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 Aa3 to Conewago Valley School District, PA's Series 2020 GOLT bondsJul 07, 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 changes Midwest Connector Capital's outlook to negativeJul 07, 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 changes Energy Transfer's outlook to negativeJul 07, 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 confirms the ratings on EUR 49.4m CLO notes issued by Armada Euro CLO I Designated Activity CompanyJul 07, 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 confirms the ratings on EUR 59.0m CLO notes of OZLME IV Designated Activity CompanyJul 07, 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 upgrades Studio City Finance's senior unsecured rating to B1; assigns B1 to new proposed notes; outlook negativeJul 07, 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 first-time Ba3 CFR to Tripadvisor and B1 to proposed notes; outlook stableJul 07, 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......
The Guinness Trust (London Fund) founded 1890, Registered 1902Jul 07, 2020
......Footnotes: Moody's has sourced the data from the Servicer's report. Date format throughout the report is DD/MM/YYYY or MM/YYYY. Loan balance refers to Securitised balance. Origination date is the first drawdown or payment date. Definition might differ among loans based on loan agreements. LTV trend/ICR trend/DSCR trend is based on the A-Loan. Reserve Fund refers to Debt Service Reserve. # of Properties: The difference between # of Properties for "Current Portfolio" and for "All Lenders" comes up as in the Housing Association transactions one borrower has several credits which are not all in our securitization. The total of his credits is secured by a certain number of properties whereby our securitization is secured by a certain number out of this pool of properties. Abbreviations: A-Loan: also known as Senior Loan. AFC: Available Funds Cap. AFF: Affirmation. CB: Current Balance. CE: Credit Enhancement. CFM: Confirmation. CMBS: Commercial Mortgage Backed Securities. CMSA: Commercial Mortgage......
Roundstone Securities No. 1 DACJul 07, 2020
......Deal Closing Date: ##/##/#### Seller/Originator: Bank of Scotland plc Erimon Home Loans Ireland Limited Servicer: Pepper Finance Corporation (Ireland) DAC Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: CSC Capital Markets UK Limited Issuer Account Bank: Citibank, N.A., London Branch Cash Manager: Citibank, N.A., London Branch Trustee: Citicorp Trustee Company Limited Arranger: Barclays Bank PLC Pool Currency: EUR Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
ResLoC UK 2007-1 PLCJul 07, 2020
......Deal Closing Date: ##/##/#### Seller/Originator: Advantage Amber Homeloans Limited Paratus AMC Limited Victoria Mortgage Funding Limited Servicer: Homeloan Management Limited Mount Street Mortgage Servicing Ltd. Backup Servicer: Charter Court Financial Services Ltd Specialist Mortgage Services Limited Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: HSBC Bank plc Cash Manager: HSBC Bank plc Trustee: HSBC Trustee (C.I.) Limited HSBC Trustee Limited Hedge Counterparty: Barclays Bank PLC Morgan Stanley Morgan Stanley & Co. International plc Morgan Stanley Group Inc. Liquidity Facility Provider: Lloyds Bank plc Arranger: Morgan Stanley Pool Currency: GBP Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
Moodys Approach to Rating SF CDOsJul 07, 2020
......This rating methodology replaces the Moody's Approach to Rating SF CDOs published in February ####. We added a footnote for further transparency on our approach to monitoring transactions, and we made limited editorial updates. The updates do not change the substantive approach of the methodology......
Conewago Valley School District, PA: Update to credit analysisJul 07, 2020
......Conewago Valley School District, PA (Aa#) benefits from a moderately sized tax base whose market value only declined in one year out of the past two decades (####, -#.#%). The district's population remains stable since the last Census, and the incomes of district residents are in line with the national median for US school districts. The district has a history of conservative budgeting and of raising property taxes to the Act # index or beyond--both of which contribute to its healthy and stable reserves. Lastly, the district has average debt and pension burdens, with no near-term plans for new money debt issuance. We reviewed the district's current operations and finances in light of coronavirus related closures and understand the credit impact to be manageable at this time. We regard the novel coronavirus outbreak as a social risk under our ESG framework, given its substantial implications for public health and safety. The situation surrounding coronavirus is rapidly evolving and the longer......
