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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NameDate
Moody's upgrades Trust Fontana backed by Japanese residential mortgages (Japanese)Sep 28, 2016
...Contact: AVP ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MJKK] Trust Fontana ##.# #### ## # ## Trust Fontana C D #### # ## #.# C Aaa (sf) :#### ## ## Aa# (sf...
Moody's assigns B3 to Fantasia Holdings' proposed USD bonds (Chinese)Sep 28, 2016
...- Moody's Investors Service Hong Kong Ltd. ## ## () ###-####-#### () ###-####-#### ­ Moody's Investors Service Hong Kong Ltd. ## ## () ###-####-#### () ###-####-#### Moody's Investors Service Hong Kong Ltd. ## ## () ###...
Moody's assigns first-time Baa3 issuer rating to UPL Corp; outlook stableSep 28, 2016
...Rating Action: Moody's assigns first-time Baa# issuer rating to UPL Corp; outlook stable Global Credit Research - ## Sep #### Singapore, September ##, #### -- Moody's Investors Service has assigned a first time Baa# issuer rating to UPL Corporation...
Moody's upgrades Trust Fontana backed by Japanese residential mortgagesSep 28, 2016
...Rating Action: Moody's upgrades Trust Fontana backed by Japanese residential mortgages Global Credit Research - ## Sep #### JPY#,## billion in trust certificates affected Tokyo, September ##, #### -- Moody's Japan K.K. has upgraded the ratings on the...
Driver China three TrustSep 28, 2016
......Closing Date: ##/##/#### Seller / Originator: Volkswagen Finance (China) Co., Ltd. Servicer: Volkswagen Finance (China) Co., Ltd. Backup Servicer/Special Servicer: N/A Back-up Servicer Facilitator: N/A Issuer Account Bank: Bank of China Limited, Beijing Branch Trustee: CITIC Trust Company Limited Lead Underwriter/Arranger: CITIC Securities Co., Ltd Bank of China Limited Pool Currency: RMB Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
Driver China two TrustSep 28, 2016
......Closing Date: ##/##/#### Seller / Originator: Volkswagen Finance (China) Co., Ltd. Servicer: Volkswagen Finance (China) Co., Ltd. Backup Servicer/Special Servicer: N/A Back-up Servicer Facilitator: N/A Issuer Account Bank: Bank of China Limited, Beijing Branch Trustee: CITIC Trust Company Limited Lead Underwriter/Arranger: CITIC Securities Co., Ltd China Merchants Securities Co., Ltd Pool Currency: RMB Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
Chinese National Oil Companies: Oil Price Recovery, Proactive Cost Savings and Capex Cuts Stabilize Credit ProfilesSep 28, 2016
......EBITDA to stabilize in next ##-## months as oil prices recover. Chinese national oil companies (NOCs)' performance in H# #### was in line with our expectations and a sustained recovery in crude oil prices, further cost savings and capex cuts will help stabilize EBITDA and broader credit profiles in the next ##-## months. The ratings of the NOCs ­ China National Petroleum Corporation (CNPC, Aa#, negative), China Petrochemical Corporation (Sinopec Group, Aa#, negative), China National Offshore Oil Corporation (CNOOC Group, Aa#, negative) ­ have factored in lower profits from upstream exploration & production (E&P) businesses. » Downside risks from possible oil price declines remain. Sinopec Group is more resilient to withstand such risk than CNPC and CNOOC Group. China Petroleum and Chemical Corporation (Sinopec Corp, Aa#, negative), the core listed subsidiary of Sinopec Group, demonstrated a strong performance in H# ####, benefiting from its profitable downstream refining and chemical......
Development Bank of Mongolia LLC: Update Following Rating ActionSep 28, 2016
......The B# foreign currency issuer rating assigned to Development Bank of Mongolia LLC (DBM) incorporates a one-notch uplift from its caa# baseline credit assessment (BCA), due to our assumption of full support from the Government of Mongolia (B# review for downgrade) in times of need. Such support mitigates its weak standalone credit strength of caa#. Our assumption of government support for DBM is underpinned by the DBM Law, which stipulates DBM's clear public policy mandate and full government ownership. Under Article # of the DBM Law, the government is required to maintain sole and direct ownership of the bank. The legislation also explicitly states the responsibilities and obligations of the government, including the government's obligations in respect of loan guarantees for DBM. Proposed amendments to the DBM Law, if approved in the #### fall parliamentary session, will further reinforce the provision of public support. The changes put forward will hold the government responsible for......
