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 assigns definitive ratings to Notes issued by Dilosk RMBS No.2 Designated Activity CompanyNov 19, 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 assigns DRL Holdings PLC a first-time rating of B3; stable outlookNov 19, 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......
Insurance Europe: 2019 outlook remains stable as solid economic growth, increasing rates offset rising M&A and asset risks (Slides)Nov 19, 2018
Building Materials US: Update: Revising outlook to stable amid maturing construction cycleNov 19, 2018
......We are revising our outlook to stable from positive. This change to stable reflects our expectations of slower organic operating income growth over the next ## months due to diminishing demand in private construction. We expect organic operating income growth for the building materials companies that we rate will decelerate in #### to an annualized pace below #%, following four years of strong growth. Our forecast is at the high end of the -#% to +#% operating income growth range for a stable outlook and incorporates more modest, but still growing construction spending. » Private residential construction growth is decelerating, with several key factors pointing to a slowdown. Rising mortgage rates and a decline in housing affordability have led to a spike in new home inventory and support Moody's stable homebuilding outlook. We expect single-family housing starts to grow #.#% in #### and #.#% in ####, compared with #%-##% average growth from ####-####. The inventory of new, unsold homes......
Stonegate Pub Company Limited: Update to credit analysis ahead of fiscal 2018 resultsNov 19, 2018
......Stonegate Pub Company Limiteds (Stonegate) B# corporate family rating reflects the company's focus on operating in the faster-growing and better-performing managed rather than tenanted segment. The company has an experienced management team and a track record of promptly and profitably integrating acquisitions. Stonegate's UK-wide portfolio benefits from its wide diversification by brand. Less positively, Stonegate's exclusive focus on the UK market means that it is exposed to the operating conditions in a single country, which of late have included high competition, rising costs and weak consumer sentiment. We expect these conditions to continue into ####, giving limited scope for underlying profit growth. As such, the company's credit metrics will remain weak for the rating category, with limited scope for deleveraging. A strategic inclination to continue to invest capital spending on improving the attractiveness of the estate and to pursue bolt-on acquisitions means free cash flow (FCF......
Banco Piano S.A.: Update to credit analysisNov 19, 2018
......Banco Piano S.A. (Piano) has a Baseline Credit Assessment (BCA) of b#, at the same level as Argentina's sovereign rating (B# stable). The b# BCA reflects its small, but well-established, operations as the second most important payment agent for retirees in Argentina, which ensures the bank a solid retail client base. Piano reports good capitalization and liquidity profiles, benefiting from granular, stable and low-cost customer deposits. The main risks for Piano encompass its weak operating efficiency and limited earnings diversification because a large share of revenue is related to payroll loans to retirees and fee earnings from its foreign- exchange operations, which, however, are historically recurring. The bank's problem loan ratio (delinquencies over ## days) improved from a high #% in #### and #### to #.#% in June ####, but is still above the system average of #.#% as of the end of June ####. With a loan book largely made of payroll-deductible exposure, which is a low-risk asset......
Moat Homes: Update to credit analysisNov 19, 2018
......The credit profile of Moat Homes (A# stable) (Moat) reflects its healthy margins, ample social housing interest coverage and modest levels of debt. The rating also takes into account Moat's forecast increase to market sales exposure and anticipated rise in debt to fund its development programme. In addition, Moat's A# rating benefits from the strong regulatory framework governing English housing associations (HAs) and our assessment that there is a strong likelihood that the UK government (Aa# stable) would intervene in the event that Moat faced acute liquidity stress......
Bank of Fukuoka, Ltd. (The): Update to credit analysisNov 19, 2018
......Bank of Fukuoka, Ltd. (The)'s (Bank of Fukuoka) A# long-term deposit rating incorporates a two-notch uplift from its baa# Baseline Credit Assessment (BCA). The uplift reflects our assessment of a very high likelihood of support from the Government of Japan (A# stable) for the bank in times of stress because of its importance to its local market. The bank is the primary banking subsidiary of Fukuoka Financial Group, Inc.'s (FFG) and accounts for over ##% of FFG's total deposits. The financial fundamentals of the consolidated FFG group are incorporated into our ratings of the bank. Bank of Fukuoka's baa# BCA reflects FFG's (#) improving, but weak, capitalization; (#) strong liquidity, backed by deposits and Japanese government bond (JGB) holdings; (#) moderate asset risk, supported by its strong loan quality, but tempered by loan concentration in the real estate sector and exposure to market risk; and (#) weak profitability, because of the persistently low interest rates in Japan......
Defense services - US: Next LOGCAP contract presents growth opportunity for awardeesNov 19, 2018
......LOGCAP V will be a substantial opportunity for defense contractors serving the contingency operations market. In April ####, the US Army will announce which contractors won a position on the fifth iteration of Logistics Civil Augmentation Program (LOGCAP V), an $## billion, multiple-award contract that will cover ## years. Under LOGCAP, each contractor is assigned an area of responsibility that corresponds to a specific global combatant command region. LOGCAP IV produced substantial revenue and prominence for awardees that served more active commands. » Army to expand the program, selecting up to six prime contractors, from three under LOGCAP IV. Expanding the number of LOGCAP primes gives the Army a greater range of competitors to choose from, enhances capabilities of the industrial base and improves the return on procurement. Bidders likely included incumbents Fluor Corporation (Baa# negative) and DynCorp International Inc. (DI, B# stable), as well as companies that have expanded their......
