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 Aa2 rating to Aurora, CO certificates of participationNov 21, 2014
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY 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 IS" without......
Moody's assigns Aa2 to Nevada Joint Union HSD, CA's $6.9M 2014 GO Refunding BondsNov 21, 2014
......Moses Kopmar Lead Analyst Public Finance Group Moody's Investors Service Christian Ward Additional Contact Public Finance Group Moody's Investors Service......
Moody's assigns Aa2 rating to Aurora, CO certificates of participationNov 21, 2014
......Andrea Unsworth Lead Analyst Public Finance Group Moody's Investors Service William Oh Additional Contact Public Finance Group Moody's Investors Service......
Moody's assigns A2 rating to Hendrick Medical Center (TX); outlook stableNov 21, 2014
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY 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 IS" without......
Moody's assigns A2 rating to Hendrick Medical Center (TX)'s Ser. 2015; outlook stableNov 21, 2014
......Jennifer Ewing Lead Analyst Public Finance Group Moody's Investors Service Beth I. Wexler Additional Contact Public Finance Group Moody's Investors Service......
Moody's upgrades City of Los Angeles (CA) real property and equipment lease-backed obligations one notch to A1 and A2 from A2 and A3, respectively; GO rating is affirmed at Aa2; the rating outlook remains stableNov 21, 2014
......Kristina Alagar Cordero Lead Analyst Public Finance Group Moody's Investors Service Eric Hoffmann Backup Analyst Public Finance Group Moody's Investors Service......
Moody's affirms Baa1 on Progreso ISD's (TX) outstanding GO debtNov 21, 2014
......Natalie Claes Lead Analyst Public Finance Group Moody's Investors Service James Hobbs Additional Contact Public Finance Group Moody's Investors Service......
Moody's assigns Aa3 to the School District of Lomira, WI's $14M GO Bonds, Ser. 2015Nov 21, 2014
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY 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 IS" without......
Moody's affirms Baa1 on Progreso ISD's (TX) outstanding GO debtNov 21, 2014
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY 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 IS" without......
Moody's assigns Aaa to Metropolitan Water District of Southern California GO BondsNov 21, 2014
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY 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 IS" without......
Moody's upgrades City of Los Angeles (CA) real property and equipment lease-backed obligations one notch to A1 and A2 from A2 and A3, respectively; GO rating is affirmed at Aa2; the rating outlook remains stableNov 21, 2014
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY 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 IS" without......
Moody's assigns Aa2 to Oak Creek, WI's $2.7M GO Bonds, Ser. 2014BNov 21, 2014
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY 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 IS" without......
Moody's assigns Aa1 to Cuyahoga County, OH's $174M Sales Tax Revenue Bonds Ser. 2014; outlook stableNov 21, 2014
......MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY 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 IS" without......
Hawaii Issues First Bonds to Fund Future Green Infrastructure ProjectsNov 21, 2014
......The Department of Business, Economic Development and Tourism of the State of Hawaii (Aa#) has issued Green Energy Market Securitization Bonds #### Series A. This is the first utility cost recovery charge (UCRC) securitization to come to market whose goal is to finance a future program, rather than recover past incurred costs. In addition, #### Series A is the first transaction issued specifically to fund a green infrastructure program with the proceeds of the bonds issuance. The bonds will be repaid by charges assessed on all existing and future electric customers of the utilities. The green infrastructure program will finance loans for utilities customers in Hawaii, particularly underserved homeowners, renters and non-profit organizations, to upgrade to clean energy technologies by installing solar photovoltaic equipment. Unlike other UCRC transactions, customers in each rate class (such as residential or small- commercial customers) will be billed the same monthly fixed charge, rather......
Sallie Mae Bank's Change to its Charge-off Policy Unlikely to Materially Affect Net LossesNov 21, 2014
......Sallie Mae Bank's change to a new charge-off policy to conform with regulatory requirements on bank write-offs is unlikely to have a material impact on net default rates in the loan pools underlying its new private student loan (PSL) asset-backed securitizations (ABS) beginning in ####. Under the new policy, Sallie Mae Bank will characterize loans as in default after ### days of delinquency, down from ### days currently. The change will result in higher gross default rates on new Sallie Mae Bank loan pools because Sallie Mae Bank will have less time to bring delinquent borrowers current. At the same time, the company is also moving to a default aversion strategy that focuses on early- stage delinquencies, which will lead to higher recoveries that will offset the higher gross defaults. The earlier charge-off policy will not affect Sallie Mae Bank's only securitization outstanding, SMB Private Education Loan Trust ####-A, because Sallie Mae Bank does not hold the underlying loans on its balance......
Reduction in Credit Card Fees Is Credit Negative for Canadian Card ABSNov 21, 2014
......The recent decision by the Canadian operations of Visa Inc. (A# stable) and MasterCard Inc. (A# stable) to voluntarily reduce Canadian credit card interchange fees by ##% is credit negative for Canadian credit card asset-backed securitizations (ABS), because the fee reductions will reduce yield and excess spread in the transactions. However, the negative impact will be relatively small. The reduction in credit card fees accounts for only a small proportion of card yield rates and an even lower proportion of excess spread in the transactions after costs......
Credit Card Big Six Balances Begin to RiseNov 21, 2014
......JPMorgan Chase's purchase growth figures exclude commercial cards. Sources: Moody's Investors service, data from banks' quarterly earnings supplements and ##-K filings, Federal Reserve......
Daimler Auto Lease ABS Deal Takes Novel Approach to Mitigating Commingling RiskNov 21, 2014
......Daimler AG's (A#/P-#) first Canadian auto lease asset-backed securities (ABS) transaction incorporates a novel approach to address commingling risk, which arises when a servicer holds collections on securitized assets prior to remitting them to the transaction's special purpose vehicle (SPV). Daimler's Canadian finance subsidiary, Mercedes-Benz Financial Services Canada (MBFS Canada), wanted the ability to commingle collections with its general funds before remittance to the SPV on each monthly settlement date. The new approach allows for this through the creation of a reserve account in the name of the SPV. Without this type of reserve mechanism, servicers rated below the A#/P-# threshold typically must remit all collections due to the SPV within two business days of receipt, as Daimler does in its US auto lease ABS program. The presence of the cash reserve mitigates the ##-day commingling risk in the new transaction, notwithstanding Daimler's rating......
Auto Loan ABS Issuers Are Unlikely to Qualify for Risk Retention Rule ExemptionsNov 21, 2014
......Issuers of auto loan asset-backed securities (ABS) are unlikely to meaningfully reduce the amount of credit risk they must retain in securitizations under a new risk retention rule, owing to the stringent underwriting criteria for loans to be considered exempt from the requirement. Under the final risk retention rule of the Dodd-Frank Act, auto loan ABS issuers can reduce the financial interest they must retain in their transactions through a qualifying automobile loan (QAL) exemption. However, most issuers are unlikely to underwrite a large share of loans that meet the income verification and down payment criteria required under the QAL standard. Even for prime loan issuers, the standards will limit the number of loans eligible for QAL exemptions to a minimal amount of their total origination volume......
Moody's assigns Aaa to Metropolitan Water District of Southern California GO BondsNov 21, 2014
......Michael Wertz Lead Analyst Public Finance Group Moody's Investors Service Eric Hoffmann Additional Contact Public Finance Group Moody's Investors Service Kristina Alagar Cordero Additional Contact Public Finance Group Moody's Investors Service......