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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Westpac Lenders Mortgage Insurance Limited: Semi-annual UpdateJan 25, 2017
......Moody's assigns an insurance financial strength rating (IFSR) of Aa# to Westpac Lenders Mortgage Insurance Limited (WLMI). The rating reflects its solid financial metrics, a history of solid profitability, the support it receives from its parent, Westpac Banking Corporation (Westpac, Aa#/Aa#, a# negative), and its extensive reinsurance arrangements. In particular, we note the following rating drivers: » Our baseline scenario assumes GDP growth of up to #.#% for ####. The economy will continue to shift away from resources investment towards growth in sectors stimulated by low interest rates and a weaker Australian dollar, such as residential construction and export-oriented services industries (primarily tourism and education). The relatively labour-intensive nature of these sectors as well as subdued wages growth have helped to stabilize the unemployment rate around #.#%. At the same time, the continuing unwinding of the commodities cycle is exerting pressure on regional economies and sectors......
Moody's Assigns Aa3 to Vermont EDA's $3.8M Ser. 2017AB Revenue Bonds; Outlook StableJan 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 Aa1 to University System of Maryland's Series 2017A&B; Outlook StableJan 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 Aa3 to El Paso County S.D. 49 (Falcon)'s, CO COPs, Series 2017A&BJan 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 ratings on $30.0 million of CLO notes issued by Rockwall CDO Ltd.Jan 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 SDART subprime auto loan ABS from 2012 through 2016Jan 24, 2017
...Rating Action: Moody's upgrades SDART subprime auto loan ABS from #### through #### Global Credit Research - ## Jan #### Approximately $#.# billion of asset-backed securities affected New York, January ##, #### -- Moody's Investors Service has upgraded...
Moody's reviews Plains All American's ratings for downgradeJan 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 Keurig CFR to Ba2; outlook stableJan 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 changes outlook on Bank of America to positive, affirms ratingsJan 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 A2 to Urban Redev. Auth. of Pittsburgh Tax Increment Bonds Ser. 2017Jan 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......
Pittsburgh Urban Redevelopment Authority, PA: New Issue - Moody's Assigns A2 to Urban Redev. Auth. of Pittsburgh Tax Increment Bonds Ser. 2017Jan 24, 2017
......Moody's has assigned a rating of A# to the Urban Redevelopment Authority of Pittsburgh (the Authority) Tax Increment Bonds (Fifth and Market Tax Increment Financing District - Three PNC Plaza Project) Refunding Series of #### (Taxable) (the Bonds). The rating is based upon an unconditional Minimum Payment Agreement (the MPA) between PNC Bank, National Association (the Bank) and the Authority, the structure of the transaction and adequate legal protections that ensure timely payments of principal and interest due bondholders. Moody's current senior unsecured rating of the Bank is A#. The Bonds are being issued to refund the Authority's Tax Increment Bonds (Fifth and Market Tax Increment Financing District - Three PNC Plaza Project) Series of #### (Taxable), which were issued to finance the costs of the construction and development of a high rise mixed use commercial and residential building owned by limited liability corporations controlled by PNC Bank located within the TIF District. The......
Vermont Economic Development Authority: Moody's Assigns Aa3 to Vermont EDA's $3.8M Ser. 2017AB Revenue Bonds; Outlook StableJan 24, 2017
......Note: Appropriations through these two departments make up the "contract revenues" that fund the not-for-profit organizations borrowing money under this program.) Source: Vermont Department of Disabilities, Aging, and Independent Living; Vermont Department of Mental Health......
University System of Maryland, MD: New Issue - Moodys assigns Aa1 to University System of Marylands Series 2017A&B; Outlook StableJan 24, 2017
......Moody's Investors Service has assigned Aa# ratings to the University System of Maryland's (USMD or the system) proposed fixed rate $### million of #### Series A (maturing ####) and $## million of #### Refunding Series B (maturity ####) Auxiliary Facility and Tuition Revenue Bonds. We have also affirmed the Aa# ratings on $#.# billion of the system's outstanding parity debt. The outlook is stable. The Aa# rating reflects the system's important role as the largest provider of four-year public higher education in Maryland diversified among ## institutions, with solid operating and capital support from the State of Maryland (Aaa stable), and good revenue diversity. Strong financial reserves and sound cash flow underpin manageable leverage. These strengths are tempered by state pressure to limit tuition increases, a highly competitive market for students and federal research awards, and potential expense pressure from the state's large unfunded pension liability......
