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 affirms Bright Food's Baa3 ratings; stable outlookSep 01, 2015
...Rating Action: Moody's affirms Bright Food's Baa# ratings; stable outlook Hong Kong, September ##, #### -- Moody's Investors Service has affirmed Bright Food (Group) Co., Ltd. (Bright Food)'s Baa# issuer rating, as well as the Baa# senior...
Amber House Fund 1 (RF) Ltd - previously The Thekwini Fund 6 (Pty) LtdSep 01, 2015
......Deal Closing Date: ##/##/#### Seller/Originator: Main Street ## (Proprietary) Ltd SA Home Loans (Pty) Ltd Thekwini Warehousing Conduit (RF) Ltd Servicer: SA Home Loans (Pty) Ltd Standard Bank of South Africa Backup/Special Servicer: Standard Bank of South Africa Back-Up Servicer Facilitator: Issuer Account Bank: HSBC Bank plc Cash Manager: SA Home Loans (Pty) Ltd Trustee: Maitland Trustees (Proprietary) Limited Hedge Counterparty: Standard Bank of South Africa Lead Underwriter/Arranger: Standard Bank of South Africa Pool Currency: ZAR Revolving Period End Date: ##/##/#### Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
Aktia Bank Plc - Mortgage Covered BondsSep 01, 2015
......Page # (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. (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 especially significant in the case of Issuers currently rated A# or A#, as the necessary OC following a # notch downgrade may then be substantially higher than the amount suggested......
Silver Arrow S.A., Compartment 6Sep 01, 2015
......The subject transaction is a static cash securitisation of auto loans extended to obligors located in Germany. The loans finance new and used vehicles to commercial and private obligors......
Chinese Securitization: PBoC's Approval of Inaugural Issuance Quotas Increases Efficiency and Reduces Uncertainty in China SecuritizationsSep 01, 2015
......On ## May ####, the People's Bank of China (PBoC) approved issuance quotas for issuers of Chinese securitization transactions for the first time, a positive development for China's securitization market. Under this new quota system, issuers will have greater certainty about the size and number of deals that they can issue over a set period. In total, nine issuance quotas were approved: four for auto loan asset backed securitizations (ABS), four for residential mortgage backed securitizations (RMBS), and one for shantytown reconstruction loan ABS, as of ## July ####. The full list of the approved quota applications are in Exhibit #. We expect that more issuers and more diversified asset types will submit quota applications to the PBoC following these inaugural approvals......
Wolters Kluwer N.V.Sep 01, 2015
......Rating Drivers - Organic revenue growth trends improving in North America; however business continues to suffer in Europe for Legal & Regulatory Solutions - Operating margin likely to remain within the company's target range - Track record of delivering satisfactorily on its business strategy objectives - Expectation that the company will continue to achieve credit metrics in line with our guidance for the Baa# rating Corporate Profile Wolters Kluwer N.V. is a global professional information services and solutions company. It provides information, software, and services to legal, tax, finance, and healthcare professionals. The company has four divisions: (#) the Legal & Regulatory division (##% of H# #### reported revenues and ##% of H# #### reported adjusted operating profit, excluding corporate costs - as calculated by Wolters Kluwer) provides proprietary information workflow solutions, and services for lawyers and in specialty legal practice and regulatory areas globally; (#) Tax & Accounting......
Thames Water (Kemble) Finance PLCSep 01, 2015
......All ratios are based on consolidated financial statements of Kemble Water Finance Limited and calculated using Moody's Standard Adjustments. Source: Moody's Financial Metrics TM......
Thames Water Utilities Ltd.Sep 01, 2015
......Category Moody's Rating Outlook Stable Corporate Family Rating -Dom Curr Baa# Thames Water Utilities Cayman Finance Limited Outlook Stable Bkd Senior Secured A# Bkd Subordinate -Dom Curr Baa#......
Moody's assigns provisional ratings to Dutch RMBS notes to be issued by STORM 2015-II B.V.Sep 01, 2015
......Rating Action: Moody's assigns provisional ratings to Dutch RMBS notes to be issued by STORM ####-II B.V......
Moody's has assigned provisional ratings to German auto loan ABS of Silver Arrow S.A., Compartment 6Sep 01, 2015
......Rating Action: Moody's has assigned provisional ratings to German auto loan ABS of Silver Arrow S.A., Compartment #......
UniCredit Bank Czech Republic and Slovakia Mortgage Covered BondsSep 01, 2015
......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 CZK (Czech Rep.) (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 #......
STORM 2015-II B.V.Sep 01, 2015
......The subject transaction is a static cash securitisation of residential mortgages extended to obligors located in the Netherlands......
