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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NameDate
Moody's upgrades Technicolor's CFR to Caa2, appends Caa2-PD PDR with limited default designationSep 30, 2020
......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 COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. 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 warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers......
Macquarie University: Update following change in outlook to negative from stableSep 30, 2020
......Macquarie University's ("Macquarie") stand-alone credit profile (reflected in the baseline credit assessment (BCA) of a#) is underpinned by the institutional framework for universities in Australia, particularly the sizeable grants from the Government of Australia (Commonwealth, Aaa stable). Macquarie also benefits from consistently solid operating margins and flexibility to adjust operating and capital expenditure to offset revenue losses flowing from the coronavirus outbreak (international students contributed around ##% of revenue pre-coronavirus). The university's credit rating incorporates the high likelihood of extraordinary support from the Commonwealth in the unlikely event of financial distress. Macquarie's credit profile is constrained by an elevated debt burden and lower levels of liquidity compared to similarly-rated universities, at a time when it faces a substantial shortfall in student enrolments. We expect Macquarie's robust operating profile and various countermeasures......
Moody's assigns Aaa UND/Aaa ENH to Garland ISD, TX's GO bonds; outlook stableSep 29, 2020
......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 COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. 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 warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers......
Moody's assigns A1 UND&Aa2 ENH to Austin ISD 492, MN's GO bondsSep 29, 2020
......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 COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. 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 warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers......
Moody's assigns Aa1 to Collier County's (FL) 2020 non-ad valorem bonds; outlook stableSep 29, 2020
......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 COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. 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 warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers......
Moody's assigns definitive ratings to credit risk transfer notes issued by Freddie Mac STACR REMIC Trust 2020-HQA4Sep 29, 2020
......Rating Action: Moody's assigns definitive ratings to credit risk transfer notes issued by Freddie Mac STACR REMIC Trust ####-HQA#......
Moody's afirma las calificaciones de los Emisores Argentinos de Servicios Públicos e InfraestructuraSep 29, 2020
......Global Credit Research - ## Sep #### New York, September ##, #### -- Moody's Investors Service, ("Moody's") afirmo el dia de hoy las calificaciones de familia Corporativa y de deuda de ## companias argentinas de servicios publicos e infraestructura. Al mismo tiempo, Moody's cambio la perspectiva a estable desde negativa de # emisores dentro de la cartera. Esta accion de calificacion surge a partir de la accion de calificacion de bonos soberanos de Argentina, afirmados en Ca con perspespectiva estable, y el mantenimiento del techo pais en moneda extranjera en Caa#. Para mas informacion sobre la accion de calificacion del soberano, consulte el comunicado de prensa titulado "Moody's affirms Argentina's Ca rating, changes outlook to stable". Los emisores y calificaciones incluidos en esta accion son: Calificaciones afirmadas; perspectiva cambio a estable: #) Empresa Distribuidora y Com. Norte S.A. (Edenor) Calificacion de Familia Corporativa; afirmada en Caa# Notas globales senior no garantizadas......
Moody's afirma las calificaciones de gobiernos locales y regionales de ArgentinaSep 29, 2020
......Global Credit Research - ## Sep #### New York, September ##, #### -- Moody's Investors Service ("Moody's") afirmo hoy las calificaciones de emisor y de deuda (escala global) de # provincias argentinas, una ciudad y una municipalidad. Para la Provincia de Cordoba, la Provincia de Mendoza y la Provincia de Rio Negro, la perspectiva se cambio a estable desde negativa. Para el resto de los emisores, la perspectiva sigue siendo negativa. Moody's tambien afirmo las evaluaciones del riesgo crediticio base de todos los emisores afectados. Mas adelante en este informe, se presenta una lista de todos los emisores afectados y de las acciones de calificacion. La accion de calificacion de estos gobiernos regionales y locales de Argentina surge de la afirmacion de Moody's en Ca de las calificaciones de bonos soberanos en moneda local y en moneda extranjera del gobierno de Argentina y del cambio de perspectiva a estable desde negativa realizado el ## de septiembre de #### (ver el comunicado de prensa......
Moody's upgrades Forterra's CFR to B1 from B3, senior secured ratings to B2 from B3; outlook stableSep 29, 2020
......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 COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. 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 warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers......
Moody's affirms ratings for Argentine Utilities and Infrastructure IssuersSep 29, 2020
......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 COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. 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 warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers......
