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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Latest Reports from Moody's
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NameDate
Moody's upgrades E. Sun Commercial Bank's long-term deposit and senior unsecured ratings to A2 and E. Sun Financial Holding's long-term issuer ratings to A3; outlook stableNov 14, 2018
......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. CREDIT RATINGS AND MOODY'S 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......
Holmes Master Issuer Series 2018-2 incl CommentaryNov 14, 2018
......Contacts Sheetal Singh, +, Sheetal.Singh@moodys.com Lyudmila Udot, +####-####-####, Lyudmila.Udot@moodys.com Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.RMBS@moodys.com......
Inspired Education Holdings LimitedNov 14, 2018
Banks - Uruguay: Macro Profile: ModerateNov 14, 2018
......Uruguay's (Baa# stable) Moderate macro profile is supported by the country's small but stable economy and its strong institutional framework. This reinforces political and social stability and makes the country an attractive destination for foreign direct investment (FDI) despite the high inflation, which weighs on policy credibility. While a high degree of financial dollarization limits the effectiveness of monetary policy, Uruguay's large volume of international reserves helps contain external risks. Financial intermediation remains modest and on average has grown in line with GDP in recent years, though credit growth has been considerably more volatile. Banks are largely deposit funded. Both loans and particularly deposit are highly dollarized, banks have ample excess liquidity in foreign currency and local currency loan are well matched. The Macro Profile also reflects the dominance of two government-owned banks, which combined accounted for approximately ##% of the system's total loans......
Government of Korea Aa2 Stable: Regular updateNov 14, 2018
......Korea's (Aa# stable) sovereign credit profile balances very strong fundamentals against elevated event risk owing to persistent geopolitical tensions. The Korean economy's diversification and high level of competitiveness contribute to strong growth performance as compared to peers. A very strong institutional framework bolsters resilience to potential economic and financial stability risks, while the government's sound fiscal position provides scope for counteryclical support. In addition to geopolitical risk, Korea's primary credit challenge relates to the long-term economic and fiscal costs due to a rapidly ageing population......
NongHyup Bank: Key Facts and Statistics - H1 June 2018Nov 14, 2018
......NongHyup Bank (NH Bank) is one of five South Korean policy banks. Based in Seoul, it provides retail and corporate customers, and public institutions with banking and other financial products and services, including deposit accounts, credit cards, loans and project financing. As of ## June ####, it was the sixth-largest Korean bank in terms of banking system assets, with an ##% share. As of that date, it reported total consolidated assets of KRW###.# trillion ($###.# billion). As of ## June ####, NH Bank operated South Korea's one of the largest branch network. As of ## June ####, it distributed its products and services through ### branches, ### regional offices, ### branch offices, and five overseas offices and branches. NH Bank was created in March #### as a result of the spinoff of the credit and banking business of the National Agricultural Cooperative Federation (NACF). As of ## June ####, it was a wholly owned subsidiary of NongHyup Financial Group......
SKF AB: Update following ratings upgradeNov 14, 2018
......SKF's Baa# rating is supported by its (#) market leadership in bearings, seals and lubrication products, with a strong focus on customer service and innovation; (#) good level of diversification in terms of end markets, customers and geographies, which, together with high service and aftermarket content, help reduce the volatility of results; (#) track record of solid and stable profitability over the last years despite pressure from organic sales declines and a good Moody's-adjusted EBITA margin of ##.#% in the last twelve months ending September ####, translating into healthy operating cash flow, despite material and recurring restructuring costs; and (#) strong liquidity, with a well-balanced debt maturity profile. The Baa# rating is constrained by SKF's (#) exposure to cyclical end markets, often with short lead times, which require the timely adjustment of its cost structure to protect margins against demand swings and pricing pressure; (#) history of elevated Moody's-adjusted debt/EBITDA......
Takeda Pharmaceutical Company Limited: Update to credit analysisNov 14, 2018
......On # May ####, Takeda Pharmaceutical Company Limited's (Takeda) A# ratings were placed under review for possible downgrade, reflecting our expectation that the company will materially increase its leverage from Shire plc (Baa# review for upgrade) acquisition of ¥# trillion ($## billion). Depending on the degree of the combined entity's free cash flow generation and debt reduction, we estimate that ratings could result in the mid to high Baa range. We expect to conclude its ratings review after gauging some key hurdles still left for the deal, including an antitrust approval from the European Commission, clarity on the remaining permanent financing, and the approval of the Shire acquisition by two-thirds of shareholders at Takeda and ##% at Shire......
