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 takes rating actions on South African corporates following sovereign downgradeApr 04, 2020
......Rating Action: Moody's takes rating actions on South African corporates following sovereign downgrade......
Moody's assigns Aa3 to West Contra Costa USD, CA's 2020 General Obligation Refunding Bonds; Outlook remains negativeApr 03, 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......
City of Clovis, NM: Annual Comment on ClovisApr 03, 2020
......Source: Issuer financial statements; Government data sources; Offering statements; Moody's Investors Service EXHIBIT #......
City of Lake St. Louis, MO: Annual Comment on Lake St. LouisApr 03, 2020
......Source: Issuer financial statements; Government data sources; Offering statements; Moody's Investors Service EXHIBIT #......
Banks Brazil: Brazil's temporary wage subsidy program amid coronavirus will help to alleviate banks' rising asset risksApr 03, 2020
......On # April, the government of Brazil (Ba# stable) announced an emergency program to mitigate the negative effects of the coronavirus on the labor market. Under the program, called Beneficio Emergencial de Preservacao de Emprego e Renda, companies can reduce salaries and working days by up to ##% for ## days or suspend labor contracts for up to ## days, subject to the agreement of employees. The government will compensate workers for the reduction in wages or suspension of labor contracts using the resources of the unemployment insurance scheme. This program, combined with the subsidized credit facility to finance small companies' payrolls that the government announced late March, will help to soften the effects of Brazil's deteriorating risk conditions on banks' second- and third-quarter asset quality and profitability metrics. Supported by an accommodative monetary policy and gradual economic recovery, banks have been slowly resuming lending since ####, with a focus on consumer loans and......
Nonfinancial corporates North America: Heat map: Worsening coronavirus outbreak means broader negative credit effectsApr 03, 2020
......Bigger swath of North American companies exposed as coronavirus outbreak widens. The global breadth of the contagion prompted a cut in our macroeconomic forecast, which now calls for a sharp economic contraction in the second quarter. More than ##% of North American non-financial companies that we rate are highly or moderately exposed to the effects of the outbreak today, compared to ##% in our first heat map published on ## March. Now, a quarter of rated companies are highly exposed (up from ##%) and ##% are moderately exposed (up from ##%). Negative rating actions have generally aligned with the exposures identified in the last heat map with many speculative grade actions and few investment grade actions. These were mostly related to Passenger Airlines, Automotive Manufacturers & Parts Suppliers, Apparel, Gaming, Lodging & Leisure (including Cruise Lines), Oil & Gas (under additional sector pressures), and Transportation, but include weakly- positioned companies across a range of sectors......
Lithia Motors, Inc.: Update to key credit analysis following rating affirmationApr 03, 2020
......Lithia Motors, Inc.'s (Ba# stable) credit profile considers its strong credit metrics, its good liquidity, meaningful scale and leading competitive position in its chosen markets. The rating is supported by favorable governance considerations specifically its history of maintaining low leverage and good liquidity. Given the expected impact on consumer spending of the coronavirus pandemic, we expect Lithia to reduce expenses and flex its operations to largely ensure maintenance of its current quantitative credit profile and liquidity. We expect Lithia's cash flow may be pressured by the consumer spending environment but that free cash flow will remain positive. Previously, Lithia had used its excess cash flow for acquisitions, share repurchases, dividends and some debt reduction. In the event of a macroeconomic slowdown, we expect Lithia will prioritize maintaining liquidity......
Oklahoma Turnpike Auth - Gilcrease Expressway Project: New IssuerApr 03, 2020
......The Oklahoma Turnpike Authority - Gilcrease Expressway West Project's (Baa# stable) credit profile reflects the limited essentiality of the small #.#-mile, single asset toll road project located in the less developed southwest portion of the City of Tulsa (Aa#, stable). The road is being built to spur growth and improve regional mobility in the more industrial side of the city. The credit profile also reflects the road's high leverage with a modestly escalating debt service repayment schedule that only requires modest long-term revenue growth to maintain adequate coverage levels, in line with our long-term view of relatively limited growth in the larger Tulsa metropolitan area. The small scale and high leverage limit the toll road's ability to support itself through ramp up and early operating years. As such, the toll road's initial viability relies on the strength of the gross revenue pledge to bondholders supported by a minimum $# million annual contribution from the Oklahoma Department......