Trade and Development Bank of Mongolia LLC: Update Following Rating ActionSep 28, 2016
......Trade and Development Bank of Mongolia's (TDBM) B# issuer rating is in line with its b# baseline credit assessment (BCA). TDBM's BCA of b# reflects: (#) its vulnerability to asset quality deterioration, given its high loan concentration and portfolio of corporate loans; (#) strong profitability owing to its solid franchise, with a strength in corporate banking and foreign exchange; and (#) potential challenges related to corporate governance that could arise from its narrow shareholding structure. Offsetting these weaknesses are its solid market position as a leading lender in corporate banking, and its diversified funding sources from both domestic depositors and foreign financial institutions. The ratings do not incorporate any uplift for systemic support because TDBM's ratings are at the same level as Mongolia's B# sovereign rating. However, we believe that there is a high probability that the bank will receive support from the Government of Mongolia (B# ratings under review), in case......
Khan Bank LLC: Update Following Rating ActionSep 28, 2016
......Khan Bank LLC's B# deposit and senior unsecured debt ratings reflect its (#) strong profitability owing to its high margins relative to its domestic peers; (#) good level of funding and liquidity because its strong franchise in Mongolia provides it with an advantage in gathering deposits, thereby boosting its domestic liquidity; (#) granular loan book, with retail borrowers accounting for ##% of its total loan portfolio at end-####. The ratings do not incorporate any uplift for systemic support because Khan Bank's ratings are at the same level as Mongolia's B# sovereign rating. However, we believe that there is a high probability that the bank will receive support from the Government of Mongolia (B# review for downgrade), in case of need, due to the bank's importance to the domestic economy......
Golomt Bank LLC: Update Following Rating ActionSep 28, 2016
......Golomt Bank's B# local currency long-term deposit rating reflects (#) the bank's adequate level of capitalization; (#) its weak asset quality; and (#) its solid degree of deposit funding. The ratings do not incorporate any uplift for systemic support because the bank's ratings are at the same level as Mongolia's B# sovereign rating. However, we believe that there is a high probability that the bank will receive support from the Government of Mongolia (B# review for downgrade), in case of need, due to the bank's importance to the domestic economy. On August ##, we downgraded the foreign currency long-term deposit ratings of Golomt Bank to Caa# from B#, and initiated a review for further downgrade. We also downgraded the local currency deposit ratings of the bank to B# from B#, and placed the ratings on review for further downgrade. The rating actions follow our downgrade of Mongolia's sovereign ratings to B# from B# and the placing of the ratings on review for further downgrade on ## August......
Bogd Bank LLC: Update Following Rating ActionSep 28, 2016
......Bogd Bank LLC's B# local currency deposit rating is at the same rating level as the bank's standalone credit assessment (BCA) of b#. The BCA reflects: (#) Bogd's high levels of equity capital and liquid balance sheet; and (#) the challenges that the bank faces in accessing sticky deposit funding and managing liquidity. Such factors are inherent for recently established banks. In the case of Bogd, the bank demonstrates only a limited ability to gather deposits domestically. The ratings do not incorporate any uplift for systemic support, because of the bank's limited domestic deposit franchise. However, we recognize that the authorities have facilitated the establishment of the bank, despite regulations to raise minimum capital requirements. The government's move is in part designed to encourage smaller banks to consolidate or exit the market. On ## August, we downgraded the foreign currency long-term deposit ratings of Bogd Bank to Caa# from B#, and initiated a review for further downgrade......
