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 Baa3 to Shaanxi AMC's proposed senior unsecured bonds (Chinese)Mar 09, 2021
...- Moody's Investors Service Hong Kong Ltd. ## ## () ### #### #### () ### #### #### Sophia Lee Moody's Investors Service Hong Kong Ltd. ## ## () ### #### #### () ### #### #### Moody's Investors Service Hong Kong Ltd. ##...
Moody's assigns A1 to Zhejiang Port's proposed USD bonds; outlook stableMar 09, 2021
......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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......
Moody's assigns Baa3 to Shaanxi AMC's proposed senior unsecured bondsMar 09, 2021
......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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......
General Principles for Assessing Environmental, Social and Governance Risks Request for Comment Supplement Regional and Local GovernmentsMar 09, 2021
General Principles for Assessing Environmental, Social and Governance Risks: Proposed Methodology Update Regional and Local Governments AppendicesMar 09, 2021
......General Principles for Assessing Environmental, Social and Governance Risks: Proposed Methodology Update ­ Regional and Local Governments Appendices......
Nippon Yusen Kabushiki Kaisha: Update to credit analysisMar 09, 2021
......Nippon Yusen Kabushiki Kaisha's (NYK) Ba# rating reflects the company's high leverage, the shipping industry's volatile freight rates and the company's high investment needs. These factors are somewhat offset by NYK's strong banking relationships that mitigate refinancing risk, its large scale and diversified shipping portfolio, our expectations for a decline in adjusted debt from a termination of a completion guarantee (Exhibit #), and the company's unencumbered balance sheet......
Japan Metropolitan Fund Investment Corporation: Update to credit analysis, following completion of merger with MCUBS MidCity Investment CorpMar 09, 2021
......Japan Metropolitan Fund Investment Corporation's (JMF, formerly known as Japan Retail Fund Investment Corporation or JRF) A# ratings reflect its stable cash flow from the fixed- rent, long-term lease agreements of its diversified commercial properties. The company's collaboration with its main sponsor, Mitsubishi Corporation (A# negative), benefits its business franchise and financial management. However, JMF's leverage, especially its net debt/EBITDA of more than #x, is relatively high for its single-A category. The negative outlook reflects the unprecedented difficulties facing Japan's retail sector, with softer consumer spending, reduced store hours and temporary store closures as a result of the pandemic. It will weaken predictability of cash flow from JMF's retail-focused portfolio. JMF has completed a merger with MCUBS MidCity Investment Corporation (MMI), effective # March ####. Despite the addition of MMI's portfolio of mostly office buildings, JMF's portfolio is still dominated......
Renewable energy India: Rated renewable energy companies' credit quality can tolerate generation shortfallsMar 09, 2021
......over fiscal #### and fiscal #### because of wind generation curtailments and lower irradiance for solar projects. The shortfall for rated renewable energy companies has been #%-#% for solar projects and #%-##% for wind projects. However, the credit quality of companies benefits from their large and diversified portfolios, which helps offset the impact of individual project underperformance. Despite this underperformance, India has reported a healthy ##% growth in renewable energy generation over the last five years. » The credit quality of rated renewable energy companies can tolerate a degree of underperformance. For fiscal years #### and ####, the average shortfall of capacity utilization compared to P-## estimates was #.#-#.# percentage points for solar projects and #.#-#.# percentage points for wind projects. This translates to lower generation of #%-#% for solar projects and #%-##% for wind projects in our rated portfolio. As a result of the lower generation, the EBITDA of rated renewable......
Rawbank S.A.: Update post rating affirmation and change in outlook to positiveMar 09, 2021
......Rawbank S.A.'s (Rawbank) caa# Baseline Credit Assessment (BCA) reflects the bank's strong liquidity and deposit-based funding, underpinned by a strong franchise. These positive considerations, however, remain tempered by the Democratic Republic of Congo's (DRC) difficult operating environment, which constrains the bank's credit profile. In addition, the bank's strengths are also moderated by its modest capitalisation and profitability, as well as its concentrated loan book, government exposure and rapid loan growth that pose risk to its asset quality. The bank's Caa# long-term local-currency deposit rating does not incorporate any government support uplift from the bank's caa# BCA. This reflects our assessment of a low probability of government support in case of need, given the Government of the Democratic Republic of Congo's (Caa# stable) limited capacity, as well as limited track record, to provide support in case of need. Rawbank's long-term deposit ratings carry a positive outlook......
