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.

Search Moody's
Latest Reports from Moody's
1234567891011121314151617181920Next >
NameDate
Amcor Limited: Credit Opinion UpdateMay 30, 2017
Anheuser-Busch InBev SA/NV: Update to Discussion of Key Rating FactorsMay 29, 2017
......Anheuser-Busch InBev SA/NV's (ABI) A# rating reflects its position as the world's largest brewer, its wide portfolio of brands at various price points, and leading positions in some of the largest and most profitable beer markets in the world. The ratings are further supported by the company's strong margins, excellent liquidity and large, stable cash flows. At the same time, the ratings incorporate the company's exposure to somewhat volatile economies, in addition to declining beer consumption in developed markets such as North America and Europe. In the A# rating we also consider the significant debt and resulting high leverage that ABI incurred to fund its October ##, ####, acquisition of SABMiller Plc. We estimate ABI's debt to EBITDA leverage (incorporating Moody's standard adjustments) at close to #x at the end of ####. We expect leverage to improve to closer to #x over a two year period, which is still high for an investment grade rating. We do not expect leverage to reach #x until......
Telecommunications Service ProvidersMay 29, 2017
......Esta metodologia de calificacion explica el enfoque de Moody's para evaluar el riesgo crediticio de emisores calificados en la industria de proveedores de servicio de telecomunicaciones a nivel global. Los puntos mas destacados de este informe son......
Moody's afirma las calificaciones de depósitos de Baa2 de BROU y baja su BCA a baa3May 29, 2017
Moody's affirms BROU's Baa2 deposit ratings; downgrades BCA to baa3May 29, 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......
Air CanadaMay 29, 2017
Belgian Lion N.V./S.A.May 29, 2017
......Replenishment of the pool stops when, amongst others, delinquencies >##+ days excluding foreclosed loans exceed #.##% of the current pool balance......
FCC BIAT-CREDIMMO 2May 29, 2017
......Deal Closing Date: ##/##/#### Seller/Originator: Banque Internationale Arabe de Tunisie Servicer: Banque Internationale Arabe de Tunisie Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: Banque Internationale Arabe de Tunisie Cash Manager: Trustee: Banque Internationale Arabe de Tunisie Liquidity Facility Provider: Banque Internationale Arabe de Tunisie Underwriter/Arranger: Banque Internationale Arabe de Tunisie Maghreb Titrisation Pool Currency: TND Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
FCC BIAT-CREDIMMO 1May 29, 2017
......Deal Closing Date: ##/##/#### Seller/Originator: Banque Internationale Arabe de Tunisie Servicer: Banque Internationale Arabe de Tunisie Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: Banque Internationale Arabe de Tunisie Cash Manager: Trustee: Banque Internationale Arabe de Tunisie Liquidity Facility Provider: Banque Internationale Arabe de Tunisie Underwriter/Arranger: Banque Internationale Arabe de Tunisie Maghreb Titrisation Pool Currency: TND Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
Municipal Fin. Authority of British Columbia: Update Following Recent Rating ActionMay 29, 2017
......The Aaa senior unsecured rating assigned to the Municipal Finance Authority of British Columbia (MFABC) benefits from a strong institutional and governance framework, including a joint and several liability of members of regional districts that borrow from MFABC, and unlimited taxing powers on all taxable properties in the Province of British Columbia. The rating is also supported by MFABC's solid liquidity profile, evidenced by increasing cash and investments that covered ##.#% of total direct debt at year-end ####. The portfolio continues to have a large concentration of loans to the Metro Vancouver Regional District and to the South Coast British Columbia Transportation Authority ("TransLink", Aa# stable). Moody's also assigns a Prime-# (P-#) rating to MFABC's CAD### million commercial paper program......
Government of Romania: European Commission Warns on Significant Budget Objective Deviation, Set to Breach Deficit Threshold, a Credit NegativeMay 29, 2017
......Last week, the European Commission (EC) warned Romania (Baa# stable) that it might deviate significantly from its medium-term budgetary objective (MTO) and urged the Romanian authorities to introduce measures necessary in order to avoid the opening of an Excessive Deficit Procedure (EDP), which Romania last exited in ####......
Concessionaria Rodovias do Tiete S.A.: Update Following Downgrade to Caa1/B3.brMay 29, 2017
......The ratings reflect Rodovias do Tiete increasing liquidity pressures resulting from the company´s growing amortization schedule and high mandatory capital investments of BRL ###-### million within the next three years. The company´s liquidity pressures are exacerbated by Moody´s perception of a much weaker support from Rodovias do Tiete´s shareholders. The uncertainties around the outcome of covenant waiver negotiations with creditors as well as the ongoing renegotiation of the investment plan with the State of Sao Paulo´s Regulatory Agency (ARTESP) also weigh on the ratings. Moody's believes, however, that Rodovias do Tiete´s management remains fully committed to finding a solution to its unsustainable capital structure and is pursuing options to improve its liquidity that could reverse the downward trend. Rodovias do Tiete's road system serves a relatively small but evolving service area in the State of Sao Paulo which has an overall supportive regulatory environment with long remaining......
