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 Baa2 issuer rating to The Unite Group plc; stable outlookNov 23, 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 EUR 48.75m CLO notes of Cadogan Square CLO III B.V.Nov 23, 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......
Magellan Mortgages No. 3 plcNov 23, 2017
......Deal Closing Date: ##/##/#### Seller/Originator: Banco Comercial Portugues, S.A. Servicer: Banco Comercial Portugues, S.A. Backup Servicer: Special Servicer: Back-Up Servicer Facilitator: Issuer Account Bank: Citibank, N.A. Cash Manager: Banco Comercial Portugues, S.A. Trustee: Citicorp Trustee Co. Ltd. Hedge Counterparty: Credit Agricole Corporate and Investment Bank Underwriter/Arranger: Credit Agricole Corporate and Investment Bank Citigroup Global Markets Inc. Royal Bank of Scotland N.V., London Branch Millennium bcp Investimento Citigroup Global Markets Holdings Inc. Pool Currency: EUR Pool Reporting Frequency: Quarterly Last Reporting Date: ##/##/####......
Money Market Funds - Europe: Prime CNAV assets likely to remain in MMF products after EU reformNov 23, 2017
......Most of the $### billion cash invested in European prime Constant Net Asset Value Money Market Funds (CNAV MMFs) will likely remain in the MMF space when prime CNAV products are phased out as part of the European Union's (EU) reform of the sector, according to participants in a Moody's panel discussion on ## November ####. This is because there are no alternatives offering the same combination of liquidity and scale. Bank deposits are no substitute for CNAV funds. Panellists Ian Cooper, Group Treasurer at #i Group Plc and Jamie Stead, Deputy Group Treasurer at Vodafone Group Services Limited, both said replacing their prime CNAV investments with bank deposits was unlikely to be an option. This is because banks, constrained by Basel III liquidity and leverage ratios, are unlikely to offer attractive short term deposits to investors in CNAV funds. The banks would also likely be unable to usefully deploy the large volumes of short term cash that are currently invested in CNAV funds. These......
China Orient Asset Management Corporation: Semiannual updateNov 23, 2017
......The A# long-term issuer rating of China Orient Asset Management Co., Ltd. (COAMC) incorporates its ba# standalone Baseline Credit Assessment (BCA) and a six-notch uplift based on the likelihood of very high support from the Government of China (A# stable) in times of need. After the shareholding structure reform in late September ####, the company is ##%- owned by China's Ministry of Finance (MoF) and #% by the National Social Security Fund. Although the government's stake in COAMC may decrease as a result of the company's plans to introduce strategic investors, the MoF is likely to retain a majority shareholding. We believe that COAMC, like other state-owned distressed asset management companies (AMCs), plays a strategic role in China's economic rebalancing and in maintaining the stability of the financial system. The company's role in relation to distressed asset management, the banking system and the overall economy is likely to grow in importance as China's economy and corporates continue......
Altyn Bank JSC: Regular updateNov 23, 2017
......Altyn Bank JSC's (Altyn) ba# Baseline Credit Assessment (BCA) reflects the bank's (#) strong and highly resilent financial profile, with solid solvency metrics owing to its high capital adequacy; (#) low-risk asset profile; and (#) strong and sustainable profitability metrics, despite its small size. The deposit ratings are also underpinned by the bank's strong liquidity profile and its full funding reliance on local depositors, which translate into very strong liquidity metrics. The ratings also take into account the bank's narrow customer base that exposes the bank to concentration risk and risk of earnings volatility. Our assessment of moderate probability of affiliate support for Altyn's Ba# long-term deposit rating from China CITIC Bank Corporation Limited (CITIC Bank; Baa# stable, ba#), which recently signed a binding agreement to acquire a ##% stake in the bank, is based on the expectation that the operating control of the acquired bank will be taken over by CITIC Bank shortly. Although......
Socram Banque: Update following assignment of A3 issuer rating and upgrade of CRA, outlook is stableNov 23, 2017
......Socram Banque's (Socram) Baseline Credit Assessment (BCA) of baa# reflects the bank's moderate risk profile resulting from its focus on retail activities, and the benefit stemming from its bank status. In addition, the loss absorption mechanisms limit the consequences of any deterioration in asset quality and support the bank's capitalisation. Socram is jointly owned by one of the largest French mutual banks (BPCE, A#/A# positive, ba#) and mutual insurers namely MACIF (IFRS A# stable, senior unsecured A#) and MAIF (unrated). We believe that Socram's strategic importance is high for its mutual insurance shareholders, which would provide support in case of need, translating into two notches of uplift from the BCA. Socram's long-term issuer and deposit ratings of A# result from (#) the bank's adjusted BCA of baa#; and (#) one notch of uplift under the Advanced Loss Given Failure (LGF) analysis stemming from the current volume of senior long-term debt......
