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
Moodys assigns first-time Baa1/P-2 ratings to China International Capital Corporation (Chinese)May 30, 2016
...- Moody's Investors Service Hong Kong Ltd. ## ## ( ) ###-####-#### ( ) ###-####-#### Stephen Long ­ Moody's Investors Service Hong Kong Ltd. ## ## ( ) ###-####-#### ( ) ###-####-#### Moody's Investors Service Hong Kong Ltd. ##...
Moody's affirms A3 IFSR of FWD Life HK and Baa2 issuer rating of FWD Limited, outlook stableMay 30, 2016
......Rating Action: Moody's affirms A# IFSR of FWD Life HK and Baa# issuer rating of FWD Limited, outlook stable......
Moody's upgrades Atlas to Caa3 following debt restructuring; outlook stableMay 30, 2016
...Rating Action: Moody's upgrades Atlas to Caa# following debt restructuring; outlook stable Global Credit Research - ## May #### Sydney, May ##, #### -- Moody's Investors Service has upgraded Atlas Iron Limited's corporate family rating (CFR) to Caa# from...
Moody's assigns first-time Baa1/P-2 ratings to China International Capital CorporationMay 30, 2016
......Rating Action: Moody's assigns first-time Baa#/P-# ratings to China International Capital Corporation......
Moody's Credit Outlook - 30 May 2016May 30, 2016
......Last Tuesday, Hewlett Packard Enterprise Company (HPE, Baa# stable) said that it had agreed to spin off its enterprise services unit to its shareholders and combine the services business with Computer Sciences Corporation (CSC, Baa# stable). The planned transaction is credit negative for HPE because it will reduce the diversification of the company's overall business. Both boards of directors have approved the tax-free transaction, which the two companies expect to close by the end of first-quarter ####. Following the announcement of the spinoff, we affirmed HPE's Baa# senior unsecured rating and stable outlook. With the spinoff of the services business, HPE will lose the benefit of diversification that the business provides and its revenue base will decline by more than one third. However, credit metrics will improve on a pro forma basis. As part of the transaction, HPE will deleverage its balance sheet by effectively transferring $#.# billion of funded debt to CSC in addition to around......
Malaysia Airports Holdings Berhad: Update of Credit OpinionMay 30, 2016
......MAHB's A# issuer rating reflects its baseline credit assessment (BCA) of baa# plus a two- notch uplift, incorporating the high support that we believe the Government of Malaysia (A# stable) would provide to MAHB, in the event that extraordinary financial support is required. We have used Moody's Joint Default Analysis (JDA) approach for government-related issuers in assessing MAHB's rating, because the company is more than ##%-owned by Malaysian government-related entities. Our expectation of a "high" likelihood of support from the government reflects: (#) the majority ownership interest of the government, including its golden share; (#) the essential nature and national strategic importance of MAHB in providing essential airport services and the company's contribution to the country's tourism, export and aviation industries. We also assigned a "high" default dependence between MAHB and the government, given both entities' dependence on the domestic macro-economic environment. We expect......
Hyundai Motor Company: Groups Financial Leverage Will Improve Modestly in 2016May 30, 2016
......Note: Based on the combined financials of HMC, Kia, Hyundai Mobis, Hyundai Glovis, Hyundai Steel and Hyundai E&C. HMC's three financial subsidiaries are excluded. Sources: Companies' audited financial statements, Moody's Financial Metrics and Moody's Investors Service forecasts......
Government of Japan ?EA1 Stable: Quarterly Update (Japanese translation)May 30, 2016
...SOVEREIGN & SUPRANATIONAL MAY ##, #### CREDIT OPINION : # # # # # # # # # SINGAPORE +##.####.#### Christian de Guzman +##.####.#### Senior Credit Officer christian Matthew Circosta +##.####.#### Associate Analyst matthew Atsi Sheth...
Banks Asia Pacific (ex-Japan): Commodity Exposure Will Add to Asset Quality and Profitability PressureMay 30, 2016
......Quality of Asia-Pacific (ex-Japan) bank loans to commodity-related borrowers will continue to deteriorate. Banks in Asia Pacific#......
Union Tank Car Company: Leadership in Tank Car Leasing and Measured Investment Activity Drive Stable EarningsMay 29, 2016
......The A# senior unsecured rating reflects Union Tank Car's (UTC) well-established position as a full service lessor of tank railcars and intermodal tank containers that are used to transport bulk liquids such as chemicals, petroleum products and food products. Unlike other railcar types, ownership of the North American tank car fleet is heavily concentrated with equipment lessors and to a lesser extent with shippers such as chemical, oil and food products companies. UTC is the leading tank car lessor with a fleet of over ###,### cars, which is up from ##,### one year ago pursuant to UTC's acquisition of the entire tank car fleet from General Electric Railcar Services LLC (UTC's total fleet exceeds ###,### including other car types). With utilization rates exceeding ##% throughout the business cycle (currently ## percent) and a portfolio of long-term leases with strong industrial customers, UTC enjoys relatively predictable revenue and earnings. Management's measured approach to invest selectively......