Moody's affirms CIT's ratings (Ba1 long-term senior unsecured), changes outlook to stable from positiveApr 03, 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 downgrades Buenaventura's rating to B1; negative outlookApr 03, 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 downgrades Revlon's CFR to Caa3; outlook negativeApr 03, 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......
LANGTON SECURITIES (2010-1) PLCApr 03, 2020
......Deal Closing Date: ##/##/#### Seller/Originator: Alliance & Leicester plc Santander UK plc Servicer: Alliance & Leicester plc Santander UK plc Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: Santander UK plc Cash Manager: Santander UK plc Trustee: Citicorp Trustee Co. Ltd. Hedge Counterparty: Santander UK plc Arranger: Barclays Capital Pool Currency: GBP Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
LANGTON SECURITIES (2008-1) PLC - Issue 2011-1Apr 03, 2020
......Deal Closing Date: ##/##/#### Seller/Originator: Alliance & Leicester plc Santander UK plc Servicer: Alliance & Leicester plc Santander UK plc Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: Santander UK plc Cash Manager: Santander UK plc Trustee: Citicorp Trustee Co. Ltd. Hedge Counterparty: Santander Financial Services plc Santander UK plc Arranger: Citibank, N.A., London Branch Pool Currency: GBP Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
K-12 school districts New York : Deferral of school districts' budget vote amid coronavirus outbreak is credit positiveApr 03, 2020
......On March ##, New York Gov. Andrew Cuomo announced that this year's school district budget elections will be pushed back to at least June # from the scheduled date of May ##, a credit positive for the more than ### school districts in the state. Moving the vote back to June will give school districts more visibility into how much longer the economic shutdown caused by the coronavirus outbreak will continue, what its eventual effect on the state's revenue will be and what additional federal aid might be coming to help schools......
Illinois Wesleyan University, IL: Update to credit analysis following downgradeApr 03, 2020
......Illinois Wesleyan University's (IWU or the university; Baa# negative) has an increasingly challenged student market position, reflected in declining enrollment and rising discounting. The university's key credit strength is still strong wealth and liquidity that provides it with a multi-year period to adjust to its increasingly challenged market. The university's credit strengths additionally include a recognized regional brand and relatively good donor support. However, weak demographics in the university's core market area is a key social consideration, driving heightened competition. Declining net tuition revenue, down over ##% between fiscal #### and ####, combined with rising educational expenses per student have contributed to widening deficits. With weak operating cash flow, debt affordability has deteriorated and the university is currently not able to cover debt service from operations. Management's plan to return to financial stability has speculative elements since it is based......
City of Mauldin, SC: Annual Comment on MauldinApr 03, 2020
......Source: Issuer financial statements; Government data sources; Offering statements; Moody's Investors Service EXHIBIT #......
City of Jacksonville: Annual Comment on Jacksonville Water and SewerApr 03, 2020
......Jacksonville Water and Sewer provides water and wastewater service to Onslow County, North Carolina. The county has a population of ###,### and a moderate population density of ### people per square mile. The county's median family income is $##,### (#th quartile) and the January #### unemployment rate was #.#% (#rd quartile......
City of Fredericksburg, VA: Annual Comment on FredericksburgApr 03, 2020
......Source: Issuer financial statements; Government data sources; Offering statements; Moody's Investors Service EXHIBIT #......
City of Florence: Annual Comment on Florence Water&SewerApr 03, 2020
......Florence Water & Sewer provides water and wastewater service to the City of Florence and certain surrounding areas in Florence County, South Carolina. The county as a whole has a population of ###,### and a moderate population density of ### people per square mile. The county's median family income is $##,### (#th quartile) and the January #### unemployment rate was #% (#st quartile......
City of Florence, SC: Annual Comment on FlorenceApr 03, 2020
......Source: Issuer financial statements; Government data sources; Offering statements; Moody's Investors Service EXHIBIT #......