Moody's assigns (P)Baa2/(P)P-2 ratings to the MTN Programme of Shanghai Pudong Development Bank (Chinese)Nov 19, 2018
...Moody's Investors Service Hong Kong Ltd. ## ## () ###-####-#### () ###-####-#### Moody's Investors Service Hong Kong Ltd. ## ## () ###-####-#### () ###-####-#### Moody's Investors Service Hong Kong Ltd. ## ## () ###...
Moody's downgrades Balta to B2, negative outlookNov 19, 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 upgrades Floatel to B3; stable outlookNov 19, 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 assigns first-time Baa2/P-2 deposit ratings to E Sun China; outlook stableNov 19, 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......
E-CARAT 9 plcNov 19, 2018
......Deal Closing Date: ##/##/#### Seller/Originator: Vauxhall Finance plc Servicer: Vauxhall Finance plc Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: INTERTRUST MANAGEMENT LIMITED Issuer Account Bank: Elavon Financial Services DAC, UK Branch Cash Manager: Elavon Financial Services DAC, UK Branch Trustee: U.S. Bank Trustees Limited Hedge Counterparty: BNP Paribas Underwriter/Arranger: Lloyds Bank plc BNP Paribas, London Branch RBC Europe Limited Pool Currency: GBP Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
E-CARAT 8 PLCNov 19, 2018
......Deal Closing Date: ##/##/#### Seller/Originator: Vauxhall Finance plc Servicer: Vauxhall Finance plc Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: INTERTRUST MANAGEMENT LIMITED Issuer Account Bank: Elavon Financial Services DAC Cash Manager: Elavon Financial Services DAC Trustee: U.S. Bank Trustees Limited Hedge Counterparty: Royal Bank of Canada Royal Bank of Canada (London Branch) Underwriter/Arranger: Lloyds Bank plc RBC Europe Limited Merrill Lynch International Commerzbank Aktiengesellschaft Landesbank Baden-Wurttemberg Bank of America Merrill Lynch Pool Currency: GBP Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
E-CARAT 7 PLCNov 19, 2018
......Deal Closing Date: ##/##/#### Seller/Originator: Vauxhall Finance plc Servicer: Vauxhall Finance plc Backup Servicer: Capita Customer Management Ltd. Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: Elavon Financial Services DAC Cash Manager: Elavon Financial Services DAC Trustee: U.S. Bank Trustees Limited Hedge Counterparty: Royal Bank of Canada (London Branch) Underwriter/Arranger: Lloyds Bank plc NatWest Markets Plc RBC Europe Limited Merrill Lynch International Commerzbank Aktiengesellschaft Pool Currency: GBP Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
RevoCar 2016 UG (haftungsbeschraenkt)Nov 19, 2018
......Deal Closing Date: ##/##/#### Seller/Originator: Bank## fuer Privatkunden und Handel GmbH Servicer: Bank## fuer Privatkunden und Handel GmbH Backup Servicer: Hoist GmbH Special Servicer: Back-Up Servicer Facilitator: Wilmington Trust SP Services (Frankfurt) GmbH Issuer Account Bank: BNP Paribas Securities Services Luxembourg Br Cash Manager: BNP Paribas Securities Services Luxembourg Br Trustee: Wilmington Trust (London) Ltd. Underwriter/Arranger: Raiffeisen Bank International AG Pool Currency: EUR Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
E-CARAT 6 PLCNov 19, 2018
......Deal Closing Date: ##/##/#### Seller/Originator: Vauxhall Finance plc Servicer: Vauxhall Finance plc Backup Servicer: Capita Customer Management Ltd. Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: Elavon Financial Services DAC Cash Manager: Elavon Financial Services DAC Trustee: Intertrust Corporate Services Limited U.S. Bank Trustees Limited Hedge Counterparty: Royal Bank of Canada Underwriter/Arranger: UniCredit Bank AG Lloyds Bank plc Landesbank Baden-Wuerttemberg RBC Europe Limited BofA Merrill Lynch Pool Currency: GBP Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
Dukinfield PLCNov 19, 2018
......Deal Closing Date: ##/##/#### Seller/Originator: Amber Homeloans Limited Citibank International Limited Citibank Trust Limited CitiFinancial Europe PLC Future Mortgages Limited Rooftop Mortgages Ltd Southern Pacific Mortgages Limited Servicer: Pepper (UK) Limited Backup Servicer: Homeloan Management Limited Special Servicer: Back-Up Servicer Facilitator: Structured Finance Management Limited Issuer Account Bank: Elavon Financial Services DAC Cash Manager: Elavon Financial Services DAC Trustee: Intertrust Corporate Services Limited U.S. Bank Trustees Limited Underwriter/Arranger: NatWest Markets Plc Pool Currency: GBP Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
Gracechurch Card Programme Funding PLC (Series 2018-1)Nov 19, 2018
......Deal Closing Date: ##/##/#### Seller/Originator: Barclaycard Barclays Bank UK PLC Servicer: Barclays Bank UK PLC Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: Wells Fargo Bank, N.A. Cash Manager: Barclays Bank UK PLC Trustee: Gracechurch Receivables Trustee Ltd The Bank of New York Mellon, London Branch Underwriter/Arranger: Barclays Bank UK PLC Pool Currency: GBP Revolving Period End Date: ##/##/#### Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......