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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| Prudential Financial, Inc. and Constellation Insurance, Inc.: Prudential's reinsurance deal is credit positive | May 26, 2023 | |||||||||||||||||||||
| ......Information based on US SAP financial statements Source: Company filings and Moody's Investors Service...... | ||||||||||||||||||||||
| Empresas Publicas de Medellin E.S.P: Tariff adjustment will weaken financial performance and reflects exposure to social risks, credit negative | May 26, 2023 | |||||||||||||||||||||
| ......Outlook Stable LT Issuer Rating (Domestic) Baa# Senior Unsecured Baa# Baseline Credit Assessment ba# Source: Moody´s Investors Service...... | ||||||||||||||||||||||
| Seagate HDD Cayman: Updated credit analysis after change in ratings outlook to negative | May 26, 2023 | |||||||||||||||||||||
| ......Seagate has good operating scale and strong market position as one of the two principal suppliers of high-capacity Hard Disk Drives (HDDs). HDDs are the primary, cost-effective storage solutions for the hyperscale cloud segment that has strong long-term growth prospects, and other applications with large data storage requirements. We expect Seagate's revenue growth to average #% to #% over the next # to # years. However, the sharp and protracted cyclical downturn currently underway will substantially erode Seagate's credit metrics and the company expects an inflection in demand for HDDs will likely be delayed to late #### as inventory in the channel remains high. We expect adjusted operating profits to decline about ##% in FY '##, and weak earnings to persist through the first half of FY '##. As a result, total debt to EBITDA (with substantial add-backs) will exceed #x (Moody's adjusted) at its peak in the first half of FY '## and we expect negative free cash flow (after dividends) through...... | ||||||||||||||||||||||
| AdventHealth Obligated Group (formerly Adventist Health System/Sunbelt Obl Grp) : Update to credit analysis | May 26, 2023 | |||||||||||||||||||||
| ......AdventHealth (AH, Aa# stable) will benefit from its large scale, highly centralized model and well-tenured management team with demonstrated ability to cut costs to realize strong operating cash flow (OCF) margins and low operating leverage. AH expects to return to historical margin levels by fiscal ####. Combined with disciplined capital spending, cash metrics will likely return to more solid levels, albeit well-below peers. Atypical of multistate systems, revenues and cash flow will continue to be heavily concentrated in Florida. To better position the system in these growing, competitive markets, and amid an ongoing shift to outpatient services, AH will continue to diversify offerings beyond inpatient acute care services. Recent developments affecting its Colorado and Georgia markets will present some uncertainty. However, management's decision to partner with the University of Chicago in a challenging Illinois market highlights its commitment to maintaining financial strength. Strong...... | ||||||||||||||||||||||
| Moody's assigns Aa3 to Norwalk-La Mirada USD, CA's Election of 2014 GOs, Series F | May 26, 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 upgrades Glendale, AZ's transportation excise tax bonds to A1; outlook stable | May 26, 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 downgrades Lima's rating to Baa3 and its BCA to ba1; outlook stable | May 26, 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 changes outlook to negative on Togo's B3 ratings | May 26, 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...... | ||||||||||||||||||||||
| Barrow County School District, GA: Update to credit analysis | May 26, 2023 | |||||||||||||||||||||
| ......Barrow County School District, GA's (Aa#) credit quality is underscored by a long track record of strong financial operations and growing reserves (see Exhibit #). The solid financial profile is the result of consistent revenue growth (driven by robust tax base and enrollment gains) and prudent budget management. These credit strengths help mitigate the district's above average long-term liabilities ratio and fixed-costs ratios...... | ||||||||||||||||||||||
| City of College Station, TX: Update to credit analysis | May 26, 2023 | |||||||||||||||||||||
| ......The City of College Station, TX's (Aa# stable) credit profile benefits from a large and expanding economy that is anchored by Texas A&M University's System's (Aaa stable) flagship campus as well as stable operations highlighted by above average reserves and liquidity. The city's resident income and full value per capita are below average for the rating category, however, these factors are mitigated by the economic stability of Texas A&M University's roughly ##,### students and economic diversification in recent years that has resulted in modest improvement in both metrics. Positively, the city's leverage and fixed costs are in line with national peers despite recent issuances to address growth related infrastructure needs...... | ||||||||||||||||||||||
| Grand Island (City of) NE Combined Utilities: Update to credit analysis | May 26, 2023 | |||||||||||||||||||||