Japanese Pharmaceutical Industry (Presentation) (Japanese translation)Sep 01, 2015
...M&A ##### , VP- , Moody's Japan K.K Moody's Japan K.K # ##### #. #. #. #. » » M&A » » #. # ##### # # ##### ­ » » ## » M&A » # ##### # # ##### : IMS Health Market Prognosis...
Japanese Pharmaceutical Industry (Presentation)Sep 01, 2015
......Japanese Pharma ­ An industry Positioned at the Cross-Roads » Generic use in Japan to expand, catching up to levels in other developed markets » Price reductions every two years will continue to pressure Japanese pharma earnings » Majors will seek growth overseas, including through M&As » Both domestic and foreign generic makers will benefit from government's push for generics......
Gulf International Bank BSCSep 01, 2015
......Gulf International Bank BSC (GIB) is a wholesale bank that operates mainly in the six countries of the Gulf Cooperation Council (GCC, which consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE). As of ## June ####, GIB reported a consolidated asset base of USD##.# billion. GIB provides wholesale commercial financing, treasury facilities, asset management, commercial and investment banking, and Islamic banking services. The bank's clients include major gulf-based private-sector corporations, financial institutions and government-related entities. It operates through subsidiaries, branch offices and representative offices six in countries worldwide. GIB was incorporated in the Kingdom of Bahrain in #### and commenced operations in ####. The bank is owned (either directly or indirectly) by the governments of the GCC countries. As of ## December ####, the Public Investment Fund of Saudi Arabia held a majority stake in the bank of ##.#......
Siemens AktiengesellschaftSep 01, 2015
......Siemens Aktiengesellschaft (Siemens) is a Germany-based global conglomerate with core activities in the areas of energy, healthcare, industry and infrastructure. The company operates in over ### countries, and maintains more than ### major production and manufacturing plants worldwide. In the financial year ended ## September #### (fiscal ####­##), Siemens generated ##.#% of its revenue in Europe, the Commonwealth of Independent States (CIS), Africa and the Middle East, ##.#% in the Americas and ##.#% in Asia and Australia. For the last ## months ended ## June ####, the company reported total revenue of ##.# billion. Siemens Aktiengesellschaft was established in #### with the merger of Siemens & Halske (established in ####), Siemens-Schuckertwerke GmbH (####) and Siemens-Reiniger-Werke AG (####). Its shares are listed on the Frankfurt Stock Exchange (Ticker: SIE). As of ## February ####, members of the Siemens family held #% of its total share capital......
HSBC FranceSep 01, 2015
......HSBC France is a French universal bank that provides retail and commercial banking products and services, as well as investment banking, asset management and private banking facilities to individuals, companies and small and medium-size enterprises (SMEs). Furthermore, HSBC France is a centre of expertise with regards to specific financial market activities, which it conducts on behalf of the HSBC Group, its ultimate parent. Formerly known as Credit Commercial de France (CCF), HSBC France adopted its current name following its #### acquisition by the HSBC Group. As of ## December ####, it is ##.##% owned by HSBC Bank Plc, which in turn was wholly owned by HSBC Holdings Plc, the UK-regulated holding company of the HSBC Group. HSBC France's activities are primarily geared towards commercial banking activities in France, through its retail and commercial banking network of ### branches (as of ## December ####). The bank's branches are located primarily in the Paris area, but also in other......
Shin-Etsu Chemical Company Ltd (Japanese translation)Sep 01, 2015
......Approach to Rating Corporates in Japan - Support System Remains an Important Consideration, but Has its Limits......
Government of Malaysia: Protests May Exacerbate Weakening of Reserves, Growth BuffersSep 01, 2015
......Large political protests in Malaysia (A# positive) over the weekend reflect ongoing political uncertainty that could further undermine market sentiment and capital inflows. This, in turn, is likely to chip away at reserves and the growth outlook, both of which have been buffers against market volatility but have trended downwards this year, a credit negative. Malaysia's large reserves and robust growth outlook relative to similarly rated peers have, along with exchange rate flexibility and fiscal consolidation efforts, offset the negative impact of market volatility on the sovereign credit profile. However, if business confidence and capital inflows continue to weaken, they would gradually erode the support that reserves and growth have offered thus far. It is still unclear whether the protests ­ which were reported as largely peaceful ­ will have broader policy implications. The policy impact of rising political risk has thus far been limited. The government implemented a Goods & Services......
Amec Foster Wheeler plc: Declining trading margins and elevated gross leverage in H1 2015 pressure Amec Foster Wheelers Baa3 ratingSep 01, 2015
......On Thursday ## August, Amec Foster Wheeler plc ("AMFW", Baa# stable) reported the results for the first half year of #### ended ## June. The company adjusted trading margin dropped by # percentage-points to #.#%, while underlying sales fell by #% to GBP #,### million. The decline in trading margins was mainly driven by margin pressure in the oil & gas market, which contributed ##% of group revenues......