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 Credit Outlook - 30 March 2017Mar 30, 2017
......On Tuesday, General Motors Company's (GM, Baa# stable) board of directors rejected a proposal from shareholder Greenlight Capital to create two different common stock securities from GM's existing common shares. One security, a fixed-dividend share, would receive a fixed, perpetual, deferrable dividend totaling more than $#.# billion annually. The other security, a capital appreciation share, would generate returns based on GM's long-term capital appreciation, and would be entitled to all dividends in excess of the fixed dividend paid on the fixed-dividend shares. Greenlight intends to submit the proposal for a vote at GM's annual shareholder meeting. The proposal would be credit negative for GM and its subsidiaries. It would increase credit risk by creating a perpetual, cumulative dividend in excess of $#.# billion that would saddle GM with a sizable and largely inflexible cash outflow burden. Although we view GM as being capable of maintaining dividends of this magnitude for the foreseeable......
Moody's Upgrades Hollywood CRA's Revenue Bonds to A2Mar 29, 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 the ratings on $132.8 million of TruPS CDO notes issued by Regional Diversified Funding 2005-1 Ltd.Mar 29, 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......
GM Financial Consumer Automobile Receivables Trust 2017-1: Pre-Sale GM Financial's First Prime Retail Issuance of 2017Mar 29, 2017
......GM Financial Consumer Automobile Receivables Trust ####-# (GMCAR ####-#) is a securitization of prime quality retail installment auto loan contracts originated or acquired by GM Financial (GMF). This is the inaugural prime auto loan transaction issued by GM Financial through the GMCAR platform. The credit enhancement and structural protections available to noteholders in the transaction are consistent with the assigned ratings. Moody's cumulative net loss expectation for the ####-# asset pools is #.#% and the Aaa level (as described in the "Asset Summary" section) is #.#......
Clark County, NV and Oakland-Alameda County Coliseum Authority, CA: Clark County Bears Manageable Risk With Las Vegas Stadium Gamble; Oakland/Alameda County Able to Tackle NFL LossMar 29, 2017
......On March ##, National Football League owners overwhelmingly approved the relocation of the Oakland Raiders to the Las Vegas area. The team plans to play in a new ##,###-seat stadium costing as much as $#.# billion, with Clark County, NV (Aa# stable) contributing $### million in public funding. State legislation compels the county to fund most of the public share by issuing debt, secured by a hotel tax increase and its general obligation limited tax (GOLT) pledge as a backstop. Given its low debt burden and substantial tax base, the county faces manageable credit risk from debt issuance. The county's net direct debt burden would increase moderately from its current #.#% of full value but remain less than #% of its sizable $### billion tax base. The pledged hotel tax, which is already being collected, provides Clark County with dedicated stadium funding at a rate of #.##% for the Las Vegas Strip area and #.#% for other areas. The Las Vegas area has approximately ###,### hotel rooms and tourism......
Lancaster County, PA: County Benefits from Economic Diversification and Growing EmploymentMar 29, 2017
Hollywood Community Redevelopment Agency, FL: Update - Moody's Upgrades Hollywood CRA's Revenue Bonds to A2Mar 29, 2017
......Moody's Investors Service has upgraded to A# from A# the rating on the City of Hollywood's Community Redevelopment Agency's (FL) Series #### Redevelopment Revenue and Revenue Refunding Bonds (Beach CRA), affecting approximately $##.# million of debt outstanding. The upgrade to A# reflects the agency's strong debt service coverage, positive trend of incremental tax revenues, and satisfactory legal protections. The rating also incorporates the agency's substantial incremental tax base with above average taxpayer concentration......
US Utilities&Public Power: Last Weeks Rating Actions Incorporated our Expectation of a Westinghouse BankruptcyMar 29, 2017
......On ## March ####, Westinghouse Electric Company, LLC filed for protection under Chapter ## of the US Bankruptcy Code. Westinghouse indicated that it is seeking to undertake a strategic restructuring, citing financial and construction challenges at the Vogtle and VC Summer new nuclear power plant projects in Georgia and South Carolina, respectively. Westinghouse is the construction contractor on the two projects and, in conjunction with the bankruptcy filing, has reached an agreement with the project owners to continue work on the projects during what it describes as an initial assessment period. Last week, in anticipation of a potential bankruptcy filing, Moody's affirmed the ratings and assigned negative rating outlooks to the five US utilities involved in these nuclear projects, including the three utilities building Vogtle Units # and #: Georgia Power Company (A# negative); Oglethorpe Power Corporation (Baa# senior secured, negative); and Municipal Electric Authority of Georgia (MEAG......
ON Semiconductor Corporation: Update to Key Credit FactorsMar 29, 2017
......The Ba# CFR reflects ON Semiconductor Corp.'s ("ON Semi") leverage, which we expect to remain over #x debt to EBITDA (Moody's adjusted) over the next year. This is high both for the Ba# rating and given the execution risks entailed in the remaining integrating steps of the Fairchild Semiconductor International, Inc. ("Fairchild") acquisition. The integration execution risk is significant, since the acquisition increased ON Semi's revenue base by over ##% and added, three wafer fabrication facilities, and two assembly & test facilities. Moreover, ON Semi is exposed to the cyclical semiconductor industry broadly, and to specific end markets such as the automotive market, which is highly-cyclical, and the mobile phone market, which is subject to very short product life cycles, requiring ongoing research and development to obtain share in new customer platforms. Still, the acquisition lifted ON Semi to the second largest market share in the Power Discrete semiconductor segment behind industry......
MACOM Technology Solutions Holdings, Inc.: Update to Discussion of Key Credit FactorsMar 29, 2017
......The Ba# CFR reflects MACOM Technology Solutions Holdings, Inc.'s ("MACOM") small scale as a niche player in the analog semiconductor market, which is characterized by long product life cycles and stable revenues compared to the overall semiconductor market. Moreover, MACOM's fab-lite operating model tends to result in fairly stable free cash flow (FCF) due to a large portion of outsourced production and thus limited required capital expenditures. As MACOM integrates the acquisition of Applied Micro Circuits Corporation ("Applied Micro") and continues to repay debt, we expect debt to EBITDA (Moody's adjusted) to decline to below #.#x over the next year from over #x (## months ended December ##, ####, Moody's adjusted, proforma for Applied Micro). The rating also reflects the customer concentration (Huawei Technologies accounted for ##% of FYE #### revenues) and the concentrated ownership structure, which may allow the company to follow a more aggressive financial policy over time......
McCormick&Company, Incorporated: Update to Discussion of Key Rating FactorsMar 29, 2017
......Note: All figures incorporate Moody's standard analytic adjustments [#] Moody's forward view Source: Company filings, Moody's Financial MetricsTM and Moody's estimates......
Government of Croatia Ba2 Stable: Annual Credit AnalysisMar 29, 2017
Moody's Upgrades Grandville, MI's Sewer Revenue Bonds to Aa3Mar 29, 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 Scripps Health's (CA) Aa3; Outlook stableMar 29, 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 A2 to Fort Bend County MUD 137's, TX GOULT Series 2017Mar 29, 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 A2 UND/Aaa ENH to Pearsall ISD, TX's $4.8M GO Refunding Bonds, Series 2017Mar 29, 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 HD Supply's CFR to Ba3, outlook stableMar 29, 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 definitive ratings to Ally Auto Receivables Trust 2017-2 NotesMar 29, 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 Provisional Ratings to GM Financial Consumer Automobile Receivables Trust 2017-1 NotesMar 29, 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 Announces Relevant Reference Point Inputs for ABCP Programs - Excel DataMar 29, 2017