,...

Global Credit Research Announcement # MAY #### Announcement: Moody's says Korean Life Insurers set to grow, but competition intensifying Hong Kong, May ##, #### -- Moody's Investors Service sees a stable outlook for the Korean life...

Global Credit Research Announcement # MAY #### Announcement: Moody's sees challenges and evolution for Korean securities sector Hong Kong, May ##, #### -- Moody's Investors Service says the earnings and profit margins of the Korean...

Global Credit Research Announcement # MAY #### Announcement: Moody's worldwide rating actions for May #, #### New York, May ##, #### -- Moody's Investors Service has issued press releases on the following rating actions: DOWNGRADES...

Global Credit Research Rating Update # MAY #### Rating Update: Clarksville (City of) TN MOODY'S AFFIRMS THE LONG-TERM Aaa RATING AND ASSIGNS A SHORT-TERM VMIG # RATING TO THE CITY OF CLARKSVILLE, TN WATER, SEWER AND GAS BONDS, SERIES...

Global Credit Research Rating Update # MAY #### Rating Update: Harris County Hospital District, TX MOODY'S AFFIRMS THE A# UNDERLYING RATING ASSIGNED TO HARRIS COUNTY HOSPITAL DISTRICT'S (TX) $###.# MILLION OF SERIES ####B BONDS IN...

Global Credit Research Rating Update # MAY #### Rating Update: Ithaca College, NY MOODY'S UPGRADES THE LONG-TERM RATING TO Aa# AND ASSIGNS A VMIG # SHORT-TERM RATING TO TOMPKINS COUNTY INDUSTRIAL DEVELOPMENT AGENCY VARIABLE RATE DEMAND...

Global Credit Research Rating Update # MAY #### Rating Update: Georgia School District Intercept Program MOODY'S UPGRADES ENHANCED RATINGS ON ## GA SCHOOL DISTRICTS ALSO AFFIRMS ENHANCED RATINGS ON # DISTRICTS AND DOWNGRADES ONE ENHANCED...

Global Credit Research Rating Update # MAY #### Rating Update: Sisters of St. Francis Health Services, Inc. MOODY'S AFFIRMS THE Aaa RATING AND ASSIGNS A RATING OF VMIG # TO INDIANA HEALTH AND EDUCATIONAL FACILITY FINANCING AUTHORITY...

Global Credit Research Rating Update # MAY #### Rating Update: Univ.Ctr.Proj.at DePaul,Roosevelt, IL MOODY'S AFFIRMS THE Baa# RATING FOR ILLINOIS EDUCATIONAL FACILITIES AUTHORITY STUDENT HOUSING REVENUE BONDS (UNIVERSITY CENTER PROJECT),...

Global Credit Research Rating Action # MAY #### Rating Action: Banco Ibi S.A. - Banco Multiplo Moody's assigns first-time ratings to Banco Ibi S.A. New York, May ##, #### -- Moody's Investors Service assigned a bank financial strength...

Global Credit Research Rating Action # MAY #### Rating Action: Chelyabinsk Tube-Rolling Plant, OJSC Moody's assigns B# rating to ChTPZ. Outlook is stable. London, ## May #### -- Moody's Investors Service has today assigned a B# corporate...

Global Credit Research Rating Action # MAY #### Rating Action: McJunkin Red Man Holding Corporation Moody's assigns B# CFR rating to McJunkin Red Man Holding Corp. Approximately $#,### million of rated debt affected New York, May ##,...