Moody's affirms ratings of Argentine Regional and Local GovernmentsSep 29, 2020
......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 COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. 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 warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers......
Moody's affirms DCG Acquisition Corp.'s B3 rating; outlook revised to negativeSep 29, 2020
......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 COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. 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 warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers......
Harris Co. M.U.D. 383, TX: Update following upgrade to A2Sep 29, 2020
......Harris County MUD ###, TX (A#) benefits from a diverse, built out tax base favorably located northwest of Houston (Aa# stable). Further, the district benefits from continued surplus operations through which it has built financial reserves to a healthy level. The credit profile is weakened by an elevated direct debt burden that will decline slowly given the absence of plans for additional debt, above average fixed costs and slow principal amortization. Given high reliance on property taxes, the coronavirus is not a key rating consideration. The situation surrounding coronavirus continues to evolve and impact on property values tax base growth will depend on both the severity and duration of the crisis. On September ##, #### we upgraded the rating of the district's general obligation unlimited tax debt A# from A#......
Chillicothe (City of) OH: Update to credit analysisSep 29, 2020
......#] Economy measures are based on data from the most recent year available. [#] Notching Factors are specifically defined in the US Local Government General Obligation Debt methodology. [#] Standardized adjustments are outlined in the GO Methodology Scorecard Inputs publication. Sources: Moody's Investors Service, the city's audited financial statements, US Census Bureau......
Banks Brazil: Brazil's regulators extend provisioning relief on SME loans as coronavirus stress continuesSep 29, 2020
......On ## September, Brazil's Central Bank extended to the end of the year regulatory relief on provisions made for renegotiated loans. The regulator also announced that it will allow banks to maintain the risk rating applied to loans granted to small and midsize enterprises (SMEs) under government-guaranteed facilities throughout the life of the contract. The measures are credit positive for lenders to SMEs in the short term, particularly midsized and small banks in Brazil, because it limits the size of the provisions the banks must build on loans made to these borrowers that will likely need further liquidity assistance, a segment that continues to struggle amid the gradual economic recovery. The gradual reduction of government aid to consumers, which began in August, will likely affect consumption levels, which has the potential to be a particular burden for SMEs. During this six-month period, new loans granted to SMEs totaled BRL### billion, equal to ##.#% of total new loan origination......
Pesquera Exalmar S.A.A.: Update to credit analysisSep 29, 2020
......Pesquera Exalmar S.A.A.'s (Exalmar) credit profile primarily incorporates the company's vulnerability to climatic conditions and fishing quota regulations; pronounced cash flow seasonality; and limited operating scale and modest business diversification compared with those of its regional peers, as well as other seafood and protein industry companies. In turn, it also reflects the company's exposure to volatile volume and price trends of the global fishmeal and fish oil markets. These credit negatives are, to some extent, offset by Exalmar's position as the third-largest fishmeal producer in Peru (A# stable), the world's leading fishmeal producing nation; its successful operating history in its current business configuration; and some revenue diversification from its direct human consumption business......
AHEAD DB Holdings, LLC: Credit analysis following buyoutSep 29, 2020
Moda Ingleside Energy Center, LLC: Update to credit analysis following upgrade to Ba3Sep 29, 2020
......#) All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations #) As of #/##/####(L) #)This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures Source: Moody's Financial MetricsTM......
Quicken Loans, LLC: Update following ratings affirmation and rating assignment to unsecured debt issuanceSep 29, 2020
Vungle Inc.: Update to credit analysisSep 29, 2020
......Vungle's benefits from its track record as a leading marketing platform for app videos in the mobile game industry. We expect Vungle will benefit from continued top line growth with good adjusted EBITDA margins and free cash flow conversion. Since ####, gross revenues have nearly tripled and the company's software development kit (SDK) has been integrated into more than ##,### ad-monetized applications which leads to recurring revenue streams that take advantage of growing programmatic ad demand globally. Vungle has also benefited from stay at home orders which has led to increased gaming activity during the pandemic. Vungle's credit profile incorporates its small scale, competitive pressures, and ownership by a financial sponsor. Despite Vungle's multi-year head start in establishing a leading brand and refining its algorithms, we believe there is the potential for deep pocketed social media platforms, as well as new entrants, to develop their own competing proprietary products to gain......