Al Hilal Bank PJSC: Update to credit analysisNov 14, 2018
......Al Hilal Bank PJSC's (AHB) A#/P-# issuer ratings capture the bank's baseline credit assessment (BCA) of ba# and seven notches of uplift from government support based on our view of a very high likelihood of support from the Government of United Arab Emirates (UAE, Aa# stable) in case of need. AHB's ba# BCA reflects the bank's (#) relatively weak asset quality and provision coverage; (#) modest capitalisation, coupled with relatively weak net profitability owing to high provisioning and operating costs; and (#) sound funding moderated by relatively low liquidity buffers......
Suhyup Bank: Key Facts and Statistics - H1 June 2018Nov 14, 2018
......Note: Currency converted using exchange rate of KRW-$#.#####, as of ## June #### Source: Company report (financial statements December ####, annual report December ####), Moody's research, Company data, www.oanda.com......
Pennaf Housing Group (United Kingdom): Update to credit analysisNov 14, 2018
......Note: The Liquidity Coverage metric for FY#### is a Moody's estimate *In fiscal ####, those metrics were negatively affected by the £##.# breakage costs Source: Moody's Investors Service, Pennaf Housing Group......
Vietnam JSC Bank for Industry and Trade: Update following rating affirmation and BCA upgradeNov 14, 2018
Yihua Enterprise (Group) Co., Ltd.: Update following rating outlook change to negativeNov 14, 2018
......We have changed Yihua Enterprise (Group) Co., Ltd.'s (Yihua Group, B# negative) outlook to negative from stable, reflecting our concerns about the company's higher earnings volatility and refinancing risk in the next ##-## months. More difficult macro and funding conditions in the coming ##-## months will raise the company's earnings volatility and refinancing risk. We project Yihua Group's adjusted debt/EBITDA will rise toward #.#x in the next ##-## months from #.#x in the fiscal year ending December #### (fiscal ####) because of slower revenue growth and lower profitability under the ongoing US-China trade tensions. Additionally, the company has high refinancing needs in the next ##-## months. Yihua's current B# corporate family rating reflects the company's (#) recurring investment income and property earnings that provide some support to the group's cash flow; and (#) diversified funding access. At the same time, the rating is constrained by Yihua Group's (#) status as a private company......
Moody's affirms Tata Motors' Ba2 ratings; changes outlook to negative from stableNov 14, 2018
......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. CREDIT RATINGS AND MOODY'S 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......
Moody's upgrades two classes of notes from Leopard Two Funding Limited apartment loan securitization (Japanese)Nov 14, 2018
...Contact: AVP ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MJKK] # #### ## ## ## # #### ## ## #.# B Aaa (sf) : #### # ## Aa# (sf) #.# C A# (sf) : ####...
Moody's assigns Baa1 rating to SCCE's EMTN bond (Japanese only)Nov 14, 2018
...Contact: VP ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MJKK]Sumitomo Corporation Capital Europe EMTN Baa# #,### #### ## ## ## Baa# Sumitomo Corporation Capital Europe plc EMTN Baa# #### ## ## ## EMTN...
Moody's affirms Nissan's A2 issuer rating; changes outlook to negative (Japanese)Nov 14, 2018
...Contact: VP-SCO ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MJKK] A# #### ## ## ## A# / EBITA #### # #### # #.#% #### ## -#### # #.#%#### # #% #### ##...
Moody's affirms Nissan's A2 issuer rating; changes outlook to negativeNov 14, 2018
......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. CREDIT RATINGS AND MOODY'S 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......
Moody's upgrades two classes of notes from Leopard Two Funding Limited apartment loan securitizationNov 14, 2018
......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. CREDIT RATINGS AND MOODY'S 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......
BANCAJA-BVA VPO 1, FTANov 14, 2018
......Contacts Sanjukta Mahanta, +, Sanjukta.Mahanta@moodys.com Antonio Tena, +##-##-###-####, Antonio.Tena@moodys.com Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.RMBS@moodys.com......