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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Moody's changes outlook on TUI AG's corporate family rating Ba2 to positive; affirms ratingFeb 20, 2018
......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 changes the outlook on Bank Zenit's Ba3 deposit and debt ratings to positiveFeb 20, 2018
......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......
Towd Point Mortgage Funding 2016-Vantage 1 PLCFeb 20, 2018
......Class Bal as of % of Current % of Initial Current On Last Rating Last Rating Name Currency Closing (M) Total Bal (M) Total Rating Rating Indic. Watch Action Action Date......
LLC SPE PSB SME 2015Feb 20, 2018
......Contacts Lina Mukhitdinova, +####-####-####, Lina Daliya Nureeva, +####-####-####, Daliya.Nureeva@moodys.com Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com......
Sandown 2012-2 plc incl CommentaryFeb 20, 2018
......Deal Closing Date: ##/##/#### Seller/Originator: Lloyds Bank Plc Servicer: Lloyds Bank Plc Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: Lloyds Bank Plc Cash Manager: Lloyds Bank Plc Trustee: Citibank, N.A., London Branch Hedge Counterparty: Lloyds Bank Plc Liquidity Facility Provider: Lloyds Bank Plc Underwriter/Arranger: Lloyds Bank Plc Pool Currency: GBP Revolving Period End Date: ##/##/#### Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
Raiffeisenlandesbank Oberoesterreich AG - Mortgage Covered BondsFeb 20, 2018
......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 CR assessments of A#(cr) or Baa#(cr), as the necessary OC following a # . In any event, the necessary OC amounts stated here are subject......
HSBC SFH (France) - Mortgage Covered BondsFeb 20, 2018
......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 CR assessments of A#(cr) committee discretion is applied. (note #) The OC consistent with the current rating is the minimum level of over-collateralisation......
DNB Boligkreditt AS - Mortgage Covered BondsFeb 20, 2018
......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 NOK (Norway) (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 #......
BAWAG P.S.K. - Mortgage Covered BondsFeb 20, 2018
......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 CR assessments of A#(cr) or Baa#(cr), as the necessary OC following a # . In any event, the necessary OC amounts stated here are subject to change......
BAWAG P.S.K. - Public-Sector Covered BondsFeb 20, 2018
......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 CR assessments of A#(cr) or Baa#(cr), as the necessary OC following a # . In any event, the necessary OC amounts stated here are subject......
Charlevoix Public Schools, MI: Update to credit opinionFeb 20, 2018
......Charlevoix Public Schools, MI (A#) benefits from a healthy, tourism-based economy, the taxable values of which support revenue stability. The district's financial profile is satisfactory with adequate reserves that are expected to remain stable or improve going forward. The district has limited flexibility to raise local revenue but successfully boosted revenues through a countywide referendum for an enhancement millage. Unlike most Michigan (Aa# stable) districts, the district's declining enrollment trend no longer impacts revenues, given that the district's unusually high property tax wealth from non-homestead properties places it out of the state's foundation funding formula. The district's pension burden is above average......
Corporates: LSI hovers near record lowFeb 20, 2018
......Moody's Liquidity Stress Indicator (LSI) remains near historic low in early ####. Movements in the LSI have been mixed in the early part of ####, with a modest increase to #.#% in January from a record low #.#% at the end of #### followed by a slight dip to #.#% in mid-February. We expect the LSI will be flat to slightly higher in #### because of the gradual tightening of monetary policy and higher interest rates, as well as less room for improvement in commodity sector liquidity. Overall, liquidity strains and default risk will continue to remain low this year. Recent equity volatility is a reminder not to be complacent about risk, but while loan and bond issuance is lower than last year, companies retain good market access and the corporate credit markets remain healthy. Transactions temporarily put on hold are now moving forward, including aggressive deals such as debt-financed dividends. The continued prevalence of weak covenants and tight pricing indicate that an issuer-friendly market......
Fabege AB: New IssuerFeb 20, 2018
......Fabege AB's (Fabege) Baa# issuer rating reflects its (#) strong market position as one of Sweden's leading commercial real estate companies in terms of size, attractive locations and asset quality; (#) modern and efficient buildings that attract strong market demand; (#) office property portfolio located in the inner city of Stockholm and also large office complexes in selected areas within a five-kilometre radius of central Stockholm; (#) well-executed business model that focuses on a significant but controlled development programme, which will enhance the quality of its portfolio and position it for sustainable long-term growth and (#) moderate leverage, as measured by Moody's-adjusted debt/assets of ##.#% as of ## December #### and a strong commitment to maintaining this level. Counterbalancing these strengths are (#) the company's geographical concentration; (#) a significant share of development projects which are nonetheless of lower risk due to high pre-let rate of ##%; (#) a high......
Polyus Finance Plc: Covenant Quality Post-Sale Snapshot: U.S.$500m 4.70% Guaranteed Notes due 2024Feb 20, 2018
...CORPORATES ISSUER IN-DEPTH ## February #### Source Documents: Prospectus: ## January ####. Peer Group: » Mining See Snapshot User's Guide for terminology, analytical criteria and our ranking of covenant structures. This report contains Moody's analysis of the principal...
Banks Nigeria: Macro profile Very Weak +Feb 20, 2018
......Nigeria's "'Very Weak +" macro profile assessment reflects the difficult operating environment faced by banks in the country, including: continued vulnerability created by oil revenue volatility; very weak institutional capacity and a high level of corruption, which have delayed critical structural reforms; and violence in the northeast that aggravates income inequalities. However, our view also takes into account strong medium- and long-term growth prospects, supported by the development of the non-oil sector and increasingly deep domestic capital markets. From a banking sector perspective, the macro profile incorporates our view of significant credit growth opportunities given low banking penetration and improved supervision. It also reflects challenges, though they are receding, in credit conditions that relate to oil and gas exposure and foreign currency lending......
Equity Bank Kenya Limited: Update following downgradeFeb 20, 2018
......On ## February, we downgraded Equity Bank Kenya Limited's (Equity Bank) local-currency deposit rating to B# (stable) from B# (Rating Under Review), following the downgrade of the Government of Kenya's rating to B# from B##......
Banks Kenya: Macro profile Weak -Feb 20, 2018
......Banks in Kenya (B#, stable) operate in a country with strong economic growth prospects, although faced with increased government indebtedness and liquidity risks given increasingly large government financing needs. The economy is supported by pro-growth government policies and productivity-enhancing investments to improve infrastructure and expand information and communication technology (ICT). We expect real GDP growth to rebound back to #.#% in #### as business confidence improves and agriculture recover, up from #.#% in #### (####: #.#%) a year that was affected lower business activity and confidence given prolonged presidential elections in the second half of ####, as well as the adverse effects of drought. Kenya's economic strengths are balanced against low GDP per capita and a high incidence of corruption. Kenya's macro profile also captures recent intervention in bank regulation by the government and legislative bodies ­ such as a recent law that caps lending rates and sets minimum......
Moody's upgrades Faurecia's rating to Ba1 from Ba2; outlook stableFeb 20, 2018
......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......
Sekerbank T.A.S. - SME Covered BondsFeb 20, 2018
......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 CR assessments of A#(cr) committee discretion is applied. (note #) The OC consistent with the current rating is the minimum level of over-collateralisation......
Novo Banco, S.A. - Mortgage Covered Bonds (CPT) Covered Bond Quarterly Report CSV Q4 2017Feb 20, 2018
...,"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...