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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NameDate
Banks France: New support measures will soften the effect of the second lockdown on banksNov 27, 2020
......On ## November, French President Emmanuel Macron set out a three-stage process to gradually lift a second coronavirus lockdown put in place in October. He also announced new measures to support the retail sector. These measures include the extension of economic support measures for most affected companies and employees, which will likely ease pressure on borrowers and help shield the country's banks from loan defaults. The French government has supplemented its "Solidarity Fund......
Anglo American plc: Update following rating affirmation, outlook remains negativeNov 27, 2020
......The affirmation of Anglo American plc's (Anglo American) Baa# ratings with a negative outlook primarily reflects our recent rating action on the Government of South Africa, which we downgraded to Ba# with a negative outlook from Ba# with a negative outlook. By widening the differential between the South African sovereign rating and Anglo American's ratings to three notches, we recognise the company's gradually increasing geographical diversification with more earnings and cash flow coming from mining assets outside of South Africa. Nevertheless, the outlook remains negative because we are unlikely to tolerate a further widening of the rating differential without greater overall resilience to South Africa sovereign risk. The rating affirmation also reflects our expectation that Anglo American's operating and financial performance will recover from the earnings decline in the first half of ####. As expected, Anglo American's H# #### financial performance was weak, with a ##% decline in reported......
Belagroprombank JSC: Update following rating confirmationNov 27, 2020
......On ## November ####, we confirmed all the long-term ratings and assessments of Belagroprombank JSC (BAPB) and assigned a stable outlook to its long-term deposit ratings to reflect the decline in deposit outflow and the strong links between the bank's credit profile and the sovereign's creditworthiness. At the same time, BAPB's ratings remain constrained by its unstable operating environment, modest profitability and high dollarisation of deposits because of constrained foreign-currency (FC) liquidity. We assign a B# long-term local-currency (LC) deposit rating to BAPB, which factors in our assessment of a very high probability of support from the Government of Belarus (B# stable), based on the bank's majority state ownership and leading position in domestic agricultural lending. Therefore, the assigned long-term LC deposit rating incorporates one notch of uplift from BAPB's Baseline Credit Assessment (BCA) of caa#. The bank's long-term FC deposit rating remains constrained by the country's......
Bastille Euro CLO 2020-3 Designated Activity Company: New Issue ReportNov 27, 2020
......Bastille Euro CLO ####-# DAC (Bastille or the CLO) is a typical cash-flow CLO transaction managed by CBAM CLO Management Europe, LLC (CBAM or the manager). This is the first transaction rated by Moody's issued by the manager in Europe and the third transaction for the manager overall in Europe. The CLO is backed by a ### million portfolio of non- investment-grade broadly syndicated loans and other assets that the manager purchases from and trades in the primary and secondary markets. In our credit analysis, we considered the attributes of the CLO's underlying assets, including the assets' average default probability, average recovery rate, diversity score, average life and average spread. The CLO issued several classes of notes that receive quarterly interest payments prior to the occurrence of a frequency switch event and semi-annual payments thereafter and, after the reinvestment period, principal payments, in order of seniority. In addition, the CLO issued subordinated notes that receive......
Nedbank Limited: Update following downgrade to Ba2, outlook negativeNov 27, 2020
......Nedbank Limited's (Nedbank) long-term deposit and senior unsecured debt ratings of Ba# with a negative outlook reflect the bank's standalone creditworthiness, as indicated by its ba# Baseline Credit Assessment (BCA). Nedbank's BCA reflects the bank's solid local franchise (Nedbank is one of South Africa's four largest banks with an ##% share of deposits); investments in digitisation and information technology, which have supported its cost-cutting initiatives; and sound liquidity buffers, with the bank reporting a liquidity coverage ratio (LCR) of ###% and a net stable funding ratio (NSFR) of ###% as of June ####. Asset risks are also mitigated by good risk management practices. These strengths are moderated by the difficult economic conditions in South Africa, worsened by the global spread of the coronavirus pandemic, which is straining the bank's profitability, asset quality and capital metrics. For the first half of ####, the bank reported a ##% drop in profitability, Stage # loans increased......
Redefine Properties Limited: Update following the sovereign rating action on South AfricaNov 27, 2020
......On ## November ####, we downgraded the rating of Redefine Properties Limited's (Redefine) to Ba# from Ba#. The rating action is a direct consequence of the rating action on the South African sovereign and reflects Redefine's significant exposure to the real estate market in South Africa with ##% of property value derived from South Africa. Whilst Redefine benefits from some diversification into Poland (A# stable), this is not sufficient to warrant a delinking from the sovereign rating. Redefine's ratings are underpinned by its strong market position, good asset quality, and sizeable property portfolio. Its portfolio is diversified across key sectors in office, industrial and retail, with an offshore property exposure to Poland (A# stable). Redefine has a good liquidity profile, supported by recent asset disposals. The rating is constrained by the portfolio's predominant exposure to South Africa and its currently weak economic environment. In light of the coronavirus outbreak, the operating......