PerkinElmer, Inc.: Discussion of Key Credit FactorsMay 28, 2016
......#]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. Source: Moody's Financial MetricsTM......
Epicor Software Corporation: Update to Credit OpinionMay 27, 2016
......Exhibit # [#] All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. [#] As of #/##/####(L) [#] This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures. Source: Moody's Financial Metrics; Moody's estimates......
KBC Bank Ireland PLC: UpdateMay 27, 2016
......KBC Bank Ireland's (KBCI's) long term deposit and senior debt ratings of Ba# reflect (#) a very high probability of parental support from Belgium's KBC Bank N.V. (A# stable, baa#), leading to a five-notch uplift for KBCI's deposit and senior debt ratings from its b# baseline credit assessment (BCA); and (#) our assessment of KBCI's moderate loss-given-failure, based on a modest deposit and debt volume as a proportion of total assets and the absence of junior debt instruments in the liability structure to provide a loss absorption cushion. We also assign a counterparty risk assessment (CR Assessment) of Baa#(cr)/P-#(cr) to KBCI. The outlook on the deposits and long term senior unsecured ratings is stable. The bank's baseline credit assessment (BCA) of b# reflects: (#) very weak asset quality with an impaired loan ratio significantly higher than peers; (#) weak profitability, although it has returned to positive levels following years of ongoing losses; (#) reliance on KBC Group NV for funding......
Montgomery County M.U.D. No. 60, TX: New Issue - Moody's Assigns Aa3 to Montgomery County M.U.D. No. 60, TX's $6.345M UTGOsMay 27, 2016
......Moody's Investors Service has assigned a Aa# rating to Montgomery County Municipal Utility District No. ##, TX's $#.### million Unlimited Tax Refunding Bonds, Series ####. The district has approximately $#.# million in parity debt that is not rated by Moody's. The Aa# rating reflects ongoing growth in the district's predominately residential tax base, favorable socioeconomic metrics, stable financial performance with robust reserves and a moderate debt profile. The rating also reflects the district's comparatively large, built out tax base and favorable location north of Houston (Aa# Negative......
Telefonica Celular Del Paraguay S.A.: Update to Discussion of Key Rating FactorsMay 27, 2016
......Telecel's Ba# ratings reflect the company's leading market position in Paraguay, effective business model and track record of resilient operating performance. Telecel's low-debt profile and good liquidity furthermore promote long-term financial stability. Telecel's ratings are constrained by a modest revenue size compared to global peers and ongoing negative free cash flow as a result of large dividend payouts. Although the company generates high profits for the rating category, revenues retracted and adjusted profit margins declined somewhat in ####, reflecting, slower industry growth drivers, intense competition and the integration of lower margin operations. In general, the competitive nature of the Paraguayan telecom market places continual downward pressure on revenue growth and margins......
Moody's Affirms Tufts University's (MA) Aa2 and Aa2/VMIG 1; Outlook StableMay 27, 2016
...Rating Action: Moody's Affirms Tufts University's (MA) Aa# and Aa#/VMIG #; Outlook Stable Global Credit Research - ## May #### New York, May ##, #### -- Summary Rating Rationale Moody's Investors Service affirmed Tufts University's Aa# and...
Moody's Assigns Aa3 to Montgomery County M.U.D. No. 60, TX's $6.345M UTGOsMay 27, 2016
...Rating Action: Moody's Assigns Aa# to Montgomery County M.U.D. No. ##, TX's $#.###M UTGOs Global Credit Research - ## May #### New York, May ##, #### -- Issue: Unlimited Tax Refunding Bonds, Series ####; Rating: Aa#; Rating...
Moody's Upgrades to Aa1 Saddleback Valley USD, CA's GO BondsMay 27, 2016
...Rating Action: Moody's Upgrades to Aa# Saddleback Valley USD, CA's GO Bonds Global Credit Research - ## May #### New York, May ##, #### -- Issue: #### General Obligation Refunding Bonds; Rating: Aa#; Rating Type: Underlying LT; Sale Amount: $##...
Moody's takes action on $334.1 Million of Prime Jumbo RMBS issued in 2003-2004May 27, 2016
...Rating Action: Moody's takes action on $###.# Million of Prime Jumbo RMBS issued in ####-#### Global Credit Research - ## May #### New York, May ##, #### -- Moody's Investors Service has upgraded the ratings of two tranches...
Miscellaneous 2003-2004 MBS - Prime Jumbo RMBS Rating Activity - Excel DataMay 27, 2016