El Paso County S.D. 49 (Falcon), CO: New Issue - Moody's Assigns Aa3 to El Paso County S.D. 49 (Falcon)'s, CO COPs, Series 2017A&BJan 24, 2017
......Moody's Investors Service has assigned an Aa# rating to El Paso County School District ## (Falcon)'s, CO $##.# million Certificates of Participation, Series ####A and $##.# million Certificates of Participation, Series ####B. At the same time, Moody's affirms the district's outstanding Aa# general obligation unlimited tax and Aa# certificate of participation ratings on previously issued debt. The Aa# general obligation unlimited tax rating reflects the district's sizable base that has returned to growth, above-average wealth indices, and adequate financial reserves. The Aa# rating also incorporates the district's above average debt profile and elevated pension burden associated with the state-wide pension plan. The Aa# rating on the certificates of participation primarily reflects the district's favorable credit characteristics, satisfactory legal provisions, and the fundamentally weaker nature of the security, offset to some degree by the more essential nature of the leased assets. Although......
Monmouth County Improvement Authority/Monmouth County, NJ: New Issue - Moody's assigns Aaa to Monmouth County, NJ's $41.8M Guaranteed BondsJan 24, 2017
......Moody's Investors Service has assigned a Aaa rating to the Monmouth County Improvement Authority, NJ's $##.# million Governmental Pooled Loan Revenue Bonds, Series ####. Moody's maintains the Aaa rating on Monmouth County's parity General Obligation bonds and on the GO-secured bonds issued by the Monmouth County Improvement Authority. The rating reflects the county's general obligation unlimited tax pledge, which is the ultimate security for the bonds via provisions of a county guaranty. The Aaa reflects the county's large, affluent tax base in suburban New Jersey (A# negative), a healthy financial position that has been on a modest downward trend, and a modest debt burden with a significant portfolio of guaranteed debt......
Horizon's issuer comment: Horizon's potential raise of equity and convertible notes is credit positive; term loan rating could be upgraded to B1Jan 24, 2017
......Horizon Global Corporation's ("Horizon") potential raise of $## million in equity and $### million in convertible notes is credit positive because it would reduce debt, leverage and interest expense. The company plans to use the majority of proceeds from both issuances to pay down its existing $###.# million term loan. If executed as planned, the transaction could result in an upgrade of the senior secured first lien term loan rating to B# from the current rating of B#. Nevertheless it does not impact the Horizon's B# Corporate Family Rating (CFR), B#-PD Probability of Default Rating or its stable rating outlook because debt-to-EBITDA leverage remains within the range expected for the B# CFR and liquidity is adequate. Horizon's proposed $## million equity and $### million convertible notes issuance will be used to partially pay down its existing $###.# million term loan due ####. As such, the remaining balance of the term loan will be at approximately $###.# million. This paydown follows......
United Continental Holdings, Inc.: Covenant Quality Pre-Sale Snapshot:$500m _% Senior Notes due 2024Jan 24, 2017
......Absence of several important high-yield protections, including asset sales, transactions with affiliates, line of business, restrictions on liens and future guarantor provision » Cash leakage: (i) only three of the four standard RP categories are effectively present (restricted investments are permitted so long as there is no event of default); (ii) permits any RP so long as so long cash liquidity $#.#bn (test is satisfied on the issue date); (iii) accumulated credit to RP income basket of > $#.#bn (##% of total assets); (iv) no objective checks on affiliate transactions » Risky investments: (i) any restricted investment is permitted so long as there is no event of default » Leveraging: (i) large cushion under the $# debt test (##.#x adj. EBITDA); (ii) very aggressive EBITDA add-backs with uncapped cost savings » Structural subordination: (i) non-guarantors can incur debt under $# debt test and all key carve-outs; (ii) no future guarantee provision......
Moody's Assigns Aa3 to Ohio University's Series 2017A; Outlook StableJan 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 Aaa to Monmouth County, NJ's $41.8M Guaranteed BondsJan 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 rates Casablanca, CFR at B3Jan 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......