M&G Plc: Key facts and statistics - H1 2020Nov 27, 2020
......M&G Plc (M&G), is an international savings and investments holding company headquartered in London, UK, and provides its products and services in ## markets through its # core subsidiaries. It provides a range of retirement, savings and investment management solutions to its retail and institutional customers (M&G Investments). Through its Heritage business, M&G offers individual and corporate pensions, annuities, life, savings and investment products (Prudential Assurance Company). As of ## June ####, M&G reported £### billion of assets under management and administration and served around # million retail customers and more than ### institutional clients. As of the same date, its total assets were at £###.# billion and its shareholders' equity at £#.# billion. M&G originated in #### when it launched the first unit trust in the UK, the First British Fixed Trust. In ####, it was acquired by Prudential Plc. In August ####, Prudential plc announced the merger of its UK and Europe business......
Moody's Speculative Grade Liquidity Ratings - 11/27/2020Nov 27, 2020
Moody's affirms SKG's Ba1 rating; changes the outlook to positive from stableNov 27, 2020
...Rating Action: Moody's affirms SKG's Ba# rating; changes the outlook to positive from stable Global Credit Research - ## Nov #### Frankfurt am Main, November ##, #### -- Moody's Investors Service, ("Moody's") has today affirmed the Ba# corporate...
Moody's assigns A3 rating to CICT's MTN drawdownNov 27, 2020
......ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. 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 IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers......
Swiss Auto Lease 2019-1 GmbHNov 27, 2020
......The revolving period will stop and early amortisation will be triggered if total delinquencies percentage is greater than #.#% for two consecutive months......
Bumper 10Nov 27, 2020
......Contacts Binit Purshotam, +####-####-####, Binit Johann Grieneisen, +####-####-####, Johann Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com......
Motor 2017-1 PLCNov 27, 2020
......Deal Closing Date: ##/##/#### Seller/Originator: Santander Consumer (UK) plc Servicer: Santander Consumer (UK) plc Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: Banco Santander S.A. (Spain) Issuer Account Bank: Elavon Financial Services DAC, UK Branch Cash Manager: Elavon Financial Services DAC, UK Branch Trustee: Intertrust Corporate Services Limited U.S. Bank National Association Arranger: Banco Santander, S.A., London Branch Pool Currency: GBP Revolving Period End Date: ##/##/#### Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
Motor 2016-1 plcNov 27, 2020
......Deal Closing Date: ##/##/#### Seller/Originator: Santander Consumer (UK) plc Servicer: Santander Consumer (UK) plc Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: Banco Santander S.A. (Spain) Issuer Account Bank: Elavon Financial Services DAC, UK Branch Cash Manager: Elavon Financial Services DAC, UK Branch Trustee: Intertrust Corporate Services Limited U.S. Bank Trustees Limited Arranger: Santander Global Banking & Markets Pool Currency: GBP Revolving Period End Date: ##/##/#### Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
Orange Lion XII RMBS B.V.Nov 27, 2020
......Contacts Sibi Aravind Shanmugasundaram, +####-####-####, Sibi Yuval Toledano, +####-####-####, Yuval Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.RMBS@moodys.com......
Mortgage Agent Vozrozhdenie 4 LLCNov 27, 2020
......Reserve fund amortisation is stopped when among others, the outstanding defaults exceed #.##% of the initial balance of the notes......
FTA SANTANDER HIPOTECARIO 9Nov 27, 2020
......Contacts Aras Nassiri Mahallati, +####-####-####, Aras Giovanni Ferretti, +###-####-#####, Giovanni Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.RMBS@moodys.com......
Siena Mortgages 07-5, Series 2Nov 27, 2020
......Class Bal as of % of Current % of Initial Current On Last Rating Last Rating Name Currency Closing (M) Total Bal (M) Total Rating Rating Indic. Watch Action Action Date......
IM Cajastur MBS 1, Fondo de Titulización de ActivosNov 27, 2020
......Contacts Sanjukta Mahanta, +####-####-####, Sanjukta.Mahanta@moodys.com Giovanni Ferretti, +###-####-#####, Giovanni Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.RMBS@moodys.com......
HSBC SFH (France) - Mortgage Covered BondsNov 27, 2020
......Committed OC (nominal) is derived from the maximum Asset Percentage of ##.#% in the base prospectus. (note #) The data reported in this PO is based on information provided by the issuer and may include certain assumptions made by Moody's. Moody's accepts no responsibility for the information provided to it and, whilst it believes the assumptions it has made are reasonable, cannot guarantee that they are or will remain accurate. Although Moody's encourages all issuers to provide reporting data in a consistent manner, there may be differences in the way that certain data is categorised by issuers. The data reporting template (which Issuers are requested to use) is available on request. Credit ratings, TPI and TPI Leeway shown in this PO are as of publication date. (note #) This assumes the Covered Bonds rating is not constrained by the TPI. Also to the extent rating assumptions change following a downgrade or an upgrade of the Issuer, the necessary OC stated here may also change. This is......