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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| Moody's assigns P-1 to Mizuho Markets Cayman LP's USD takedown due September 2024 (Japanese only) | Apr 26, 2024 | |||||||||||||||||||||
| ...#/# NEWS Contact: VP ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MJKK]Mizuho Markets Cayman LPP-# ####### :Mizuho Markets Cayman LP :####### : · ############## :P-# : :MTN###(P)A#/(P)P-# :A#/P... | ||||||||||||||||||||||
| Moody's assigns provisional ratings to UtoPure alpha Series2405, credit card receivables ABS (Japanese) | Apr 26, 2024 | |||||||||||||||||||||
| ...#/# NEWS Contact: VP SF SF ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MSFJ]UtoPure #### ## #######SF ####### UtoPure #### ####(P)Aaa (sf) ####ABL(P)Aaa (sf) ## ####### ########## ####### ##... | ||||||||||||||||||||||
| Moody's assigns (P)A3 to Kyushu Electric Power's domestic shelf registration (Japanese only) | Apr 26, 2024 | |||||||||||||||||||||
| ...#/# NEWS Contact: ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MJKK](P)A# ####### : :####### : ·#,########## :(P)A# : : ###### ## #/# ##### /ratings-news) (https://ratings. / moodys ###-#### #-#-#... | ||||||||||||||||||||||
| Moody's assigns provisional ratings to UtoPure alpha Series2405, credit card receivables ABS | Apr 26, 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...... | ||||||||||||||||||||||
| Prodigy Finance CM2021-1 Designated Activity Company | Apr 26, 2024 | |||||||||||||||||||||
| ......Contacts Ayantika Bhowmik, +, Ayantika.Bhowmik@moodys.com Maria Turbica Manrique, +##-##-###-####, Maria Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com...... | ||||||||||||||||||||||
| PCL Funding VI PLC | Apr 26, 2024 | |||||||||||||||||||||
| ......Contacts Udaykumar Bhat, +, Udaykumar.Bhat@moodys.com Lam Tran Ngoc, +####-####-####, Lam Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com...... | ||||||||||||||||||||||
| Trafigura Securitisation Finance PLC | Apr 26, 2024 | |||||||||||||||||||||
| ......#/##/#### Information as of: #/##/#### Originator: Seller/Servicer: Analyst Contacts Matching Agent and Back-up Servicer: Bhat,Udaykumar Trustee: Arranger: udaykumar.bhat@moodys.com Currency: USD million Jimenez, Angel...... | ||||||||||||||||||||||
| Rating Methodology:Future Receivables Securitizations | Apr 26, 2024 | |||||||||||||||||||||
| ...ASSET-BACKED SECURITIES APRIL ##, #### SF RATING METHODOLOGY : # # # # # # ## ## ##.####.#### ABS Future Receivables Securitizations / Diversified Payment Rights= DPR) #### # "Future Receivables Securitizations Methodology" #### # ABS SF NRSRO SEC... | ||||||||||||||||||||||
| Rating Methodology:Future Receivables Securitizations | Apr 26, 2024 | |||||||||||||||||||||
| ...ASSET-BACKED SECURITIES APRIL ##, #### RATING METHODOLOGY : # # # # # # ## ## ##.####.#### ABS Future Receivables Securitizations / Diversified Payment Rights= DPR) #### # "Future Receivables Securitizations Methodology" #### # ABS # APRIL ##, ####... | ||||||||||||||||||||||
| Northrop Grumman Corporation: Key facts and statistics - 2023 | Apr 26, 2024 | |||||||||||||||||||||
| ......Northrop Grumman Corporation is a US-based aerospace and defense technology company. It offers its products and services to customers worldwide. These include space systems, military aircraft, missile defense, advanced weapons and long-range fire capabilities, mission systems, networking and communications, strategic deterrence systems and leading technologies, such as advanced computing, microelectronics and cyber solutions. The US government is the company's largest customer, accounting for ##% of its $##.# billion in sales as of the year that ended on ## December ####. As of ## December ####, the company reported a total order backlog of $##.# billion (## December ####: $##.# billion). Northrop Grumman was founded in #### as Northrop Aircraft Incorporated. Its shares are listed on the New York Stock Exchange (ticker: NOC). As of ## December ####, the company's largest shareholder was State Street Corporation, which accounted for #.#% of its total share capital...... | ||||||||||||||||||||||
| Coronado Global Resources Inc.: Credit opinion update | Apr 26, 2024 | |||||||||||||||||||||
| ......Coronado's B# rating reflects its sizable metallurgical ("met") coal mining operations with geographic diversification across Australia and the United States. The rating also reflects the company's strong financial and good liquidity profiles which have benefitted elevated met coal prices in recent periods. The company reported a net cash position of $##.# million at December ####. At the same time, Coronado's credit profile is constrained by its exposure to coal price volatility, and reliance on three operations for the vast majority of earnings. The company's Stanwell agreement, which limits profitability and raises exposure to downward price corrections, also constrains the rating. Further, the company's B# rating reflects its private equity ownership by EMG. While EMG has entered into an agreement to divest its ##.#% interest in Coronado to Czech family office Seven Group Investments (SGI), the conditions precedent have not yet been satisfied. Moody's base case reflects a continuation...... | ||||||||||||||||||||||
| Bankinter, S.A.: Update following rating affirmation, outlook remains stable | Apr 26, 2024 | |||||||||||||||||||||
