Moody's

......Odea Bank A.S.'s (Odea) B# deposit rating reflects its b# baseline credit assessment (BCA) and no affiliate support uplift from its Lebanese parent Bank Audi S.A.L. (Bank Audi, unrated) or government support from Turkiye (B# positive). Odea's standalone BCA of b# reflects improving asset quality and profitability counterbalanced by modest capitalisation. It also captures a moderating operating environment and the bank's limited recourse to wholesale funding and strong liquidity......

......Colbun S.A.'s (Colbun, Baa# stable) credit quality reflects that, in spite of the company's growth plans that include but are not limited to the recently announced acquisition of Inversiones Latin America Power SpA ("ILAP", B# Stable), it will continue to report credit metrics that support its credit profile. Further supporting the credit profile is the company's active commercial policy that seeks extended contractual terms primarily with new unregulated customers to be supplied from its own generation sources. Colbun currently presents an adequate energy balance, with a power generation output that matches its contractual PPA obligations. With ILAP's acquisition plus the start of operations of its Horizonte wind project (###MW) expected by early next year, the company will not only further diversify its asset base but also enhance its geographic footprint in Chile. Nevertheless, it still is exposed to carbon transition risks, given it owns coal and gas fired assets that produce the remaining......

......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......

......The complete list of outstanding ratings assigned to the Kane County S.D. ### (Aurora East Side), IL is available on their issuer page. Details on the current ESG scores assigned to the Kane County S.D. ### (Aurora East Side), IL are available on their ESGView page. Sources: US Census Bureau, Kane County S.D. ### (Aurora East Side), IL's financial statements and Moody's Ratings......

......The credit profile of the Dallas (City of) TX Waterworks and Sewer Enterprise (the system) (Aa# stable) considers the close credit relationship between the City of Dallas (A# stable) and the system, as well as the strong credit fundamentals of the system. The linkage between the two entities is driven by its shared governance, as the city council is the responsible body for both general city operations and the system. The system exhibits credit strengths that bolster the profile, including both legal protections and system fundamentals. Specifically, the legal framework protecting bondholders is strong, both in state legislation and the bond legal documents, including a secured pledge of net revenue and the closed loop of funds as required in the city's voter approved charter. Additionally, the system exhibits healthy credit fundamentals. The system is a very large, regional water and wastewater service provider with a healthy asset condition, ample water supply and system capacity. Financial......

......The credit quality of South West Water (Baa# negative) reflects its low business risk as a monopoly provider of essential water and sewerage services operating under a well- established regulatory regime. The company has moderate financial leverage, with net debt equivalent to ##% of Regulatory Capital Value (RCV) as of March ####. As one of the three listed UK water groups, Pennon has demonstrated good access to equity capital. The number of pollution incidents on the company's wastewater network remains well above peers and regulatory targets, which has become a greater drag on financial performance in the ####-## period (AMP#) as the topic has become a key focus of Ofwat and government. South West Water's rating on the Environment Agency's (EA) annual assessment of water companies has consequently never exceeded two stars ("requiring improvement"), despite a commitment to achieve four stars by the end of AMP#. Largely because of ODIs linked to pollution incidents and the EA's rating......

......Hydro One Inc.'s (HOI, A# stable) credit profile reflects its baseline credit assessment (BCA) of baa# with a one notch uplift attributable to the moderate probability of extraordinary support from the Province of Ontario (Aa# positive), which indirectly owns ##.#% of HOI. HOI's credit quality is analyzed under our Regulated Electric and Gas Utilities rating methodology, and reflects the regulated nature of its operations and its low business risk profile. The utility's rate base consists of roughly ##% transmission and ##% distribution assets, and it benefits from a credit supportive regulatory environment under the Ontario Energy Board (OEB). We expect cash flow from operations to continue to be predictable and we forecast CFO-Pre W/C to debt of ##-##% in the next few years, slightly lower than recent years as the benefits from a favorable tax decision expire. These relatively weak financial metrics are primarily the result of its low authorized equity layer in the capital structure (currently......

......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......

......Rating Action: Moody's Ratings assigns definitive ratings to Hertz Vehicle Financing III LLC, Series ####-# and ####-# rental car ABS......

......Rating Action: Moody's Ratings places ## tranches from ## FFELP securitizations serviced by Nelnet on review for downgrade......

......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......

......Voya CLO ####-#, Ltd. (Voya ####-# or the CLO) is a cash-flow CLO transaction managed by Voya Alternative Asset Management LLC (Voya 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). The CLO will issue several classes of debt that receive quarterly interest payments and, after the reinvestment period, principal payments, in order of seniority. In addition, the CLO will issue subordinated notes that receive payments from residual interest and principal proceeds......

......Fort Bend County, TX (Aa# stable) benefits from strong economic growth given its proximity to employment opportunities in the Houston metropolitan statistical area, as well as its own developing employment base, leading to above median resident income indices of ###% of the nation and above median full value per capita of roughly $###,###. The profile also benefits from a healthy financial position, guided by the county's experienced management team. These strengths are weighed against a high long-term liabilities ratio of roughly ###% of revenue, resulting from growth-related debt issuances, as well as a sizable adjusted net OPEB liability......

......Utah Transit Authority (UTA)'s sales tax revenue bonds (senior lien Aa# stable; subordinate lien Aa# stable) benefit from sound debt service coverage, generally growing revenue and the strong economic base from which the sales tax are generated. Pledged revenue did not contract at the onset of the coronavirus pandemic, although historically, it suffered some declines during the Great Recession (see Exhibit #). The bonding programs' credit quality is also supported by an adequate #.# times additional bonds test (ABT) on the senior lien and a #.# times ABT for senior and subordinate lien debt combined......