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
ConAgra Foods, Inc.: Update to Discussion of Key Credit FactorsJul 30, 2016
......# All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations # Full-year figures exclude results of Private Brands operations divested in February #### Source: Moody's Financial MetricsTM......
MARS 2600 S.R.L. Series VJul 30, 2016
Guerriero SPV S.R.LJul 30, 2016
......Contacts Cristina Pagani, +####-####-####, Cristina.Pagani@moodys.com Christopher Chambers, +###-####-####, Christopher Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com......
MondoMutui Cariparma S.r.l.Jul 30, 2016
......Deal Closing Date: ##/##/#### Seller/Originator: Cassa Di Risparmio Di Parma E Piacenza S.P.A. Servicer: Cassa Di Risparmio Di Parma E Piacenza S.P.A. Backup/Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: Cassa Di Risparmio Di Parma E Piacenza S.P.A. Cash Manager: Cassa Di Risparmio Di Parma E Piacenza S.P.A. Trustee: CACEIS Zenith Service S.p.A. Hedge Counterparty: Cassa Di Risparmio Di Parma E Piacenza S.P.A. Liquidity Facility Provider: Cassa Di Risparmio Di Parma E Piacenza S.P.A. Lead Underwriter/Arranger: Credit Agricole Corporate and Investment Bank Pool Currency: EUR Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
Eurosail-NL 2007-2 B.V.Jul 30, 2016
......Deal Closing Date: ##/##/#### Seller/Originator: ELQ Portefeuille I B.V. ELQ Portefeuille I N.V. Servicer: Adaxio B.V. Stater Nederland B.V. Backup/Special Servicer: Quion Groep B.V. Stater Nederland B.V. Back-Up Servicer Facilitator: Issuer Account Bank: ABN AMRO Bank N.V. Cash Manager: Adaxio B.V. Trustee: Stichting Security Trustee Eurosail-NL ####-# Hedge Counterparty: Credit Suisse International Liquidity Facility Provider: Danske Bank A/S Lead Underwriter/Arranger: Lehman Brothers International (Europe) Pool Currency: EUR Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
VELA HOME S.r.l. - Series 4Jul 30, 2016
......Deal Closing Date: ##/##/#### Seller/Originator: Banca Nazionale Del Lavoro S.P.A. Servicer: Banca Nazionale Del Lavoro S.P.A. Backup/Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: BNP Paribas Cash Manager: Trustee: Securitisation Services S.p.A. Hedge Counterparty: Banca Nazionale Del Lavoro S.P.A. Liquidity Facility Provider: Banca Nazionale Del Lavoro S.P.A. Lead Underwriter/Arranger: Banca IMI Spa Banca Nazionale Del Lavoro S.P.A. BNP Paribas UniCredit SpA Pool Currency: EUR Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
Westbury (Village of) NY: Village of Westbury, NYs Late Debt Service Payment Does Not Result in Rating ActionJul 29, 2016
......On June ##, ####, the Village of Westbury, NY (Aa#) failed to pa interest on its Public Improvement (Serial) Bonds, Series ####, #### and ####. This error was a one time incident and does not indicate impairment of the village's ability to pay debt service in the future. Therefore, we have concluded that it has no impact on credit quality. An interest payment of $##,### for the bonds was due on June ##, ####. The late payment was caused by a failure of village's automated software notification system, which was undergoing an update at the time of the scheduled payment with DTC. This issue has since been resolved, and the village has updated its internal systems for tracking debt service payments. The village sent their full interest payment on June ##th , #### when the error was discovered, curing the delinquency within one day of finding out about it. Following this event, the village updated its office-wide calendar to include future interest and principal payments. The available funds......
Horseheads (Village of), NY: Village of Horseheads, NYs Late Debt Service Payment Does Not Result in Rating ActionJul 29, 2016
......On June ##, ####, the Village of Horseheads, NY (A#) failed to pay interest on its $#.# million General Obligation (Serial) Bonds, Series ####. This error was a one-time incident and does not indicate impairment of the village's ability to pay debt service in the future. Therefore, we have concluded that it has no impact on credit quality. An interest payment for the bonds was due on June ##, ####. The village failed too pay because the village treasurer was away from the office due to a medical emergency. The Village received a phone call from DTC on June ##th regarding the interest payment. The village sent their full interest payment to DTC on June ##th, curing the delinquency within one day of receiving notice. Following this event, the village Treasurer now includes a Deputy Clerk Treasurer as a backup on all functions relating to payment of debt service payments including authorization to make wire transfers in the Village Treasurers absence. The available funds were sufficient to......
Eugene Water&Electric Board, OR Electric Enterprise: New Issue - Moody's assigns Aa2 to Eugene Water&Electric Board, OR's electric revenue bondsJul 29, 2016
......Moody's Investors Service has assigned Aa# ratings to Eugene Water & Electric Board, OR Electric Enterprise's $##.# million Electric System Revenue Refunding Bonds, Series ####A and $##.# million Electric System Revenue Refunding Bonds, Series ####B (Taxable). Concurrently, Moody's upgrades to Aa# from Aa# EWEB's parity electric revenue bonds. Post-refunding, the enterprise will have $###.# million in electric revenue bonds outstanding. The assignment and upgrade to the Aa# rating reflects the system's established and stable service area that is anchored by the University of Oregon; solid financial performance that includes healthy debt service coverage levels and liquidity; prudent management policies and practices; and somewhat weak legal provisions. EWEB's rating outlook is stable......
