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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Banks - Belgium: Lower Rates On Deposits Will Alleviate Pressure On Net Interest Margins In 2016May 09, 2016
......Over the last few weeks, ## Belgian banks have lowered the interest rates they pay on regulated savings accounts to the #.##% minimum authorised by the Belgian regulation. This represents a four basis-point drop on average. In Belgium, regulated savings amounted to approximately ### billion at the end of ####. We can therefore estimate that the lower deposit rate will boost banks' net interest income by some ### million. Given low customer sensitivity to the level of rates on regulated savings, we do not expect this positive effect to be offset by a drop in savings volumes. Belgian banks have gradually reduced the rates they pay on regulated savings over the past ## months as they sought to keep in step with the declining rates they charge their borrowers. This has allowed them to limit the damage to their net interest margins (i.e. the difference between what they pay for deposits and what they charge for loans) caused by prolonged low interest rates. However, the interest paid on deposits......
Woodside Petroleum Ltd: Update To The Rating RationaleMay 06, 2016
......Woodside's Baa# rating reflects the company's large long-life hydrocarbon reserves and the higher earnings stability provided by its substantial North West Shelf (NWS), Pluto LNG (Pluto) and domestic gas operations, which benefit from long-term off-take contracts, primarily with investment grade counterparties. The rating also reflects Woodside's generally low-cost operations with very low ongoing capex requirements. At the same time, Woodside's exposure to the cyclical hydrocarbon industry; limited, although improving, geographic and operational diversity; the capital intensity of its operations, as well as current and potential future projects, constitute counterbalancing considerations in the rating. We expect the ongoing weakness in crude oil prices to continue to negatively impact Woodside's revenue and cash flow generation over the next ##-## months. As can be seen in Exhibit # below, this weakness in oil prices, combined with increased debt from acquisitions and a high dividend payout......
JEM (NSW Schools II) Pty Limited: 2016 Credit Opinion UpdateMay 06, 2016
......The A# rating reflects the stable and predictable nature of the project's flows under the PPP contractual framework, a reflection of its entitlement to a stream of fixed availability payments throught the project term from the highly rated state counterparty. The low complexity of the project's service obligations and facilities provides further support. The rating also factors in the track record, ability and experience of Spotless as facilities management provider and the security package provided in support of its obligations. Axiom NSW further benefits from the absence of refinance risk in its capital structure. In the unlikely event of project termination, we expect a high recovery, based on the Project's termination payment regime. The main constraint on the rating is Axiom NSW's high financial leverage as this limits its ability to withstand unexpected stress. In common with other PPPs, we regard Axiom's project structure as complex. Whilst the project documentation has generally......
Moody's Affirms Sixteen Classes of WFRBS 2013-C14May 05, 2016
...Rating Action: Moody's Affirms Sixteen Classes of WFRBS ####-C## Global Credit Research - ## May #### Approximately $#.## Billion of Structured Securities Affected New York, May ##, #### -- Moody's Investors Service has affirmed the ratings on sixteen...
Moody's assigns A2 rating to preferred shares issued by The Gabelli Global Small and Mid Cap Value TrustMay 05, 2016
......Rating Action: Moody's assigns A# rating to preferred shares issued by The Gabelli Global Small and Mid Cap Value Trust......
Sisters of Charity Leavenworth Health System, CO: New Issue - Moodys assigns Aa3 / VMIG1 to Sisters of Charity of Leavenworth Health Systems Series 2016; Outlook stableMay 05, 2016
......Moody's Investors Service assigns Aa# / VMIG# ratings to Sisters of Charity of Leavenworth Health System's (SCL Health) proposed, $### million, Series #### ABC&D variable rate demand bonds. Bonds will be issued by the Colorado Health Facilities Authority and will have their final maturity in ####. The Series #### B&D bonds are backed by standby bond purchase agreements (SBPAs) with Wells Fargo Bank, N.A. The Series #### A&C bonds will be supported by SCL Health's own liquidity. At this time, we are also affirming the Aa# and Aa#/VMIG# ratings on SCL Health's parity debt, affecting $#.# billion of bonds outstanding (SCL Health's total proforma debt, inclusive of unrated debt and guarantees, is $#.# billion). The rating outlook is stable. The assignment of the Aa# rating with a stable outlook reflects performance measures that show consistency of performance at a high level. Balance sheet measures have been maintained despite high levels of capital spending. Leverage levels remain high, and......
Moody's assigns initial Aa2 Sr/Aa3 Jr to Alamo Regional Mobility Authority, TX two new revenue bond issuesMay 05, 2016
......Rating Action: Moody's assigns initial Aa# Sr/Aa# Jr to Alamo Regional Mobility Authority, TX two new revenue bond issues......
Moody's assigns Aa3 / VMIG1 to Sisters of Charity of Leavenworth Health System's Series 2016; Outlook stableMay 05, 2016
......Rating Action: Moody's assigns Aa# / VMIG# to Sisters of Charity of Leavenworth Health System's Series ####; Outlook stable......