| ......Grand Island (City of) NE Combined Utilities' (A# stable) credit quality reflects its strong financial performance aided by a competitive rate structure and autonomous rate-setting ability, which has led to robust fixed obligation charge coverage (FOCC) and liquidity metrics. Over the last three years, the utility's FOCC (includes JPA-debt related payments) and liquidity position averaged #.#x and ### days cash on hand, respectively, while the adjusted debt ratio has remained low at ##.#% as of fiscal #### (ended in September ##). The credit profile further considers the utility's diverse business mix, which includes other essential services such as water supply and sewer treatment, providing more stability to its revenue stream. These strengths are balanced against a relatively small service area mostly concentrated in agriculture and food processing industries, which makes it more susceptible to economic downturns. Additionally, the utility's credit quality is tempered by its high carbon...... | ||||||||||||||||||||||
| Sovereign&Supranational Rating List | May 26, 2023 | |||||||||||||||||||||
| Banco Hipotecario del Uruguay: Update following rating affirmation, outlook changed to positive | May 26, 2023 | |||||||||||||||||||||
| ......Banco Hipotecario del Uruguay's (BHU) has a Baseline Credit Assessment (BCA) of ba#, which reflects the bank's low problem loan ratio, relative to the system's average ratio, strong capitalization and proven access to stable, low-cost core deposits. In addition, the ba# BCA incorporates the lack of revenue diversification in BHU's franchise as a monoline lender and the relatively low volume of liquid resources in the bank's balance sheet. BHU's deposit ratings of Baa# incorporate the full and unconditional guarantee of the bank's obligations by the Government of Uruguay (Baa#, positive), which is the bank's only shareholder...... | ||||||||||||||||||||||
| Government of Mauritius - Baa3 stable: Annual credit analysis | May 26, 2023 | |||||||||||||||||||||
| ......The credit profile of Mauritius reflects its dynamic and reasonably diversified economy, which, along with a stable and investment-friendly business environment, has historically supported stable growth rates. The government has a track record of sound economic policy, and has demonstrated a high degree of adaptability to changes in the external environment, which supported economic growth and diversification, and higher per capita income. Robust institutions and governance help attenuate Mauritius' exposure to environmental risks. Mauritius' main credit constraints stem from a relatively high government debt burden and high dependence on tourism. Notwithstanding the government's efforts to the diversify the economy, including the development of an offshore financial sector, its small size and high openness to trade make it vulnerable to external shocks. The stable outlook incorporates our view that the headline fiscal and debt metrics will further improve, with the debt burden falling...... | ||||||||||||||||||||||
| Manitoba Hydro Electric Board: Update following rating affirmation | May 26, 2023 | |||||||||||||||||||||
| ......Manitoba Hydro Electric Board's (Manitoba Hydro) Prime-# short term rating for commercial paper is driven by the credit strength of the Province of Manitoba (the Province: Aa# stable). The Province explicitly guarantees $### million of Manitoba Hydro's commercial paper program. The Manitoba Hydro Act was amended in April #### to allow Manitoba Hydro to issue more than $### million of commercial paper, although the government guarantee has not yet been amended to reflect the increase. We do not expect commercial paper issuance to exceed the amount guaranteed by the Province...... | ||||||||||||||||||||||
| NEP/NCP Holdco, Inc: Update to credit analysis | May 26, 2023 | |||||||||||||||||||||
| ......NEP/NCP Holdco, Inc.'s (NEP) credit profile (Caa# stable) reflects the company's highly levered capital structure, rising refinancing risk and highly capital-intensive business model that constrains free cash flow. We expect free cash flow to remain weak (negative $### to $### million in ####) and financial leverage to remain high at about #.#x - #x (Moody's adjusted) over the next ## to ## months due to high capex and a high interest burden. The sponsor's and other investors' $## million equity contribution year-to-date alleviated NEP's short term liquidity but did not address a fundamental challenge of the company's ability to self-fund its growth. Though we view NEP's liquidity as adequate over this year, the nearing debt maturities expose the company to significant refinancing risk. Without a material improvement in cash flow and meaningful debt reduction, there is risk related to NEP's ability to refinance maturities on terms that are consistent with a sustainable capital structure...... | ||||||||||||||||||||||
| Sub-Sovereign Ratings List | May 26, 2023 | |||||||||||||||||||||
| ...Sub-Sovereign Ratings List May ##, #### Country Issuer Outlook [#] Long-Term [#] Short-Term [#] National Scale Rating ARGENTINA Buenos Aires, City of STA Caa# Buenos Aires, Province of STA Ca Chaco, Province of STA Ca Chubut, Province... | ||||||||||||||||||||||
| Moody's assigns initial A2 rating to Youngsville Sales Tax District No. 1, LA's Revenue Bonds and initial A2 issuer rating to City of Youngsville, LA | May 26, 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 initial Aa3 issuer rating to Clay County, SD | May 26, 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 downgrades FinThrive's CFR to Caa1 from B3 on deteriorating liquidity expectations; the outlook is negative | May 26, 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...... | ||||||||||||||||||||||