Hawaiian Holdings, Inc.: Key Rating Considerations Following Upgrade to B1Jul 29, 2016
......The B# rating balances the company's established brand and credit metrics that are strong for the assigned rating against the company's small size, limited network, pressure on labor costs and execution risk in its fleet plan. We anticipate that lower fuel expense and the sharp decline in capital expenditures since #### will lead to about $### million of free cash flow in the ## months to December ####. Hawaiian will have used the majority of this cash by the end of #### to retire debt including convertible notes and convertible note warrants, taking Debt to EBITDA to below #.# times and strengthening other credit metrics. The B# rating also considers the benefit of the company's revenue diversity, with US domestic, inter-island and international networks, and its near-monopolistic position in the Hawaiian inter-island routes, balanced by increased capital investment from #### and the concentration of service to Hawaii. The competitive nature of the company's US and international networks......
Moody's assigns Aa2 to Eugene Water&Electric Board, OR's electric revenue bondsJul 29, 2016
...Rating Action: Moody's assigns Aa# to Eugene Water & Electric Board, OR's electric revenue bonds Global Credit Research - ## Jul #### New York, July ##, #### -- Issue: Electric System Revenue Refunding Bonds, Series ####A; Rating: Aa#; Rating Type: Underlying...
Moody's assigns Aaa to Huntington, NY's $13.9M GO Bonds; Outlook revised to stableJul 29, 2016
...Rating Action: Moody's assigns Aaa to Huntington, NY's $##.#M GO Bonds; Outlook revised to stable Global Credit Research - ## Jul #### New York, July ##, #### -- Issue: Public Improvement Serial Bonds ####; Rating: Aaa; Rating Type: Underlying...
Moody's withdraws the rating on the Bank VTB, JSC Senior Unsecured Bank Credit FacilityJul 29, 2016
......Rating Action: Moody's withdraws the rating on the Bank VTB, JSC Senior Unsecured Bank Credit Facility......
Moody's Assigns Definitive Ratings to Nine CMBS Classes of JPMCC Commercial Mortgage Securities Trust 2016-JP2Jul 29, 2016
......Rating Action: Moody's Assigns Definitive Ratings to Nine CMBS Classes of JPMCC Commercial Mortgage Securities Trust ####-JP#......
Huntington, NY : New Issue - Moody's assigns Aaa to Huntington, NY's $13.9M GO Bonds; Outlook revised to stableJul 29, 2016
......Moody's Investors Service has assigned a Aaa rating to the Town of Huntington, NY's $##.# million General Obligation Public Improvement Serial Bonds, ####. Concurrently we have affirmed the Aaa rating on the town's $### million of outstanding General Obligation debt. The outlook has been revised to stable. The Aaa rating reflects the town's currently satisfactory reserve position and improving financial operations, it's sizable wealthy tax base, and low debt burden......
Niles Park District, IL: New Issue - Moody's Assigns Aa2 to Niles Park District, IL's GO Bonds, Ser. 2016A and Aa3 to GOLT Debt Cert., Ser. 2016Jul 29, 2016
......Exhibit # The above table does not include the most recent sale data. Post sale, the district will have $##.# million of outstanding debt, equal to #.#% of full value and an elevated #.# times fiscal #### operating revenues. Source: Audited Financial Statements, Moody's Investors Service and U.S. Census Bureau......
MSCI Inc.: Discussion of Key Credit FactorsJul 29, 2016
......The Ba# Corporate Family Rating is supported by MSCI's stable, recurring subscription base of investment risk management and decision support tools and equity index products. MSCI's revenue growth is driven by growth of equity exchange traded funds (ETFs) and international (especially emerging market) equity indices, increasing use of risk management products and steady subscriber retention rates above ##%. High profitability, with EBITA margins expected to remain around ##% and solid free cash flow to debt anticipated to be well over ##%, provide ratings support. We expect annual EBITDA of about $### million, free cash flow of about $### million (after about $### million of dividends), debt to EBITDA around #.# times and EBITDA less capital expenditures to interest expense above # times. These are solid financial metrics for the Ba# rating category. MSCI has some customer concentration, which weighs on the ratings; we expect its largest customer will account for over ##% of total revenues......
Government of Azerbaijan Ba1 Negative: Quarterly UpdateJul 29, 2016
......The credit strengths of Azerbaijan include: (#) sizeable hydrocarbon reserves that provide substantial revenue to the government; (#) low government debt and interest payments, though rising; and (#) large foreign reserves, held in the sovereign wealth fund, cushion against internal and external shocks. » The credit challenges of Azerbaijan include: (#) low level of economic diversification and a weak banking sector; (#) weak governance indicators and low policy credibility and effectiveness; and (#) geopolitical tensions......
Moody's Places 462 Ratings Under Review with New Lease, Appropriation, Moral Obligation and Comparable Debt MethodologyJul 29, 2016
......Rating Action: Moody's Places ### Ratings Under Review with New Lease, Appropriation, Moral Obligation and Comparable Debt Methodology......
Moody's Assigns Aa2 to Niles Park District, IL's GO Bonds, Ser. 2016A and Aa3 to GOLT Debt Cert., Ser. 2016BJul 29, 2016
...Rating Action: Moody's Assigns Aa# to Niles Park District, IL's GO Bonds, Ser. ####A and Aa# to GOLT Debt Cert., Ser. ####B Global Credit Research - ## Jul #### New York, July ##, #### -- Issue: General Obligation Park Bonds...