Georgia Tech Foundation Inc., GA: New Issue - Moody's Assigns Aa1 to Georgia Tech Foundation (GA) Ser. 2016 Taxable Bonds; Outlook StableMay 05, 2016
......Moody's Investors Service has assigned a Aa# rating to Georgia Tech Foundation, Inc.'s proposed approximately $## million of Taxable Bonds, Series ####. Concurrently, we have affirmed the existing Aa# ratings. The Aa# rating reflects Georgia Tech Foundation's (GTF) critical and well-established role supporting Georgia Institute of Technology (Georgia Tech), a leading technology-oriented educational and research university. Other strengths include sizeable financial resources, healthy fundraising, and ample liquidity. Offsetting factors include high financial leverage and operating variability given heavy reliance on gift revenue......
Alamo Regional Mobility Authority: New Issue: Moody's assigns initial Aa2 Sr/Aa3 Jr to Alamo Regional Mobility Authority, TX two new revenue bond issuesMay 05, 2016
Moody's Assigns Aa1 to Georgia Tech Foundation (GA) Ser. 2016 Taxable Bonds; Outlook StableMay 05, 2016
......Rating Action: Moody's Assigns Aa# to Georgia Tech Foundation (GA) Ser. #### Taxable Bonds; Outlook Stable......
Moody's Assigns Aa3 to State System of Higher Ed.'s (PA) Ser. AS Bds; Outlook NegativeMay 05, 2016
...Rating Action: Moody's Assigns Aa# to State System of Higher Ed.'s (PA) Ser. AS Bds; Outlook Negative Global Credit Research - ## May #### New York, May ##, #### -- Issue: Refunding Revenue Bonds, Series AS; Rating: Aa#; Rating Type...
Moody's assigns A1 to South Washington County ISD 833, MN's $14.8M COPs Series 2016DMay 05, 2016
...Rating Action: Moody's assigns A# to South Washington County ISD ###, MN's $##.#M COPs Series ####D Global Credit Research - ## May #### New York, May ##, #### -- Issue: Certificates of Participation, Series ####D; Rating: A#; Rating Type...
State System of Higher Education, PA: New Issue - Moody's Assigns Aa3 to State System of Higher Ed.'s (PA) Ser. AS Bds; Outlook NegativeMay 05, 2016
Washington Metro. Area Transit Authority, DC: New Issue - Moody's downgrades WMATA to A2, assigns A2 to $220M Gross Rev. Bonds Series 2016A; outlook revised to stableMay 05, 2016
......Essential transportation system in the nation's capital region, largely built with federal support and in part designed to transport federal workers » Strong farebox recovery ratio and a sum sufficient rate covenant that is supported by operating subsidies provided by member jurisdictions, who are rated Aa# or better » Strong regional economy with high wealth levels......
South Washington County I.S.D. 833, MN: New Issue - Moody's assigns A1 to South Washington County ISD 833, MN's $14.8M COPs Series 2016DMay 05, 2016
......Moody's Investors Service has assigned a A# rating to South Washington County Independent School District ###, MN's $##.# million Certificates of Participation (COPs), Series ####D. Concurrently, Moody's affirms the Aa# underlying rating on the district's outstanding general obligation (GO) debt. Post-sale, the district will have $###.# million in outstanding GO debt. The A# rating reflects satisfactory legal provisions, essentiality of the project (the purchase of a school building), annual risk of non-appropriation, and the long-term GO credit quality of the district. The Aa# underlying rating reflects the district's large and recovering tax base near the Twin Cities, affluent demographic profile, narrow financial reserve position partially mitigated by alternate liquidity, stable enrollment trends, and an increasingly elevated debt burden......
Beaumont (City of), TX: New Issue: Moody's assigns Aa2 to Beaumont, TX GO bondsMay 05, 2016
......Moody's Investors Service has assigned a Aa# rating to the City of Beaumont, TX $##.# million General Obligation Refunding Bonds, Series ####. At the same time, we maintian the Aa# on $###.# million in previously issued parity debt. The outlook is stable. The Aa# rating reflects the city's healthy financial position supported by a formal fund balance policy, moderately-sized tax base that has experienced steady growth, below average socioeconomic profile, and above average debt burden......
Moody's assigns Aa2 enhanced to Waldron School District No. 45's, AR GOLT BondsMay 05, 2016
...Rating Action: Moody's assigns Aa# enhanced to Waldron School District No. ##'s, AR GOLT Bonds Global Credit Research - ## May #### New York, May ##, #### -- Issue: Refunding Bonds; Rating: Aa#; Rating Type: Enhanced LT; Sale Amount: $#...
Moody's Downgrades Cuero ISD's (TX) GOs to A2; Assigns Negative OutlookMay 05, 2016
...Rating Action: Moody's Downgrades Cuero ISD's (TX) GOs to A#; Assigns Negative Outlook Global Credit Research - ## May #### New York, May ##, #### -- Summary Rating Rationale Moody's Investors Service has downgraded Cuero Independent School District's...
Moody's Assigns Aa2 to Miami Township (Clermont County), OH's $5.2M GOLT Bonds, Ser. 2016May 05, 2016
...Rating Action: Moody's Assigns Aa# to Miami Township (Clermont County), OH's $#.#M GOLT Bonds, Ser. #### Global Credit Research - ## May #### New York, May ##, #### -- Issue: Various Purpose General Obligation Bonds, Series #### (Bank Qualified...