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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NameDate
Guangzhou Communications Investment Group Co., Ltd.: Update following rating affirmationMar 27, 2017
......Guangzhou Communications Investment Group Co., Ltd.'s (GZCI) Baa# issuer rating combine (combines (#) its baseline credit assessment (BCA) of ba#; and (#) a four-notch uplift based on our expectation of a high level of support from the Guangzhou Municipal Government because of its status as a commercial public-sector state-owned enterprise (SOE), under Moody's joint-default analysis approach for government-related issuers. The ba# BCA is underpinned by GZCI's (#) strong market position in the transportation sector in Guangzhou; (#) quasi public welfare policy mandate and close association with the Guangzhou Municipal Government; and (#) proven access to liquidity from Chinese state- owned banks. GZCI's BCA is constrained by its weak financial metrics as a result of its high capex and dependence on non-recurring land sales to service its interest expenses. The BCA also reflects an evolving regulatory environment, a less transparent tariff-setting mechanism, and the lack of a commercial focus......
Unregulated Power Utilities Asia Pacific: Strategies to Manage Cash Flow Volatility Will Be KeyMar 27, 2017
......Strategies to strengthen financial profiles, to mitigate market volatility and evolving carbon transition risk, will be increasingly important for utilities' credit quality. SK E&S Co. Ltd (Baa# negative) in Korea (Aa# stable) centers on vertical integration and strengthening of its financial buffer. Origin Energy Limited (Baa# negative) in Australia (Aaa stable) is cutting debt, selling assets and undertaking cost reduction initiatives to strengthen its resilience to volatile commodity prices. These companies, however, have less flexibility to manage their credit quality than Ratchaburi Electricity Generating Holding PCL (Ratch, Baa# stable) in Thailand (Baa# stable) and AGL Energy Ltd (Baa# stable) in Australia, owing to execution risk of their strategies, few long-term power purchase agreements (PPA), and/or greater debt leverage at their rating levels. » Carbon transition risk will likely increase cash flow volatility for unregulated utilities. Carbon transition risk will be a key......
Steelmakers - China: Softening Demand, Increased Inventory Will Weigh on Prices and Reduce 2017 EarningsMar 27, 2017
......Chinese steel companies' earnings will likely weaken in #### after substantial improvement in ####. The decline will result primarily from a slight weakening of domestic demand amid continued excess capacity and a build-up of steel inventory in early ####. These factors will depress steel prices, which have reached a four-year high. Elevated raw material prices and reduced exports will also weigh on steel producers' earnings. Domestic steel demand will decline. Property investment, the largest driver of Chinese steel demand, will likely slow this year following the government's tightening of policy in an effort to curb property-price growth. Auto sales, and subsequently production, will also slow owing to a reduced tax break on small-vehicle sales. These pressures will be lessened by government-led infrastructure investment, which will remain robust. Declining steel exports will worsen oversupply and weigh on prices. We expect steel exports to decline by a high-single-digit percentage this......
Governments of Azerbaijan and Kazakhstan: Peer Comparison Variations in Economic Resiliency, Institutions and Debt Burden Explain Difference in Credit ProfilesMar 27, 2017
......Policymakers in Kazakhstan (Baa# negative) and Azerbaijan (Ba# negative) face similar challenges from the decline in oil prices from their mid-#### highs, including a sharp decline in growth, double-digit inflation, a decline in foreign exchange reserves and weakening banking sectors. However, Kazakhstan's greater economic diversification, stronger institutions and lower debt levels make it more resilient to these pressures. » Azerbaijan's economy is less diversified and smaller. Both countries rely heavily on hydrocarbon exports for GDP growth and government revenue, but Azerbaijan is more vulnerable to the low oil price, given that its economy is more than three and a half times smaller and half as wealthy. Kazakhstan has also made more progress addressing business climate challenges and other structural impediments to growth, enhancing diversification efforts and shock absorption capacity. » Kazakhstan's stronger institutions allow for more effective policy responses. Kazakhstan's government......
eircom Holdings (Ireland) LimitedMar 27, 2017
DBCT Finance Pty Ltd.: Update Following Outlook Revision to StableMar 27, 2017
......DBCT's stable outlook primarily reflects our expectation that most of the terminal's coal mining counterparties will continue to ship volumes of coal at a level sufficient to maintain the terminal's high utilisation rate over the next # to # years. The high ongoing utilization rate of around ##% ­ ##% underpins the company's strategic importance in the coal export chain, and increases the likelihood that DBCT will be able to recover (or "socialize") lost revenue should any counterparties elect not to renew their contracts on maturity. DBCT has the right, under its regulatory framework, to reset tariffs to remaining users in order to socialise lost revenue following contractual default and/or termination within a year. DBCT has limited financial flexibility to absorb cash flow volatility as signified by its high financial leverage, which is measured by the ratio of funds from operations (FFO) to Debt. We expect this metric to range between #% - #.#%, which is close to the rating tolerance......
