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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Symphony CLO 42, Ltd.: Pre-Sale ReportMar 31, 2024
......Symphony CLO ##, Ltd. (Symphony ## or the CLO) is a cash-flow CLO transaction managed by Symphony Alternative Asset Management LLC (Symphony or the manager). The CLO is backed by a $### million portfolio of non-investment-grade broadly syndicated loans and other assets that the manager purchases from and trades in the primary and secondary markets. In our credit analysis, we considered the attributes of the CLO's underlying assets, including the assets' default probability (weighted average rating factor (WARF)), the weighted average recovery rate (WARR), assets' independence (Diversity Score), the weighted average life (WAL), and the weighted average spread (WAS) and the weighted average coupon (WAC......
Moody's affirms Indosat's Baa3 rating; outlook stableMar 19, 2024
......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 changes the outlook on ADIF and ADIF-AV to positive, affirms Baa2 ratingsMar 19, 2024
......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 upgrades Berlin Hyp AG's long-term deposit and senior unsecured ratings; stable outlookMar 19, 2024
......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 upgrades Deutsche Kreditbank AG's long-term deposit ratings, stable outlookMar 19, 2024
......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......
Business Mortgage Finance 6 PLC (BMF 6)Mar 19, 2024
......Contacts Nikhar Pansari, +, Nikhar.Pansari@moodys.com James Morton, +####-####-####, James.Morton@moodys.com Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com......
City of Morristown, TN: Annual comment onMorristownMar 19, 2024
......Economy Resident income ratio Median Household Income (MHI) for the city or county, adjusted for Regional Price Parity (RPP), as a % of the US MHI MHI: US Census Bureau - American Community Survey #-Year Estimates RPP: US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories; audited financial statements; continuing disclosures Population Population of the city or county US Census Bureau - American Community Survey #-Year Estimates Full value per capita Full value / population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or county minus the five-year CAGR of real GDP for the US Real GDP: US Bureau of Economic Analysis Financial performance Revenue Sum of revenue from total governmental funds, operating and non- operating revenue from total business-type activities, and non- operating revenue from internal services funds, excluding transfers and one-time revenue, e.g., bond proceeds......
City of Newnan, GA: Annual comment onNewnanMar 19, 2024
......Economy Resident income ratio Median Household Income (MHI) for the city or county, adjusted for Regional Price Parity (RPP), as a % of the US MHI MHI: US Census Bureau - American Community Survey #-Year Estimates RPP: US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories; audited financial statements; continuing disclosures Population Population of the city or county US Census Bureau - American Community Survey #-Year Estimates Full value per capita Full value / population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or county minus the five-year CAGR of real GDP for the US Real GDP: US Bureau of Economic Analysis Financial performance Revenue Sum of revenue from total governmental funds, operating and non- operating revenue from total business-type activities, and non- operating revenue from internal services funds, excluding transfers and one-time revenue, e.g., bond proceeds......
City of Manassas Park, VA: Annual comment onManassas ParkMar 19, 2024
......Economy Resident income ratio Median Household Income (MHI) for the city or county, adjusted for Regional Price Parity (RPP), as a % of the US MHI MHI: US Census Bureau - American Community Survey #-Year Estimates RPP: US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories; audited financial statements; continuing disclosures Population Population of the city or county US Census Bureau - American Community Survey #-Year Estimates Full value per capita Full value / population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or county minus the five-year CAGR of real GDP for the US Real GDP: US Bureau of Economic Analysis Financial performance Revenue Sum of revenue from total governmental funds, operating and non- operating revenue from total business-type activities, and non- operating revenue from internal services funds, excluding transfers and one-time revenue, e.g., bond proceeds......
Upson (County of) GA: Annual comment onUpson (County of) GAMar 19, 2024
......Economy Resident income ratio Median Household Income (MHI) for the city or county, adjusted for Regional Price Parity (RPP), as a % of the US MHI MHI: US Census Bureau - American Community Survey #-Year Estimates RPP: US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories; audited financial statements; continuing disclosures Population Population of the city or county US Census Bureau - American Community Survey #-Year Estimates Full value per capita Full value / population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or county minus the five-year CAGR of real GDP for the US Real GDP: US Bureau of Economic Analysis Financial performance Revenue Sum of revenue from total governmental funds, operating and non- operating revenue from total business-type activities, and non- operating revenue from internal services funds, excluding transfers and one-time revenue, e.g., bond proceeds......
City of Bozeman, MT: Annual comment onBozemanMar 19, 2024
......Economy Resident income ratio Median Household Income (MHI) for the city or county, adjusted for Regional Price Parity (RPP), as a % of the US MHI MHI: US Census Bureau - American Community Survey #-Year Estimates RPP: US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories; audited financial statements; continuing disclosures Population Population of the city or county US Census Bureau - American Community Survey #-Year Estimates Full value per capita Full value / population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or county minus the five-year CAGR of real GDP for the US Real GDP: US Bureau of Economic Analysis Financial performance Revenue Sum of revenue from total governmental funds, operating and non- operating revenue from total business-type activities, and non- operating revenue from internal services funds, excluding transfers and one-time revenue, e.g., bond proceeds......