Moody's affirms Lucia Mar USD, CA's GO at Aa2Mar 08, 2021
......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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......
Moody's upgrades Hughson USD and Hughson USD SFID No. 1, CA's GOULT to Aa3; assigns A1 issuer ratingMar 08, 2021
......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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......
Moody's assigns provisional ratings to Prime RMBS issued by RCKT Mortgage Trust 2021-1Mar 08, 2021
......Rating Action: Moody's assigns provisional ratings to Prime RMBS issued by RCKT Mortgage Trust ####-#......
Moody's assigns ratings to two classes of CLO refinancing notes issued by Benefit Street Partners CLO II, Ltd.Mar 08, 2021
......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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......
Moody's assigns a first-time Baa3 rating to Illumina; outlook stableMar 08, 2021
......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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......
RCKT Mortgage Trust 2021-1: Third RMBS from Woodward Capital Management LLCMar 08, 2021
......RCKT Mortgage Trust ####-# (RCKT ####-#) is a securitization of prime jumbo mortgage loans originated and serviced by Quicken Loans, LLC (Quicken Loans, rated long-term senior unsecured Ba#). The assets of the trust consist of ### first lien, fully amortizing, fixed-rate......
El Camino Hospital, CA: Update to credit analysisMar 08, 2021
......El Camino Hospital, CA (A# stable revenue bond rating) will continue to benefit from its status as a high-end community health system with operations in a wealthy and demographically attractive service area (Silicon Valley). El Camino Hospital's (dba El Camino Health - ECH) balance sheet, utilization, and operating performance metrics are all expected to remain strong, and to continue to grow. Liquidity is particularly strong, and will remain favorable despite high levels of capital spending. While certain debt measures remain modest for the rating category, debt measures overall have improved, and will continue to improve in the absence of any new debt plans for at least the next year. Challenges include: high levels of capital spending that are expected to continue through at least ####; the need for an entire replacement hospital in Los Gatos by the end of the decade; high exposure to unions and a history of variable relations; and material competition for both inpatient and outpatient......
Gooding County School District 232 (Wendell), ID: Update to credit analysis following upgrade of GOULT and issuer rating to A3Mar 08, 2021
......Gooding County School District ### (Wendell), ID's (A# issuer rating; A# GOULT) financial position has improved considerably over a multi-year period, although the majority of the district's general fund reserves are made up of interfund receivables that are unlikely to be repaid in the near term. The local economy is limited, dominated by dairy and dairy-related industries and local residents' socioeconomic profile is below average. District enrollment is declining modestly. The district's debt and pension liabilities are manageable, although the district does not report its OPEB liability in its financial statements. On March #, #### we upgraded the district's general obligation unlimited tax (GOULT) rating and issuer rating from Baa# to A#......
Lake County School District 56 (Gurnee), IL: Update to following downgrade to Aa3Mar 08, 2021
......State's share of ANPL represents majority of liability. In the past, proposals for a cost-shift have only related to the normal cost and not the full liability. Source: audited financial statements, Moody's Investors Service......
Anne Arundel (County of) MD: Update to credit analysisMar 08, 2021
......Benefitting from its proximity to the Baltimore-Washington metro area, Anne Arundel County (Aa# stable) is experiencing moderate economic growth and proactive management and state and federal reimbursements have helped the county successfully navigate the COVID-## pandemic. Within its boundaries are Fort Meade, the State of Maryland's (Aaa stable) largest employer, Annapolis (Aa# positive), the state capital, and Baltimore/ Washington International Thurgood Marshall Airport (BWI), all important economic anchors. As a result of increasing development, the county's revenue base is growing, which will support its solid financial position. As business activity and population increase, additional infrastructure investment, particularly for the schools, water and wastewater utility, and roads is becoming increasingly important. Consequently, because of management's plans to address capital needs with more debt than pay-go funding, Anne Arundel County's debt burden will increase, a negative credit......
Kitsap County School District 401 (Central Kitsap), WA: Update to credit analysis following downgrade of GO to Aa3Mar 08, 2021
......#### financial data is unaudited. Source: Central Kitsap School District ### (Kitsap County)'s financial statements and Moody's Investors Service......