Silver Arrow China 2016-1 Auto Loan Asset Backed Notes TrustSep 28, 2016
......Closing Date: ##/##/#### Seller / Originator: Mercedes-Benz Auto Finance Ltd. Servicer: Mercedes-Benz Auto Finance Ltd. Backup Servicer/Special Servicer: N/A Back-up Servicer Facilitator: N/A Issuer Account Bank: Industrial & Commercial Bank of China Ltd., Beijing Municipal Branch Trustee: CITIC Trust Co., Ltd. Lead Underwriter/Arranger: CITIC Securities Co., Ltd. Pool Currency: RMB Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
Moody's assigns Caa1 CFR to Seventy Seven Operating LLC; stable outlookSep 27, 2016
...Rating Action: Moody's assigns Caa# CFR to Seventy Seven Operating LLC; stable outlook Global Credit Research - ## Sep #### Approximately $### million of debt rated New York, September ##, #### -- Moody's Investors Service (Moody's) assigned new ratings...
Harvard University, MA: New Issue - Moody's Assigns Aaa to Harvard University's (MA) Series 2016A and B Bonds; Outlook StableSep 27, 2016
......Moody's Investors Service has assigned a Aaa rating to Harvard University's Series ####A and ####B Bonds. The combined par amount will be approximately $#.## billion. The tax-exempt Series ####A Bonds will be issued through the Massachusetts Development Finance Agency and is expected to have a final maturity in fiscal year ####. The Series ####B will be taxable and expected to have a bullet maturity in fiscal year ####. Moody's has also affirmed all of Harvard's outstanding Aaa, Aaa/VMIG #, and P-# ratings. The university has approximately $#.# billion of outstanding debt and approximately $#.# billion of pro-forma total debt including full authorization under two commercial paper programs. Harvard's Aaa rating is underpinned by its exceptional strategic positioning as a globally renowned comprehensive research university with extremely strong student demand and fundraising. The university's robust liquidity and superior absolute wealth are key credit strengths. Credit challenges include......
Bristow Group Inc.: Update following the September 2016 downgradeSep 27, 2016
......Bristow Group Inc.'s (Bristow) B# Corporate Family Rating (CFR) reflects the poor outlook for the offshore drilling industry, Bristow's increasing financial leverage, and Moody's expectation of persistent pricing pressure due to industry-wide helicopter oversupply. Despite the projected revenue growth from the UK Search & Rescue (SAR) contract, a protracted weakness in deepwater and ultra-deepwater markets, which has historically provided most of Bristow's revenues, will push Bristow's debt/EBITDA to very high levels in ####. Any further devaluation in the British Pound from today's roughly $#.##/GBP will also drag down earnings. Additionally, Bristow has a $### million term loan maturity due November #### that has to be refinanced. The B# CFR is supported by Bristow's global scale, leading market position in the offshore helicopter services industry, long-term SAR contract in the UK, large and modern fleet of mostly owned aircraft, contractual relationship with a diverse group of large......
Moody's Upgrades Campbell (City of) CA's 2002 Refunding COPs (Civic Center Project) to Aa2 from Aa3Sep 27, 2016
...Rating Action: Moody's Upgrades Campbell (City of) CA's #### Refunding COPs (Civic Center Project) to Aa# from Aa# Global Credit Research - ## Sep #### New York, September ##, #### -- Moody's Investors Service has upgraded the rating of...
Moody's Assigns Aa3 Underlying to Port Arthur ISD, TX's Series 2016D and 2016E GOULT; Aaa Enhanced to 2016DSep 27, 2016
...Rating Action: Moody's Assigns Aa# Underlying to Port Arthur ISD, TX's Series ####D and ####E GOULT; Aaa Enhanced to ####D Global Credit Research - ## Sep #### New York, September ##, #### -- Issue: Unlimited Tax Refunding Bonds Series ####D...
Port Arthur Independent School District, TX: New Issue - Moody's Assigns Aa3 Underlying to Port Arthur ISD, TX's Series 2016D and 2016E GOULT; Aaa Enhanced to 2016DSep 27, 2016
......Pattern of large payouts related to property tax settlements » Deficit expected for fiscal #### » Substantial economic and taxpayer concentration » High debt burden with slow principal amortization » Below average resident income......
Moody's Assigns Aaa to Harvard University's (MA) Series 2016A and B Bonds; Outlook StableSep 27, 2016