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.
Search Moody's
Latest Reports from Moody's
| ||||||||||||||||||||||
| Name | Date | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sitio Royalties Corp.: Non-operating mineral rights owner with strong free cash flow but high leverage and substantial distributions | Sep 30, 2023 | |||||||||||||||||||||
| ......Sitio Royalties Corp.'s (Sitio) credit profile is supported by the company's mineral and royalty interest ownership business model that generates strong cash margins and free cash flow, requires no capital expenditures and minimal operating costs, and is underpinned by a widely diversified group of E&P operators in some of the lowest cost and most actively drilled regions in the US. Sitio's credit profile is constrained by the company's smaller scale of production and reserves and high leverage compared to similarly rated oil exploration and production (E&P) companies; its non-operated mineral and royalty interests with no control over future development and organic growth; its appetite for acquisitions to increase reserves, which entails valuation and financing risks; and high levels of recurring shareholder distributions. It also considers the company's short operating history and highly acquisitive nature. We expect a slow reduction in debt through #### after levering up to make several...... | ||||||||||||||||||||||
| Permian Resources Operating, LLC: Merger with Earthstone assets contributes to positive outlook | Sep 30, 2023 | |||||||||||||||||||||
| ......#] Moody's forward view includes pro-forma acquisition of Earthstone Energy Holdings, LLC All figures and ratios are calculated using Moody's estimates and standard adjustments. Moody's Forecasts (f) or Projections (proj.) are Moody's opinion and do not represent the views of the issuer. Periods are Financial Year-End unless indicated. LTM = Last Twelve Months. Source: Moody's...... | ||||||||||||||||||||||
| Government of Benin - B1 stable: Annual credit analysis | Sep 30, 2023 | |||||||||||||||||||||
| ......Benin's credit challenges include the economy's small size, low wealth levels and heavy reliance on agriculture, all of which have made it vulnerable to shocks and commodity price volatility. The significant deterioration in Benin's public finances over the past decade also weighs on its creditworthiness, with government debt doubling to more than ##% of GDP in #### from ##% in ####. Its borrowing requirements remain relatively limited at around ##% of GDP, roughly in line with B#-rated peers. By contrast, the resilience and strong growth potential of Benin's economy are key credit strengths. Although the pandemic slowed GDP growth over the last two years, growing agricultural production, the tertiary sector and sustained investment have supported a robust recovery. Benin's Port of Cotonou is a key trade avenue for the region, supporting growth and revenue generation. Moreover, growth potential remains robust, supported financially and technically by the international community, including...... | ||||||||||||||||||||||
| List of Outdated Credit Rating Methodologies | Sep 29, 2023 | |||||||||||||||||||||
| PELMO S.R.L. | Sep 29, 2023 | |||||||||||||||||||||
| ......Contacts Corrado Caputo, +####-####-####, Corrado.Caputo@moodys.com Sara Santagostino, +####-####-####, Sara Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com...... | ||||||||||||||||||||||
| BBVA RMBS 14 Fondo de Titulizacion de Activos | Sep 29, 2023 | |||||||||||||||||||||
| ......The reserve fund amortisation is stopped when, amongst others,the reserve fund is not funded at its required level on the previous payment date...... | ||||||||||||||||||||||
| Darling Ingredients Inc.: Update to Discussion of Credit Factors | Sep 29, 2023 | |||||||||||||||||||||
| ......Darling Ingredients, Inc.'s credit profile (Darling; Ba# stable) reflects manageable financial leverage, good geographic and end market diversity, and use of raw material pricing formulas to help reduce volatility in the majority of its businesses. The credit profile also reflects some exposure to finished product price swings and exogenous raw material supply risk. Diamond Green Diesel's (DGD) asset value is meaningful but there is some uncertainty regarding the cash flow effects on Darling given DGD's high reinvestment levels and event risk surrounding DGD's ownership structure. We expect the current DGD ownership positions to remain in place for at least the next several years, and that DGD's operating cash flow will continue to expand and increase the distribution potential to Darling. We also anticipate Darling will remain focused on reducing leverage through earnings growth and debt repayment through cash generated from the recycling/rendering businesses and any cash distributions...... | ||||||||||||||||||||||
| Moody's assigns A2 to Pennsylvania's Commonwealth Lease Revenue Bonds Series 2023A&B; outlook positive | Sep 29, 2023 | |||||||||||||||||||||
| ......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...... | ||||||||||||||||||||||
| Moody's assigns Aa2 to Series 2023A revenue bonds issued by the Gadsden Public Building Authority, AL; outlook stable | Sep 29, 2023 | |||||||||||||||||||||
| ......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT...... | ||||||||||||||||||||||
| Moody's upgrades to Baa1 Wood Trace MUD No. 1, TX's GOULT; outlook stable | Sep 29, 2023 | |||||||||||||||||||||
| ......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...... | ||||||||||||||||||||||
| Moody's assigns Aa3 to Connecticut's Special Tax Obligation Bonds, 2023 Series A and B | Sep 29, 2023 | |||||||||||||||||||||
| ......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...... | ||||||||||||||||||||||
| Moody's assigns Aa1 to New Hanover County, NC's LOBs; outlook stable | Sep 29, 2023 | |||||||||||||||||||||
| ......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...... | ||||||||||||||||||||||
| Moody's affirms Georgia-Pacific A3 senior unsecured rating, outlook is stable | Sep 29, 2023 | |||||||||||||||||||||
| ......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...... | ||||||||||||||||||||||