Moody's Credit Outlook - 27 March 2017Mar 27, 2017
......Last Tuesday, Sears Holdings Corp. (Caa# stable) in its ##-K filing with the US Securities and Exchange Commission said that its historical results suggest "substantial doubt exists related to the company's ability to continue as a going concern." The disclosure confirms Sears' credit-negative challenges. Sears also said that it views its plans to satisfy its liquidity needs as likely. A Financial Accounting Standards Board update from #### requires management to assess whether conditions or events raise substantial doubt about an entity's ability to continue as a going concern within one year after the financial statements are issued. This was the first accounting period for which the disclosure was mandatory and it sparked the disclosure. Management's disclosure is distinct from an auditor's going-concern warning and does not cause an acceleration under any of Sears' debt securities. Deloitte, Sears' auditor, gave the company an unqualified audit opinion for fiscal ####, which ended ##......
KCB Bank Kenya Limited: Semiannual UpdateMar 26, 2017
......Moody's has assigned local-currency deposit ratings of B#/Not Prime to KCB Bank Kenya Limited (KCB Kenya), in line with the bank's baseline credit assessment (BCA) of b# (and on par with Kenya's B# stable rating). The bank's ratings capture: (#) its solid profitability metrics, supported by a strong domestic franchise, which positions the bank well to take advantage of Kenya's strong growth potential; and (#) its stable deposit-based funding structure; which are balanced against (#) the bank's high asset risk, amid elevated non-performing loans (NPLs). Moody's has also assigned a Counterparty Risk (CR) Assessment of Ba#(cr)/ Not Prime(cr) to KCB Kenya, and a foreign currency deposit ratings of B#/Not Prime, constrained by Kenya's B# country ceiling for such foreign currency deposits and reflecting foreign currency transfer and convertibility risks......
Moody's Assigns Aa3 to Quakertown CSD, PA's $9.97M GO bondsMar 24, 2017
......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. 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......
Moody's Assigns A1 to City of Industry's (CA) Series 2017 Sales Tax Revenue Refunding Bonds; Outlook NegativeMar 24, 2017
......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. 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......
City of Industry (CA): New Issue: Moody's Assigns A1 to City of Industry's (CA) Series 2017 Sales Tax Revenue Refunding Bonds; Outlook NegativeMar 24, 2017
......Moody's Investors Service has assigned an A# rating to the City of Industry's (CA) $##.# million Series #### Senior Sales Tax Revenue Refunding Bonds (Taxable). Concurrently, we have affirmed the city's Aa# general obligation bond rating, affecting $## million in outstanding obligations, and A# rating on approximately $### million in outstanding senior sales tax revenue bonds. The outlook on the city's ratings has been revised to negative from stable. The ratings reflect the city's large and growing commercial tax base, outsized reserve and liquidity levels, limited operational responsibilities as a largely industrial city, and elevated but manageable direct debt burden. The ratings also incorporate the city's incomplete progress in addressing concerns regarding poor financial reporting and controls raised in a #### State Controller's report and independent reviews undertaken by outside consultants. Specific to the sales tax revenue bonds, the A# rating reflects generally increasing but......
Quakertown Community School District, PA: New Issue: Moody's Assigns Aa3 to Quakertown CSD, PA's $9.97M GO bondsMar 24, 2017
......Moody's Investors Service has assigned a Aa# underlying rating to the Quakertown Community School District, PA's $#.## million General Obligation Bonds, Series of ####. Currently, Moody's maintains a Aa# underlying rating on the district's $###.# million in outstanding debt. The Aa# underlying rating reflects the district's sizable tax base with above-average wealth levels and healthy reserves. The rating also incorporates the district's elevated debt burden, and below-average pension liabilities......
Moody's assigns Aa2 enhanced to Dollarway School District No. 2's, AR $6.9M Refunding BondsMar 24, 2017
......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. 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......
Moody's Affirms Bank of America's Prime, 2nd Lien SQ Assessments and Upgrades Subprime SQ AssessmentMar 24, 2017
......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. 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......
Moody's upgrades Louisiana-Pacific's CFR to Ba1, outlook stableMar 24, 2017
......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. 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......
Moody's upgrades HomeStreet Bank's assessment for prime loan servicing to SQ3 from SQ3-Mar 24, 2017
......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. 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......
Moody's takes action on $835.9 Million of Subprime RMBS issued from 2005 to 2007Mar 24, 2017
......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. 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......
Moody's assigns ratings to two classes of notes issued by CIFC Funding 2013-III, Ltd.Mar 24, 2017
......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. 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......
Moody's upgrades HomeStreet Bank's prime jumbo originator assessment to Above AverageMar 24, 2017
......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. 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......
Miscellaneous 2005-2007 Subprime RMBS Rating Activity - Excel dataMar 24, 2017