| ......On ## March ####, we affirmed Bankinter, S.A.'s (Bankinter) deposit ratings to A#/Prime-# from A#/Prime-#. The outlook remains unchanged at stable. Bankinter´s A#/Prime-# deposit ratings reflect the bank's baa# Baseline Credit Assessment (BCA); two notches rating uplift from our Advanced Loss Given Failure (LGF) analysis; and our assumption of a low probability of government support, which results in no rating uplift. Bankinter's Counterparty Risk Ratings (CRRs) and Counterparty Risk (CR) Assessment are A#/ Prime-# and A#(cr)/Prime-#(cr), respectively. Bankinter's baa# BCA reflects its sound credit risk profile, with asset quality metrics ranking among the strongest in the Spanish banking sector and which we expect to be only mildly strained by the increase in debt servicing costs and high cost of living. The BCA also reflects the bank's improved profitability, which has largely benefitted from the higher interest rates, and its sound funding structure, principally reliant on customer deposits...... | ||||||||||||||||||||||
| Macquarie Group Limited: Update following rating action | Apr 26, 2024 | |||||||||||||||||||||
| ......Macquarie Group Limited's (MGL) A# senior unsecured and long-term issuer ratings are two- notches above Macquarie Bank Limited's (MBL) a# Baseline Credit Assessment, reflecting our Advanced Loss Given Failure (LGF) analysis, with the holding company's senior ratings benefitting from loss absorption of more junior securities. MGL's strong overall credit profile is characterised by very strong profitability resulting from its highly diversified business mix, very strong capital adequacy and a conservative liquidity profile. The strength of the group's capital and liquidity provides a counterbalance to the group's trading and investment banking activities which can raise non-lending asset risks. Moody's also maintains ratings for the group's banking subsidiary, Macquarie Bank Limited (MBL, Aa# stable, a#), and MBL's non-extended licenced entities, Macquarie International Finance Limited (MIFL, A# stable) and the group's non-banking businesses Macquarie Financial Holdings Pty Limited (A# stable...... | ||||||||||||||||||||||
| Moody's Ratings assigns provisional ratings to auto ABS issued by Taurus 2024-1PP Trust | Apr 26, 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...... | ||||||||||||||||||||||
| Taurus 2024-1PP Trust: Pre-Sale Taurus Finance's first auto ABS issuance of 2024 | Apr 26, 2024 | |||||||||||||||||||||
| ......Taurus ####-#PP Trust (Taurus ####-#) transaction is a static cash securitisation of consumer and commercial auto loans extended to prime borrowers in Australia. Taurus Finance Holdings Pty Limited (Taurus, unrated) originated and services the receivables. This is Taurus' third term asset-backed security (ABS) transaction. Taurus is a finance company that originates retail auto loans and provides floorplan finance to automotive dealers. Taurus was founded in #### and started originating retail auto loans in October ####. As of ## February ####, Taurus had a loan portfolio of AUD###.# million of retail auto loans...... | ||||||||||||||||||||||
| Union Bank of the Philippines: Update following rating affirmation | Apr 26, 2024 | |||||||||||||||||||||
| ......UnionBank's Baa# long-term deposit and issuer ratings are one notch higher than its baa# BCA, reflecting our assessment that the bank will receive moderate support from the Government of Philippines (Baa# stable) in times of need. The support assumption is based on UnionBank's moderate deposit market share of #.#% as of year-end ####. UnionBank's BCA of baa# reflects the bank's elevated asset risks including its weak coverage levels that remain lower than domestic rated peers. It also reflects our expectation that the bank's capital, although below its domestic rated peers, will remain adequate to buffer against the bank's higher risks to loan losses, following the completion of its capital raise announced in January ####. We expect its core profitability to improve with a larger share of higher-yielding retail loans. The bank has a modest deposit franchise, reflecting its relatively small market share of #% as of ## December ####, the impact of which is mitigated by its high level of liquidity...... | ||||||||||||||||||||||
| Japan Petroleum Exploration Co., Ltd.: Update to credit analysis | Apr 26, 2024 | |||||||||||||||||||||
| ......Japan Petroleum Exploration Co., Ltd. (JAPEX) is a government-related issuer (GRI) in which the Government of Japan (A# stable) directly owns around ##%, indicating the company's importance in securing oil and gas for the country. JAPEX's Baa# issuer rating incorporates a two-notch GRI uplift from the company's baa# Baseline Credit Assessment (BCA). The uplift reflects our assessment of the probability and level of government support for the company, if needed. The company's baa# BCA is supported by the company's very low leverage. JAPEX's strong balance sheet and cash balance provide significant headroom for the company to invest in new E&P projects while strengthening its non-E&P businesses without relying on debt financing. As a result, we expect the company to maintain a strong credit profile over the next #-# years. At the same time, the rating is constrained by JAPEX's very small scale. Its small reserves and production base make it more difficult for JAPEX to cover its fixed costs...... | ||||||||||||||||||||||
| Macquarie Bank Limited: Update following rating action | Apr 26, 2024 | |||||||||||||||||||||
| ......Very strong capital levels with prudent capital management. » High levels of liquidity with a conservative liquidity policy. » Improving profitability as business lines grow...... | ||||||||||||||||||||||
| Moody's Ratings affirms A3 issuer rating of Shandong Hi-speed; outlook stable (Chinese) | Apr 25, 2024 | |||||||||||||||||||||
| ...# *### A# #######-- () () A# ba#THI Capital Co., Ltd. A# /" " A#ba# (A#/) """"# ba# - Moody's Investors Service Hong Kong Ltd. ## ## () ### #### #### () ### #### #### Moody's Investors Service Hong Kong Ltd. ## ## () ### ####... | ||||||||||||||||||||||
| Moody's Ratings affirms A3 issuer rating of Shandong Hi-speed; outlook stable | Apr 25, 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...... | ||||||||||||||||||||||
