Moody's

Moody's

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. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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Moody's Assigns A1 Enhanced to Clay Co. School District's, KY Lease Revenue BondsSep 26, 2017
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS......
Moody's downgrades Cuyahoga Falls CSD, OH's GO to A1Sep 26, 2017
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS......
Moody's Assigns Aa3 to Belvidere CUSD 100, IL's GO BondsSep 26, 2017
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS......
Moody's Assigns Aa1 to Indian Prairie CUSD No. 204, IL's GO BondsSep 26, 2017
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS......
Moody's assigns initial Aa1 to Town of Rye, NY's $7.4M GOsSep 26, 2017
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS......
Banco Popular Espanol, S.A. - Mortgage Covered BondsSep 26, 2017
......Contacts Monitoring Monitor.CB@moodys.com Click on the icon to download data into Excel & to see Glossary of terms used Client Service Desk London: +## ## ####-####, csdlondon@moodys.com Reporting as of: ##/##/#### All amounts in EUR (unless otherwise specified) For information on how to read this report, see the latest Moody's Global Covered Bond Monitoring Overview Data as provided to Moody's Investors Service (note #......
Stadshypotek AB - Mortgage Covered Bonds (Finnish Pool)Sep 26, 2017
......Contacts Monitoring Monitor.CB@moodys.com Click on the icon to download data into Excel & to see Glossary of terms used Client Service Desk London: +## ## ####-####, csdlondon@moodys.com Reporting as of: ##/##/#### All amounts in EUR (unless otherwise specified) For information on how to read this report, see the latest Moody's Global Covered Bond Monitoring Overview Data as provided to Moody's Investors Service (note #......
Clay County School District Finance Corporation, KY: New Issue - Moodys Assigns A1 Enhanced to Clay Co. School District's, KY Lease Revenue BondsSep 26, 2017
......Moody's Investors Service has assigned an A# enhanced rating with a stable outlook to Clay County School District Finance Corporation, KY's $#.# million School Building Refunding Revenue Bonds, Series of ####, provided by the Kentucky School District Enhancement Program. The bonds are secured by and payable solely from a first pledge of a fixed amount of the gross income and revenue to be derived from the leasing of the project to the school district. The A# enhanced rating reflects the additional security provided by the Kentucky School District Enhancement Program (a pre-default state aid intercept program). The A# enhanced rating incorporates the intercept program's generally average to strong state commitment and program history, average to strong program mechanics, unlimited advance of interceptable revenues, and average to strong transaction structure......
Cuyahoga Falls City School District, OH : Update - Moody's downgrades Cuyahoga Falls CSD, OH's GO to A1Sep 26, 2017
......Moody's Investors Service has downgraded to A# from Aa# the underlying rating on Cuyahoga Falls City School District, OH's outstanding general obligation unlimited tax (GOULT) bonds. Concurrently, we have removed the negative outlook previously assigned to the rating. The district has $#.# million of rated GOULT bonds outstanding. The downgrade to A# primarily reflects the district's modest financial reserves which remain below sector medians. The rating also reflects a moderately-sized suburban tax base with an average socioeconomic profile and weak demographic trends, a low debt burden, and elevated exposure to unfunded pension liabilities......
Boone, McHenry and DeKalb Counties CUSD 100 (Belvidere), IL: New Issue - Moody's Assigns Aa3 to Belvidere CUSD 100, IL's GO BondsSep 26, 2017
......Moody's Investors Service has assigned a Aa# rating to Boone, McHenry and DeKalb Counties Community Unit School District ### (Belvidere), IL's $#.# million General Obligation Refunding School Bonds, Series ####. Moody's has affirmed the Aa# rating on the district's previously issued general obligation unlimited tax debt (GOULT). After the current sale, the district will have $##.# million in outstanding GOULT debt. The Aa# rating incorporates the district's large tax base situated in north central Illinois (Baa# negative), healthy financial position and strong operating history, and an above average reliance on the state of Illinois for operating revenues. The rating also considers an above average debt burden incurred to accommodate substantial enrollment increases over the past decade and long-term contingent liability associated with participation in the Illinois Teacher Retirement System (TRS......