Yida China Holdings Limited: Update following outlook change to negativeNov 23, 2017
......Yida China Holdings Limited's (Yida) B# corporate family rating (CFR) reflects the company's established track record in the development and management of business parks in Dalian. Yida also has a diversified source of income and operations with somewhat different business dynamics compared with those of pure residential developers. Rental income from the leasing business will provide the company with a stable cash flow, while its other non- development businesses can reduce exposure to the cyclicality of property development and potential regulatory tightening aimed at residential development. However, the company's rating is constrained by its small operating scale, high geographic concentration, elevated leverage and weak liquidity. The company also faces execution risk if it expands geographically to reduce its reliance on Dalian. The proposed acquisition of the remaining ownership in Dalian Tiandi, which we expect to be mostly debt funded, will weaken the company's financial metrics......
Gulf Investment Corporation G.S.C. A2 stable: Annual credit analysisNov 23, 2017
......The credit profile of Gulf Investment Corporation G.S.C. (GIC, A# stable) benefits from solid capital adequacy and liquidity positions and support from its highly rated shareholders, and has gradually improved as a result of lower market exposure and continued deleveraging. An absence of callable capital and a focus on equity investment constrain the profile, but an increase in paid-in capital, which was completed in ####, demonstrates a strong propensity for support. GIC's business model has evolved since ####, with a greater emphasis on development- related activities through its Principal Investments portfolio. In contrast to other multilateral development banks (MDBs), its equity investments are more susceptible to income volatility, though a strong and growing capital buffer and recent track record of profitability mitigate this risk. Although GIC has resumed dividend payments, divestments and ongoing deleveraging point to lower profitability in the coming years. The sectoral diversification......
Moody's assigns ratings to five classes of notes issued by OZLM XIX, Ltd.Nov 23, 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 B2 to Times Property's proposed USD notes (Chinese)Nov 23, 2017
...Moody's Investors Service Hong Kong Ltd. ## ## () ###-####-#### () ###-####-#### ­ Moody's Investors Service Hong Kong Ltd. ## ## () ###-####-#### () ###-####-#### Moody's Investors Service Hong Kong Ltd. ## ## () ###...
Moody's upgrades Class B Notes of Bavarian Sky China 2017-1 TrustNov 23, 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 the ratings of Philippine National Bank and Rizal Commercial BankNov 23, 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 Speculative Grade Liquidity Ratings - 11/23/2017Nov 23, 2017
ZF Friedrichshafen AG: ZF Friedrichshafens bond buyback will reduce leverageNov 23, 2017
......On ## November, ZF Friedrichshafen AG (ZF, Ba# positive) announced a debt buyback of approximately $#.# billion, comprising redemption of $### million of its #### notes and a tender offer for up to $### million notes (cash spent) of various tranches due ####-##. The buyback is credit positive because it will reduce gross leverage by approximately #.##x as of year-end ####. We expect ZF to finance the transaction with existing cash on its balance sheet and proceeds from the disposal of the business unit Global Body Control Systems (BCS), which was announced ## August ####. Consequently, ZF's gross debt-related credit metrics, such as debt/EBITDA, will improve. We believe that ZF's choice of using existing cash to buy back bonds rather than undertaking major debt-financed acquisitions, as it has occasionally done in the past, is also credit positive since prior debt-financed acquisitions increased financial leverage. The acquisition of TRW in ####, as the main example, temporarily raised......
Building Materials - Europe: Solid Q3 results bolster sector's positive credit trend after weak start to the yearNov 23, 2017
......Note: Saint-Gobain only published third-quarter sales; for Wienerberger the change is not like-for-like. Source: Company reports, Moody's Investors Service......
Inside ASEAN: 23 November 2017Nov 23, 2017
......Originally published on ## November #### Capital spending and infrastructure projects key to #### earnings growth. We expect Indonesia's GDP to grow #.#% in ####, supporting revenue growth for most industries and corporate earnings increases of #%-#%. Improvement in corporate balance sheets will underpin growth spending next year, while state-owned entities will help the government fund and execute large infrastructure projects......
Boparan Holdings Limited: Update following downgrade to B3 negativeNov 23, 2017
......Boparan's B# CFR with a negative outlook reflects our expectation of limited prospects of a material recovery in the next ## months resulting in a sustained high financial leverage, thin margins and weak to slightly negative free cash flow generation. There could also be refinancing risk with respect to the......
Government of the Philippines Baa2 Stable: Regular updateNov 23, 2017
......The Philippines' (Baa# stable) credit profile balances the country's sound economic and fiscal fundamentals against structural challenges to competitiveness and increased political risk. Effective monetary policy has contributed to overall macroeconomic stability, as well as a generally sound financial system......
Government of Luxembourg Aaa stable: Annual credit analysisNov 23, 2017
......The credit profile of Luxembourg (Aaa stable) reflects the Grand Duchy's very high wealth levels, one of the strongest growth performances among Aaa-rated peers, and a sound institutional framework, supported by robust financial regulatory and fiscal frameworks. The government's solid fiscal performance, reflecting a long track record of fiscal prudence, is another key credit strength, and resulted in a very low debt-to-GDP ratio of ##.#% of GDP at the end of ####. Luxembourg also has a strong net asset position, given very significant reserves in its pension reserve fund and stakes in several companies. Key credit challenges relate to uncertainties over Luxembourg's medium to long-term economic growth prospects, in light of significant shifts underway in the financial sector's regulatory and supervisory frameworks. In addition, the focus of the European Union (EU, Aaa stable) and Organisation for Economic Cooperation and Development (OECD) on stronger coordination of tax policies among......