Insurance Europe: EU insurer resolution regime positive for customers, may speed up investor lossesMar 19, 2024
......In December ####, the EU authorities agreed on an insurance resolution regime, alongside planned reforms to the insurance sector's Solvency II capital regulations. The Insurance Resolution and Recovery Directive (IRRD), expected to take effect in ####, is an EU-wide legislative framework designed to preserve financial stability and protect policyholders when insurers face financial distress. It will reduce risks for policyholders by giving regulators tools to ensure continuity of insurance coverage and avoid insurer liquidation. For subordinated and senior bondholders, however, the IRRD will likely accelerate losses in stress situations. IRRD is positive for policyholders. The IRRD will create national insurance resolution authorities tasked with managing cases of potential insurer failure using tools including solvent runoff, the sale and transfer of assets and liabilities and the conversion or write down of capital instruments and liabilities. Under the regime, large insurers will have......
British Airways, Plc: Update following placement of ratings on review for upgradeMar 19, 2024
......On ## March, we placed 's (BA) ratings on review for upgrade. British Airways has continued to recover its passenger volumes in ####, which were ##% of #### levels. Healthy leisure demand made up for the slower recovery in corporate travel. Strong yields, materially higher capacity and cost efficiencies brought #### operating profit to £#.# billion, with a ##% margin. Combined with £#.# billion debt reduction, higher profit led to a Moody's adjusted gross debt/EBITDA of #.#x in #### versus #.#x in ####. The trading environment for BA remains supportive as booked volumes and yields are ahead of ####. However, given the continued weak macroeconomic environment and capacity additions, price inelasticity of demand remains a central question and we prudently forecast broadly flat yields. BA will benefit from a step down in airport fees in #### but we expect that the full impact of previously agreed wage rises and significant investments in IT to improve customer experience will lead to projected......
Riyad Bank: Key facts and statistics - 2023Mar 19, 2024
......Currency converted using the pegged exchange rate of SAR­$#.#####. Sources: Company reports (consolidated financial statement December ####), Saudi Central Bank, Saudi Arabian Stock Exchange and company data......
Signify N.V.: Update following rating affirmationMar 19, 2024
......On ## March ####, we affirmed the Baa# long-term issuer rating of Signify N.V. (Signify) with a stable outlook, reflecting our expectations that its Moody's adjusted Debt/EBITDA will decrease towards #.#x in the next ##- ## months and its Free Cash Flow (FCF, after dividends) will continue to remain positive, supported by its prudent financial policy. Signify's rating is supported by (#) the company's leading market positions in LED and conventional lighting across the value chain; (#) its strong brand recognition and the group's diversification across different geographies; (#) its proven track record in transforming the business from conventional lighting to LED; (#) the reduction in its cost base and the shift in its operating model to asset-light manufacturing, while keeping Moody's adjusted FCF/ debt generally above ##%; (#) good growth prospects for the LED based business, driven by positive underlying market fundamentals (digitalization, lower energy consumption targets and a global......
Insurance Europe: Solvency II review will make solvency ratios more economic, free up some capitalMar 19, 2024
......In December ####, the EU authorities agreed on amendments to the Solvency II capital regime for insurers alongside a proposed insurer resolution framework, the Insurance Recovery and Resolution Directive. The Solvency II reforms will make insurers' solvency ratios more reflective of the risks they face, which is positive. They will also likely free up some capital and encourage insurers to invest in the economy, but we do not expect the insurance sector to operate with higher Solvency II ratios post implementation. The reforms, which share common ground with the UK's post-Brexit amendments to Solvency II, are credit neutral overall. Solvency II ratios will become more economic. The Solvency II review is the first significant overhaul of the regime since its inception in ####, and will likely take effect in ####. It will make reported Solvency II ratios more reflective of the sector's underlying risk, interest rate risk in particular. The reform also includes amendments designed to make......
Moody's affirms Export Finance Australia's Aaa ratingMar 19, 2024
......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 ORIX Corporation's A3 ratings; outlook stable (Japanese)Mar 19, 2024
...#/# NEWS Contact: VP ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MJKK]A# ####### A# ORIX Australia Corporation Limited A# A# ######/##.#% DHC ##.#% /##% ##########-#/ #.#%#####-##...
Moody's affirms ORIX Corporation's A3 ratings; outlook stableMar 19, 2024
......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......
BRASS NO. 8 PLCMar 19, 2024
......Contacts Sudarshan Vyas, +, Sudarshan.Vyas@moodys.com Nicolas Odella, +####-####-####, Nicolas.Odella@moodys.com Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.RMBS@moodys.com......