Bausparkasse Mainz AG: Semiannual UpdateMay 29, 2017
......We assign A#/P-# deposit ratings to Bausparkasse Mainz AG (BKM). We also assign a baa# Baseline Credit Assessment (BCA) and adjusted BCA to BKM, as well as an A#(cr)/P-#(cr) Counterparty Risk Assessment (CR Assessment). BKM's deposit ratings reflect (#) BKM's BCA of baa#; (#) our assessment that the probability of BKM benefitting from external support is low, leading to no rating uplift; and (#) the results of our Advanced Loss Given Failure (LGF) analysis, which provides three notches of uplift for deposits above BKM's baa# BCA. The baa# BCA reflects (#) the continued pressure from the low interest rate environment on BKM's profitability; (#) the bank's business model being essentially restricted to a single core product; and (#) a potential rise in risk charges under an adverse economic scenario, which could exert pressure on BKM's capital adequacy. BKM's baa# BCA also reflects (#) BKM's adequate capital ratios which are conservatively calculated under the standardised approach; (#) its......
UniCredit Bank Austria AG: Semi-annual UpdateMay 29, 2017
......We rate UniCredit Bank Austria AG (UBA) long-term senior debt Baa#, its deposits Baa#/P-# and its subordinated debt Ba#. Further we assign a baa# baseline credit assessment (BCA) and an A#(cr)/P-#(cr) Counterparty Risk Assessment (CR Assessment). UBA's Baa# debt and deposit ratings reflect (#) the bank's baa# baseline credit assessment (BCA); #) its baa# adjusted BCA, which does not benefit from rating uplift for affiliate support because UBA's BCA ranks above that of UniCredit SpA; and #) two notches of rating uplift from our Advanced Loss Given Failure (LGF) analysis. The latter takes into account the severity of loss faced by the different liability classes in resolution. UBA's baa# BCA reflects the material benefits of UBA's fundamental restructuring initiated last year, in particular the transfer on # October #### of its former operations in Central and Eastern Europe (CEE) to its Italian parent bank, UniCredit SpA (Baa# stable/Baa# stable, ba#......
Vorarlberger Landes- und Hypothekenbank AG: Semiannual UpdateMay 29, 2017
......We assign Baa#/P-# debt, issuer and deposit ratings to Vorarlberger Landes- und Hypothekenbank AG (VLH), we also assign backed A#/P-# debt and deposit ratings to VLH; these ratings carry a stable outlook. In addition, we assign A#(cr)/P-#(cr) Counterparty Risk (CR) Assessments to VLH, and we rate its Subordinate MTN program rating (P)Ba#. VLH's Baa# long-term debt and deposit ratings reflect (#) the bank's baa# BCA and Adjusted BCA; and (#) the results of our Loss Given Failure (LGF) analysis, which takes into account the severity of loss faced by different liability classes in resolution, and which results in two notches of rating uplift for VLH's debt and deposit ratings. VLH's baa# BCA reflects (#) the bank's improved asset risk profile following the exchange of its exposure to Heta Asset Resolution AG (Heta, Ca stable......
Bavarian Sky S.A., Compartment German Auto Loans 2May 29, 2017
......Contacts Nicolas Di Vitantonio, +####-####-####, NicolasDi Christopher Chambers, +###-####-####, Christopher Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com......
The Thekwini Fund 14 (RF) LimitedMay 29, 2017
......Deal Closing Date: ##/##/#### Seller/Originator: Main Street ## (Proprietary) Ltd SA Home Loans (Pty) Ltd The Thekwini Warehousing Conduit (RF) Limited Servicer: SA Home Loans (Pty) Ltd Backup Servicer: The Standard Bank of South Africa Limited Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: The Standard Bank of South Africa Limited Cash Manager: SA Home Loans (Pty) Ltd Trustee: Maitland Trustees (Proprietary) Limited Hedge Counterparty: Nedbank Limited The Standard Bank of South Africa Limited Liquidity Facility Provider: The Standard Bank of South Africa Limited Underwriter/Arranger: The Standard Bank of South Africa Limited Pool Currency: ZAR Revolving Period End Date: ##/##/#### Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
TOWD POINT MORTGAGE FUNDING 2016-GRANITE3 PLCMay 29, 2017
......Deal Closing Date: ##/##/#### Seller/Originator: CERBERUS EUROPEAN RESIDENTIAL HOLDINGS B.V. Landmark Mortgages Limited Servicer: Computershare Mortgage Services Limited Landmark Mortgages Limited Backup Servicer: Topaz Finance Limited Western Mortgage Services Limited Special Servicer: Back-Up Servicer Facilitator: Wilmington Trust SP Services (London) Ltd Issuer Account Bank: Elavon Financial Services DAC Cash Manager: Elavon Financial Services DAC, UK Branch Trustee: U.S. Bank Trustees Limited Wilmington Trust SP Services (London) Ltd Liquidity Facility Provider: Wells Fargo Bank, National Association Underwriter/Arranger: Morgan Stanley & Co. International plc Credit Suisse Securities (Europe) Limited Wells Fargo Securities International Limited Pool Currency: GBP Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
PB Domicile 2006-1May 29, 2017
......Deal Closing Date: ##/##/#### Seller/Originator: Deutsche Postbank AG Servicer: Deutsche Postbank AG Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: BNP Paribas Cash Manager: Deutsche International Corporate Services Ireland Trustee: Deloitte & Touche Deloitte & Touche GmbH Underwriter/Arranger: Deutsche Postbank AG BNP Paribas Pool Currency: EUR Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
GC FTPYME PASTOR 4, FTAMay 29, 2017
......The reserve fund amortisation is stopped when delinquencies >## days exceed #.##% of the outstanding portfolio balance......