San Antonio Independent School District, TX: Update to credit analysisJul 07, 2020
......San Antonio Independent School District (Aa# stable) benefits from a large tax base anchored by the central neighborhoods of San Antonio (Aaa stable). Financially, the district's fund balance and liquidity are healthy relative to revenues and are nominally quite large. We expect the district's financial position to remain stable in the near term given current projections for fiscal ####, as well as mid-range projections that include assumptions about coronavirus impacts to revenue and expenditures. The district's service area is primarily urban; though resident incomes are low, the district benefits from strong commercial property values. The debt burden is elevated, though the liability associated with participation in the statewide pension plan is manageable. Notably, and the district has a history of declining enrollment due to competition from charter schools. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health......
Louisville&Jefferson Co. Metro. Sewer: Update to credit analysisJul 07, 2020
......Louisville & Jefferson County Metropolitan Sewer District, KY (Aa# stable) benefits from a sizeable, diverse, and stable service area and a healthy local economy with a strong manufacturing and logistics/shipping industry presence. The district continues to be challenged with significant capital needs driven in part by a consent decree, resulting in a substantial debt profile relative to the national medians for the rating category. While debt service coverage and liquidity are maintained at levels below the national medians for the rating category, they have remained relatively stable due to management's well-developed capital plans, multi-year financial forecasting, and a demonstrated history of implementing annual rate increases. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. The coronavirus crisis is not a key driver for this rating action. We do not see any material immediate credit risks......
Fiat Chrysler Automobiles N.V.: Covenant Quality Post-Sale Snapshot: ¬1.25bn 3.875% Senior Notes due 2026Jul 07, 2020
......The negative pledge provides limited protection because it applies only to quoted debt of the Issuer. This is a market- standard weakness for Eurobond investment-grade packages. No quantifiable baskets included in the permitted liens. Initial subordination. The initial secured debt is not disclosed. » Negative pledge. No liens (other than permitted liens) on assets of the Issuer to secure quoted debt (bonds which listed in any stock exchange market or are capable of being listed or ordinarily dealt in on any stock exchange), or guarantees of quoted debt except the Notes are equally and ratably secured. » Key potential subordinating debt. (#) Liens securing acquired debt (assumed in, but not incurred to finance, an acquisition). » Sale/leasebacks. No protection......
Fiat Chrysler Automobiles N.V.: Covenant Quality Post-Sale Snapshot: ¬1.25bn 3.375% Senior Notes due 2023Jul 07, 2020
......The negative pledge provides limited protection because it applies only to quoted debt of the Issuer. This is a market- standard weakness for Eurobond investment-grade packages. No quantifiable baskets included in the permitted liens. Initial subordination. The initial secured debt is not disclosed. » Negative pledge. No liens (other than permitted liens) on assets of the Issuer to secure quoted debt (bonds which listed in any stock exchange market or are capable of being listed or ordinarily dealt in on any stock exchange), or guarantees of quoted debt except the Notes are equally and ratably secured. » Key potential subordinating debt. (#) Liens securing acquired debt (assumed in, but not incurred to finance, an acquisition). » Sale/leasebacks. No protection......
PLT VII Finance S.a.r.l.: Covenant Quality Pre-Sale Snapshot: ¬620m: _%/ Floating Rate Senior Secured Notes due 2026/2026Jul 07, 2020
......Score: Weakest (#.##) The Issuer can access the RP income basket if a net leverage ratio test of #.##x is met. The preliminary OM discloses a ratio of #.#x on issue date, so the Issuer is able to satisfy the test on issue date. Any dividend can be paid if cons. secured net leverage ratio #.#x. The preliminary OM expressly permits unrestricted subsidiaries, using value transferred from the Issuer and its restricted subsidiaries in a permitted investment, to acquire debt and capital stock of the Issuer, any parent of the Issuer or any of the Issuer's restricted subsidiaries, and to transfer value to the holders of the capital stock or any parent of the Issuer and to affiliates without such acquisition or transfer to be deemed a "direct or indirect" action by the Issuer or its restricted subsidiaries. This provision highlights the risk of investments in unrestricted subsidiaries because they are not constrained by the covenants and can take actions not otherwise permitted. The total amount......
MACOM Technology Solutions Holdings, Inc.Jul 07, 2020
Amkor Technology, Inc.Jul 07, 2020
Neiman Marcus Group LTD LLC: Loan Covenant Quality SnapshotJul 07, 2020
......#. Financial covenants: no maintenance covenants #. Liens and security / structural subordination: collateral package subject to various other priority claims (e.g. ABL, etc......