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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Moody's assigns Ba1 to CenturyLink's proposed senior secured notesNov 13, 2019
......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 assigns Baa3 to Hasbro's new unsecured notesNov 13, 2019
......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 assigns Aaa to $7,500,000 Port of Greater Cincinnati Development Authority MF Tax-Exempt Mortgage-Backed Rev Bonds (M-TEBS) Series 2019A (Fields Ertel Project)Nov 13, 2019
......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 rates Targa Resources Partners' new notes Ba3Nov 13, 2019
......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......
Nationwide Building Society - Mortgage Covered Bonds Covered Bond Quarterly Report CSV Q3 2019Nov 13, 2019
...,"Section #: Description, Limitation & Disclaimer",,,,,,,,,,,,,,,,,,,,,,,,,,,, ,"Unique field codes identifiers are always displayed on the left side of the field descriptions to the data values. If the .csv file is transferred into excel, field codes are always located in the adjacent...
Raiffeisenlandesbank Niederoesterreich-Wien AG - Public-Sector Covered Bonds Covered Bond Quarterly Report CSV Q3 2019Nov 13, 2019
...,"Section #: Description, Limitation & Disclaimer",,,,,,,,,,,,,,,,,,,,,,,,,,,, ,"Unique field codes identifiers are always displayed on the left side of the field descriptions to the data values. If the .csv file is transferred into excel, field codes are always located in the adjacent...
Baxter (City of) MN: update to credit analysisNov 13, 2019
......#] Economy measures are based on data from the most recent year available [#] Notching Factors are specifically defined in the US Local Government General Obligation Debt methodology [#] Standardized adjustments are outlined in the GO Methodology Scorecard Inputs publication Sources: US Census Bureau; Moody's Investors Service......
Reno (County of) KS: Update to credit analysisNov 13, 2019
......#] Economy measures are based on data from the most recent year available. [#] Notching Factors are specifically defined in the US Local Government General Obligation Debt methodology. Source: US Census Bureau, Moody's INvestors Service......
Fort Bend County Levee Imp. Dist. 15, TX: Update to credit analysisNov 13, 2019
......Fort Bend LID ## (A#) benefits from a large, nearly built out tax base, favorably located ## miles southwest of Houston (Aa# stable). The district's strong tax base growth, comprised mostly of property taxes, has resulted in a strong financial position supported by healthy reserves. The district's credit profile is challenged by its elevated debt burden with slow principal amortization, high fixed costs, and plans for additional debt......
Longview Independent Sch Dist, TX: Update to credit analysisNov 13, 2019
......Longview ISD, TX's (Aa# stable) credit profile benefits from strong budgetary planning, leading to the accumulation and maintenance of healthy financial reserve levels. Moreover, the district will benefit from additional funding provided by both recent legislation and the implementation of several in-district charter schools through a partnership program. However, the financial benefits of the partnership program are tempered by a loss of operational control at the charter schools, making it more difficult to eliminate redundancies and trim costs, if necessary. Additionally, the district will benefit from the introduction of new employers to the region, which is expected to keep enrollment levels stable while also prompting further expansion of the tax base. Officials will have to continue to manage the districts elevated debt burden, though they consistently look for opportunities to retire principal early and refinance outstanding obligations for interest-cost savings......
Town of Arlington, TN: Annual Comment on ArlingtonNov 13, 2019
......Source: Issuer financial statements; Government data sources; Offering statements; Moody's Investors Service EXHIBIT #......
City of Oviedo: Annual Comment on Oviedo Water&SewerNov 13, 2019
......Oviedo Water & Sewer provides water and wastewater service to portions of Seminole County, Florida, which has a population of ###,### and a high population density of #,### people per square mile. The county's median family income is $##,### (#st quartile) and the September #### unemployment rate was #.#% (#nd quartile......
Middletown Township (Delaware County), PA: Annual Comment on Middletown TownshipNov 13, 2019
......Source: Issuer financial statements; Government data sources; Offering statements; Moody's Investors Service EXHIBIT #......
City of Jamestown, NY: Annual Comment on JamestownNov 13, 2019
......Source: Issuer financial statements; Government data sources; Offering statements; Moody's Investors Service EXHIBIT #......