Du Page Will Cos. C.U.S.D. 204, IL: New Issue - Moody's Assigns Aa1 to Indian Prairie CUSD No. 204, IL's GO BondsSep 26, 2017
......The table does not include the most recent sale data. Following the sale, the district will have $### million of outstanding debt, equal to #.#% of full value and #.# times fiscal #### operating revenues. Source: The district's audited financial statements, Moody's Investors Service and U.S. Census Bureau......
Illinois State Toll Highway Authority: FAQ: Why does ISTHA's credit quality remain so strong?Sep 26, 2017
......The Illinois State Toll Highway Authority (ISTHA or authority, Aa# stable) retains key credit strengths as a self-supporting enterprise in a large, economically diverse service area, with strong statutory and legal protections against revenue diversion. Here we explain why ISTHA's credit remains so strong despite the lower rating of the State of Illinois (Baa# negative) and why it is insulated from the state's credit pressures, even though it has governance linkages to the state. » Why is ISTHA's credit so strong? ISTHA's credit strength is rooted in its well- established market position as a provider of essential transportation services in the third largest metropolitan area in the US. » Is ISTHA exposed to state appropriations, or does it receive any state revenue? No, ISTHA's finances are separate from those of the state, and ISTHA revenues do not rely on state appropriations. It receives no funding from the state and has no significant direct ties to the state's finances. ISTHA is a......
Windstream Services, LLC: Windstreams noteholder claim notice raises uncertainty, ratings unchanged at B1 negativeSep 26, 2017
......Windstream Services LLC ("Windstream" or "the Company") announcement that it received a notice of default from an unsecured creditor raises uncertainty around Windstream's ability to access the capital markets, which could threaten its liquidity. However, because the company has no near term maturities and the outcome of the notice is uncertain, Moody's has not changed Windstream's B# corporate family rating (CFR). The outlook remains negative. Windstream announced yesterday that a holder of at least ##% of the company's # #/#% senior notes due #### has alleged the Company violated the terms of the indenture governing the notes and that an event of default has occurred. The notice alleges the violation occurred as part of Windstream's spinoff of assets to Communications Sales & Leasing, Inc. (now known as Uniti Group, Inc. "Uniti") in April of ####. Moody's views this disclosure as a negative event that raises uncertainty around Windstream and which could further impede Windstream's ability......
LGD Assessment: Donnelley Financial Solutions, Inc.Sep 26, 2017
ViaSat, Inc.: Covenant Quality Post-Sale Snapshot: $700m 5.625% Senior Notes due 2025Sep 26, 2017
......#. Cash leakage: (i) accumulated credit under the predated RP income basket is $###m (> ##% of total assets); (ii) carve-outs grow with total assets; (iii) affiliated transaction arms-length carve-out is > #% of total assets #. Investments: (i) any investment is permitted if a #.#x net leverage ratio is satisfied (satisfied on the issue date); (iii) accumulated credit under the predated RP income basket can be used to make restricted investment; (iv) carve-outs are unusually large, grow with total assets and feature a material general basket that reloads annually #. Leveraging: (i) Cushion under $# debt test > #.#x adj. EBITDA; (ii) carve-outs > ##% of total assets even when considering the revolving credit facility as fully drawn; (iii) aggressive EBITDA add-backs include capped cost savings and capped restructuring charges #. Liens subordination: (i) significant capacity to incur additional secured debt under the #.#x secured leverage ratio test and credit facility debt carve-out......