| Riverside County, CA: Update to Credit Analysis | Sep 29, 2023 | |||||||||||||||||||||
| ......Riverside County, CA's (Aa# stable) credit profile continues to benefit from a robust and growing tax base and average resident income levels. Operating fund reserves are strong and continue to grow year over year, and the county also maintains significant liquidity outside of the general fund. Management has implemented strong policies and utilizes robust capital planning. The county has an above average pension burden compared with counties in other states, but overall leverage and fixed costs for debt, pension and OPEB are manageable. On September ##, ####, Moody's assigned a MIG # rating to Riverside County, CA's Teeter Plan Obligation Notes, #### Series A...... | ||||||||||||||||||||||
| Wood Trace Municipal Utility District No. 1, TX: Update following upgrade of GOULT to Baa1; outlook stable | Sep 29, 2023 | |||||||||||||||||||||
| ......Sources: US Census Bureau, Wood Trace Municipal Utility District #'s financial statements and Moody's Investors Service...... | ||||||||||||||||||||||
| Fort Lauderdale (City of) FL Wtr.&Swr. Ent.: Update to credit analysis | Sep 29, 2023 | |||||||||||||||||||||
| ......Fort Lauderdale, FL's water and sewer enterprise (Aa# stable) will continue to benefit from a healthy liquidity position and competitive rate structure. Debt service coverage is narrow and supply is sufficient for both the water and sewer until ####. The current issuance will essentially double the system's outstanding debt, although significant rate increases will keep coverage in line with historical metrics. The rating also considers the significant capital improvement program that is required to ensure adherence to the consent order with the Florida Department of Environmental Protection. On September ##, we assigned a Aa# stable to Fort Lauderdale, FL's $### million Water and Sewer Rev. Bonds, Series A&B...... | ||||||||||||||||||||||
| Chabot-Las Positas Comm. Coll. Dist., CA: Update to credit analysis | Sep 29, 2023 | |||||||||||||||||||||
| ......Chabot-Las Positas Community College District, CA (Aa# stable) benefits from a large and growing tax base in the San Francisco East Bay Area and above-average resident wealth and income. The district has a healthy financial position supported by prudent and conservative management and additionally benefits from significant expenditure predictability and flexibility. District enrollment remains materially below pre-pandemic levels, a credit challenge, though enrollment has shown strong growth in fiscal #### and California CCDs are being held harmless for enrollment loss through fiscal ####. The district's leverage profile is slightly elevated but will remain manageable given continued tax base growth...... | ||||||||||||||||||||||
| MD Trans. Auth. - BWI Airport Consolidated Rental Car Fac.: Update to credit analysis | Sep 29, 2023 | |||||||||||||||||||||
| ......Maryland Transportation Authority - BWI Airport Consolidated Rental Car Facility (ConRAC)'s credit profile (A#, stable) reflects the strong demand for passenger travel in a large, affluent service area that has supported enplanement recovery at BWI Airport (MDOT - Special Transportation Project Revenue Bonds BWI Thurgood Marshall, A# stable). With the pandemic effects, the enplanement level was negatively impacted with fiscal #### being #% down versus ####, somewhat lower than sector average. The close relationship with and track record of liquidity support from Maryland Department of Transportation (MDOT, Aa# stable) through the Transportation Trust Fund (TTF) are essential to BWI Airport's credit profile. The ConRAC's credit profile incorporates the narrow revenue stream, which provides payment for the bonds, and competition from transportation network companies. However the facility's low CFC rate of $#.##, the lowest among its peers, allows for increases. The facility is also able to...... | ||||||||||||||||||||||
| MD Trans. Auth - BWI Airprt Passenger Fac. Charge Rev. Bnds: Update to credit analysis | Sep 29, 2023 | |||||||||||||||||||||
| ......Maryland Transportation Authority - BWI Airport Passenger Facility Charge (PFC) Revenue Bond's credit profile (A# stable) reflects the strong demand for passenger travel in a large, affluent service area that has supported enplanement recovery at BWI Airport (MDOT - Special Transportation Project Revenue Bonds BWI Thurgood Marshall, A# stable). With the pandemic effects, the enplanement level was negatively impacted with fiscal #### being #% down versus ####, somewhat lower than sector average. The close relationship with and track record of liquidity support from Maryland Department of Transportation (MDOT, Aa# stable) through the Transportation Trust Fund (TTF) are essential to BWI Airport's credit profile. The credit profile incorporates the narrow revenue stream, which provides payment for the bonds, coming from the PFCs for which the airport has no independent rate-raising ability...... | ||||||||||||||||||||||
| MDOT - Spec. Tra. Proj. Rev. Bnds BWI Airport: Update to credit analysis | Sep 29, 2023 | |||||||||||||||||||||
| ......MDOT - Special Transportation Project Revenue Bonds BWI Thurgood Marshall Airport's credit profile (A#, stable) reflects the strong demand for passenger travel in a large, affluent service area that has supported enplanement recovery at BWI Marshall Airport and the relationship with the Maryland Department of Transportation (MDOT, Aa# stable). With the pandemic effects, the enplanement level was negatively impacted with fiscal #### being #% down versus ####, somewhat lower than sector average. The close relationship with and track record of liquidity support from MDOT through the Transportation Trust Fund (TTF) are essential to the credit profile. The strong fundamental attributes coupled with this historic support from TTF somewhat compensates for the poor liquidity position arising from an open flow of funds structure that results in no unrestricted cash at the airport level. The credit profile also incorporates the additional debt planned to be incurred in spring #### to fund a portion...... | ||||||||||||||||||||||
