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 Places Wright State University (OH) on Review for DowngradeMar 23, 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......
Moody's Upgrades Atlanta's (GA) W&S Debt to Aa2; Outlook StableMar 23, 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......
Moody's Affirms CCD No. 504 (Triton), IL's Aa3 GO Rating; Outlook Remains NegativeMar 23, 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......
Moody's upgrades to A2 Phoenix (City of) AZ Airport Enterprise Rental Car Facility Bonds, outlook stableMar 23, 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......
Moody's downgrades ratings of two classes of certificates issued by DBRR 2012-EZ1 TrustMar 23, 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......
Moody's Downgrades Seven and Affirms Nine Classes of LBCMT 2007-C3Mar 23, 2017
...Rating Action: Moody's Downgrades Seven and Affirms Nine Classes of LBCMT ####-C# Global Credit Research - ## Mar #### Approximately $#.# Billion of Structured Securities Affected New York, March ##, #### -- Moody's Investors Service has affirmed the...
Moody's Affirms Two classes of Verizon Facility Lease Bonds, Series E and FMar 23, 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......
Moody's downgrades ratings of two classes of notes issued by Seawall 2006-1, Ltd.Mar 23, 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......
Moody's affirms ratings of eight classes of notes issued by Capmark VII -- CRE Ltd.Mar 23, 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......
Moody's assigns rating to one class of notes issued by PFP 2017-3, Ltd.Mar 23, 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......
Atlanta (City of) GA: New Issue: Moody's Upgrades Atlanta's (GA) W&S Debt to Aa2; Outlook StableMar 23, 2017
......Moody's Investors Service has assigned a Aa# to Atlanta, GA's $###.## million Water and Wastewater Revenue Refunding Bonds, Series ####A. Concurrently, we have upgraded the city's outstanding water and wastewater revenue bonds to Aa# from Aa#. The upgrade affects approximately $# billion in revenue bond debt outstanding. The outlook is stable. The upgrade reflects the system's stable financial position, characterized by sound coverage and ample liquidity, both of which have been sustained despite significant capital investment, and the demonstrated strong management of the system. The rating incorporates the essential service provided by the system to a regional economic center, an above average debt burden and moderate variable rate and swap exposure. Lastly, the rating reflects the city's demonstrated willingness to raise rates, an important factor in the upgrade, given the possibility of the expiration of the sales tax in fiscal ####......
Community College District No.504(Triton), Illinois: Rating Update - Moody's Affirms CCD No. 504 (Triton), IL's Aa3 GO Rating; Outlook Remains NegativeMar 23, 2017
......Moody's Investors Service has affirmed the Aa# rating on Community College District ### (Triton), IL's general obligation unlimited tax (GOULT) debt. The district has $##.# million of GOULT debt outstanding. The outlook remains negative. The Aa# rating reflects the district's large and diverse tax base and narrowing though still solid reserve position that provides some cushion against the absence of state aid distributions from the State of Illinois (Baa# negative). The rating also incorporates the district's low debt burden and dependence on the state for pension contributions......
Shawnee (City of), KS: New Issue: Moody's Assigns Aa1 to Shawnee, KS's $9.6M GO Bonds, Series 2017AMar 23, 2017
......Moody's Investors Service has assigned a Aa# rating to the city of Shawnee's (KS) $#.# million General Obligation Internal Improvement and Refunding Bonds, Series ####A. We maintain the Aa# rating on the city's outstanding parity debt. Post sale, Shawnee will have $##.# million in General Obligation debt outstanding. The Aa# reflects the city's moderately large tax base with strong recent growth and above average resident wealth levels, stable financial operations coupled with healthy reserves, and a manageable debt burden with rapid principal amortization......
Dana Holding Corporation: Update to Key Rating ConsiderationsMar 23, 2017
......All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. Source: Moody's Financial MetricsTM......
Banco BBM S.A.: Update Following Change in Ratings Outlook to StableMar 23, 2017
......BBM's baseline credit assessment of ba# is positively weighted by its asset risk, evidenced by low historical losses, while the increasing borrower concentration arising from the higher focus on large corporations may be offset by better risk profile of customers. At the same time, profitability could be positively influenced by the lower cost of funds and higher gains of scale, which is expected to offset the potential credit cost fluctuation arising from loan book concentration. Capital is expected to accommodate at still solid levels despite the increasing anticipated leverage. BBM's reliance on market funds is expected to remain high, but the bank will likely have access to a wider pool of investors, and it may even benefit from new funding facilities provided by the parent. BBM's long-term local currency deposit and senior unsecured debt ratings of Ba# derive from its adjusted BCA of ba#, which incorporate a one-notch uplift from its BCA of ba#. It reflects the high level of affiliate......
Embraer S.A.: Update following the change in outlook to stable from negativeMar 23, 2017
......Embraer's Ba# rating reflects its solid position as the leading regional jet maker and its reputation as a reliable airplane producer. The company has been demonstrating control over operating costs and inventory management, and sustaining healthy operating cash flows and strong financial metrics. Planned new model introductions and solid firm order backlog (#.#x Revenues) have also been factored into the rating. The strong liquidity position deriving from large cash balances and a manageable debt maturity profile also remain integral to the rating. On the other hand, the cyclical nature of the aviation business and its growing competitive pressures constrain Embraer's rating, because it requires significant investments on an ongoing basis to keep up with evolving customer needs. Working capital pressures and high levels of investments, have led the company to higher financial leverage, which we expect to gradually improve over the next two years. Brazil's government bond ratings (Ba# stable......
Bandeirante Energia S.A.: Update following outlook change to stableMar 23, 2017
......#]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. Source: Moody's Financial MetricsTM......
Espirito Santo Centrais Eletricas - ESCELSA: Update following outlook change to stableMar 23, 2017
......#] All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. Source: Moody's Financial MetricsTM......
Concessionaria de Rodovias Interior Paulista: Update Following Outlook StabilizationMar 23, 2017
......The Ba#/Aa#.br rating reflects Intervias' robust asset features servicing the city of Sao Paulo and linking Arteris´ closely located concessions. The rating also considers limited competition from alternative routes in a relatively small but well-developed and economically diversified region in the State of Sao Paulo, (Ba#, stable). We expect Intervias´ cash flow to stay relatively stable despite the company´s significant expansion CAPEX. The strong financial backup from shareholders in case of need further sustains the rating. The ratings are constrained by (i) the traffic profile concentrated on heavy vehicles, whose traffic profile is more volatile and highly correlated with GDP; (ii) track record of high dividend distributions that will continue in the future; (iii) relatively tight liquidity to fund the investment activity of the parent company and the relatively significant amount of intercompany loans to be received from Arteris. In addition, the judicial dispute of the company's......
Autovias S.A.: Update Following Outlook StabilizationMar 23, 2017
......The Ba#/Aa#.br rating reflects the strong asset features of Autovias´ road system, which is located in a relatively small but well-developed and economically diversified region in the State of Sao Paulo (Ba# stable). We expect the company´s credit metrics to remain strong for the rating category until the end of the concession given its mature nature. The strong ultimate shareholders further support the ratings. On the other hand, the ratings are constrained by (i) the traffic profile concentrated on heavy vehicles, which are more volatile and highly correlated with GDP performance and Brazil´s sovereign rating; (ii) short remaining life of concession, that matures in ####; (iii) track record of high dividend (iv) relatively tight liquidity to fund parent company investment activity with still remaining amount of intercompany loans to be received from Arteris. Our analysis does not consider a renewal or extension of the concession or any reimbursements from the Government of the State of......