Jonah Energy LLC: Update following CFR Upgrade to B1Sep 26, 2017
......Jonah Energy's Corporate Family Rating (CFR) to B# reflects its increased scale, improvements in unit costs and expectations that it will generate positive free cash flow as it develops its Jonah Field assets. The company has grown its production in ####-#### despite the depressed commodity price environment and has boosted proved reserves as well as its drilling inventory through the acquisition of ##,### net acres (##% undeveloped) in the Green River Basin. Much of the acquired acreage is adjacent to existing Jonah acreage and in some cases the firm bought working interests in wells it already operates. The company added a fourth rig in the second half #### to increase its pace of development and could meaningfully increase its production and scale over the next two years. It benefits from commodity price hedges covering approximately ##% and ##% of #### and #### natural gas production that support stable cash flow generation. The B# CFR also reflects the company's modest scale, the predominate......
Midstream Energy - Global : Pickup in E&P spending points to robust growth for midstream operations in 2018Sep 26, 2017
......EBITDA for the midstream energy sector will grow #%-##% in ####, above the #% threshold we consider for a positive outlook for the sector. Higher volumes processed and new projects will improve earnings. Mergers and acquisitions, asset dropdowns and restructurings will add to companies' reported earnings beyond our assessment of the industry's organic earnings growth. Even without knowing the impact of those factors, we anticipate that midstream sector EBITDA will grow by about #% from year-earlier levels in ####, and by about #-##% in ####--well above the #% threshold that indicates a positive outlook for the sector. » Higher North American oil and natural gas production will support increases in midstream volumes and earnings in ####-##. The US exploration and production (E&P) industry has ramped up development activity in ####, with the US land rig count more than doubling from trough levels seen in the second quarter #### through mid-####. The ongoing increase in production is translating......
Jonah Energy LLC: Covenant Quality Pre-Sale Snapshot: $500m _% Senior Notes due 2025Sep 26, 2017
......#. Cash leakage: (i) pre-dated RP income basket (##% of total assets); (ii) very easy access to the RP income basket; (iii) no objective checks on affiliate transactions #. Risky investments: (i) accessing the RP income basket to make investments has been relaxed, eliminating both the no default and pro forma $# debt test satisfaction requirements; (ii) uncapped permitted business investments; (iii) carve-outs can be used in combination to circumvent any caps on investments in unrestricted subsidiaries and JVs; (iv) asset sale proceeds can be reinvested in individual, current assets; (iii) no restrictions on sale/leasebacks transactions #. Leveraging: (i) material cushion under $# debt test (#.#x adj. EBITDA); (ii) very aggressive EBITDA add-backs (uncapped cost savings) #. Liens subordination: (i) significant initial liens subordination (#.#x adj. EBITDA) #. CoC: (i) only two of five standard events; (ii) multiple sponsors listed as permitted holders; (iii) requires a downgrade from either......
Wilsonart LLC: Annual UpdateSep 26, 2017
......Wilsonart's B# Corporate Family Rating ("CFR") reflects the company's solid business profile as a leading manufacturer and distributor of decorative engineered surfaces for the commercial and residential end-markets. The rating also reflects the improving operating results over the last fiscal year, particularly in terms of margins. The rating is supported by Wilsonart's adequate liquidity profile, with no near-term maturities and sufficient access to its revolver facility. Wilsonart's relatively high leverage is considered a credit negative. The rating takes into account our expectations for continued high debt leverage above #.#x over our ##-month forecast. Wilsonart's shareholder-friendly policies and the possible negative effect from European and Asian operations are also considered in the rating......
Global Appliance Inc.: Key Credit Considerations Following Assignment of B1 CFRSep 26, 2017
......Global Appliance Inc.'s credit profile reflects the company's high pro forma leverage of about # times debt to EBITDA and limited product and geographic diversification. It also reflects our expectation of leverage reduction through a combination of earnings growth and debt repayment with free cash flow. The credit profile further reflects the discretionary nature of the relatively expensive vacuums and blenders the company sells and risks associated with being owned by a private equity firm. The credit profile benefits from the solid market presence of Shark vacuums and Ninja kitchen appliances and good scale with revenue approaching $#.# billion. It's China expansion presents opportunities, but also challenges......