Government of Botswana - A2 stable: Regular updateNov 13, 2019
......Botswana's credit profile reflects low and stable government debt, sizeable sovereign wealth fund that supports shock absorption capacity, strong macroeconomic framework and low susceptibility to event risk. These strengths are balanced against the country's economic model that is heavily dependent on the diamond industry and the large public sector......
Non-Financial Corporates US: Corporate cash pile to decline 7.5% in 2019, following drop in 2018Nov 13, 2019
......Cash holdings at non-financial companies are set to fall in ####, a second straight yearly decline. Based on year-to-date performance, we project aggregate cash balances of US non-financial companies we rate will decrease about #.#% to $#.## trillion at year- end ####, with many cash-rich companies repaying maturing debt and continuing to return excess cash to shareholders. » Technology companies remain the top seven cash holders. Apple, Microsoft, Alphabet, Amazon, Facebook (unrated), Cisco, and Oracle have the largest cash holdings. The top seven companies' cash will decline #% to $### billion through #### but rise to ##% of total corporate cash as other large companies' cash balances decline more. » Apple's cash declines, but company still leads in cash holdings. We project Apple's cash pile will fall to about $### billion by the end of calendar ####, down from $### billion at year-end ####. That represents ##% of total non-financial corporate cash, down from a record high of ##.#......
Government of South Africa: FAQ on the prospects for reform and fiscal outlookNov 13, 2019
......South Africa's (Baa# negative) economic growth and public debt trends have continued to deteriorate over the last two years as stronger than anticipated sociopolitical constraints have weighed on reform momentum. We expect debt levels will continue to rise rapidly unless the government is able to implement a substantial fiscal adjustment. In this report, we assess the prospects for these reform efforts and the key factors driving our baseline forecasts for the government's fiscal outlook. » What are the prospects for structural economic improvements? Very limited. Low job creation and persistently weak confidence ­ which have translated into lower investment ­ are they key drivers of weak economic growth in South Africa. Although President Ramaphosa has introduced a number of reform measures to address these issues, their scope has been diluted and pace slowed by vested interests and deep socioeconomic inequalities. The window for the government to accelerate reform momentum (and generate......
BLOM BANK S.A.L.: Update following ratings downgrade; ratings on review for further downgradeNov 13, 2019
......BLOM Bank's Caa# local-currency long term deposit rating is on par with its caa# standalone Baseline Credit Assessment (BCA). The bank's Caa# foreign-currency deposit rating is constrained by the sovereign ceiling for such deposits. BLOM Bank's ratings do not benefit from government support uplift despite the bank's market position as the second-largest bank in the country, because the Government of Lebanon's (Caa# review for downgrade) capacity to provide support, in case of need, is limited at its own rating. The bank's Counterparty Risk (CR) Assessment is Caa#(cr)/Not Prime(cr) and the Counterparty Risk Rating is Caa#/Not Prime. BLOM Bank's standalone BCA reflects (#) its high exposure to the Lebanese sovereign, which is the main source of risk; (#) strained systemic funding and liquidity conditions in Lebanon because of deposit outflows and a rise in dollarisation year-to-date ####; and (#) a deterioration in the operating environment. The bank's regulatory capitalisation is higher......
Elisa Corporation: Update to credit analysis following ratings affirmationNov 13, 2019
......Elisa Corporation's (Elisa) Baa# rating reflects (#) the company's integrated business profile and leading positions in Finland's fixed and mobile markets; (#) the stable operating environment in Finland (Aa# stable), which supports a rational pricing environment; (#) the company's solid financial profile; (#) its track record of operating with predictable financial policies, including a target leverage (net reported debt/EBITDA) of #.#x-#.#x; and (#) solid and stable cash flow metrics for the Baa# rating. The rating also factors in (#) Elisa's small scale and revenue concentration in Finland, except for its increasing exposure to Estonia; and (#) the company's limited free cash flow generation owing to the generous shareholder remuneration policy......
State of the European Consumer: H2 2019 (Slides)Nov 13, 2019
......Consumers are benefitting from record-high employment in the European Union (EU) overall and from rising, albeit from a low level, nominal and real wage growth. These factors should sustain consumption throughout the region......