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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Latest Reports from Moody's
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Moody's affirms Zensun's B2/B3 ratings; changes outlook to negative (Chinese)Oct 20, 2021
Rubix Group Holdings Limited: Rubix's expected intention to float is credit positiveOct 20, 2021
......On ##th October #### Rubix Group Holdings Limited (B# stable) announced that it is considering an initial public offering on the London Stock Exchange. The company's current expectation is that an IPO would raise proceeds of approximately ### million, with a free float of at least ##% of its issued share capital. The company stated in its registration document also published on ## October that if it proceeds with an IPO it intends to repay and/or refinance its existing senior secured term loans and revolving credit facility, as well as certain other of its indebtedness. We expect that some or all of the proceeds would be applied in prepayment of the company's senior secured debt, a credit positive. As at June #### Rubix's Moody's-adjusted debt amounted to #.## billion. This differs from the company's net debt figure of approximately #.# billion as it includes our standard adjustments for finance lease liabilities, recourse factoring, pension liabilities and deferred consideration obligations......
LGD Assessment MasmovilOct 20, 2021
Banks Croatia: Macro profile Moderate -Oct 20, 2021
......Croatia's (Ba# stable) "Moderate -" macro profile is supported by the country's progress in strengthening its institutional capacity since acceding to the EU and the policy anchor for further economic and institutional reforms following its entry into the European Exchange Rate Mechanism (ERM II). Deeper European integration is promoting reforms and reducing foreign-currency debt risk. The country also benefits from relatively low political risk and a disciplined approach to achieving kuna/euro exchange-rate stability. However, these considerations are partly offset by high growth volatility, the economy's lack of diversification, still-modest long-term potential growth, in part driven by Croatia's unfavourable demographics, and elevated government funding requirements. Our assessment incorporates the risks related to credit conditions, including a high proportion of unsecured household debt; high corporate debt compared with peer countries, together with a slow debt recovery process; and......
Sovereign Europe: Tourism is recovering, but risks remain for the most dependent sovereignsOct 20, 2021
......A gradual but sustained recovery in European tourism over the next few years will support economic growth and fiscal consolidation among most of the region's most tourism- dependent countries, who have been worst hit by the pandemic. Nevertheless, new variants and vaccine hesitancy in some countries increase the risk of renewed restrictions that could disrupt the sector's recovery and lead to a further increase in already high debt levels. » Successful vaccine roll-out and EU travel pass set the stage for a steady recovery in European tourism. Data from the crucial summer months of July and August this year point to a significant rebound in nights spent year-on-year, particularly among non-resident tourists. Because many of the factors that underpinned this growth were structural ­ high vaccination levels in Europe and in key source markets, the introduction of the region's "vaccine passport" and the dominance of short-haul intra-European tourism ­ we expect a gradual but steady return......
Ukreximbank: Key Facts and Statistics - H1 2021Oct 20, 2021
......Note: Currency converted using exchange rate of UAH­$#.#####, as of ## June #### Sources: Company reports (consolidated financial statements June #### and presentation July ####), company data, National Bank of Ukraine, Moody's Investors service......
Moodys assigns first-time Baa3 rating to Zhaoqing Guolian; outlook stable (Chinese)Oct 20, 2021
...- Moody's Investors Service Hong Kong Ltd. ## ## () ### #### #### () ### #### #### ­ Moody's Investors Service Hong Kong Ltd. ## ## () ### #### #### () ### #### #### Moody's Investors Service Hong Kong Ltd. ## ## () ###...
Moody's assigns first-time Baa3 rating to Zhaoqing Guolian; outlook stableOct 20, 2021
...Rating Action: Moody's assigns first-time Baa# rating to Zhaoqing Guolian; outlook stable Global Credit Research - ## Oct #### Hong Kong, October ##, #### -- Moody's Investors Service has assigned a first-time Baa# issuer rating to Zhaoqing Guolian...
Moody's assigns A1 to TFA MTN drawdown (Japanese only)Oct 20, 2021
...Contact: VP-SCO ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MJKK]Toyota Finance Australia Limited Debt Issuance A# # #### ## ## A# Toyota Finance Australia Limited TFA Debt Issuance A# #### ## ## ###...
Moody's assigns A1 to Shizuoka Prefecture's bonds (Japanese only)Oct 20, 2021
......C)#### Moody's CorporationMoody's Investors Service, Inc.Moody's Analytics, Inc. Moody's Investors Service, Inc......
AUTO ABS DFP MASTER COMPARTMENT FRANCE 2013Oct 20, 2021
Aurorus 2020 B.V.Oct 20, 2021
......Contacts Sridhar Krishnamoorthy, +, Sridhar.KM@moodys.com Bongani Dlamini, +##-#-####-####, Bongani.Dlamini@moodys.com Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com......
Together Asset Backed Securitisation 2019-1 plcOct 20, 2021
......Deal Closing Date: ##/##/#### Seller/Originator: Together Commercial Finance Limited Together Personal Finance Limited Servicer: Together Commercial Finance Limited Together Personal Finance Limited Backup Servicer: Link Mortgage Services Limited Special Servicer: Back-Up Servicer Facilitator: CSC Capital Markets UK Limited Issuer Account Bank: Elavon Financial Services DAC Cash Manager: Together Financial Services Limited Trustee: U.S. Bank Trustees Limited Arranger: Lloyds Bank Corporate Markets plc Pool Currency: GBP Pool Reporting Frequency: Monthly Last Reporting Date: ##/##/####......
Mapletree Logistics Trust: Update to credit analysisOct 20, 2021
......Mapletree Logistics Trust's (MLT) Baa# rating reflects its diversified portfolio of logistics assets across nine markets within Asia-Pacific; stable and recurring rental income from its properties, which will support healthy credit metrics over the next ##-## months; excellent liquidity over the next ## months; and its ownership by a financially strong sponsor, Mapletree Investments Pte Ltd (Mapletree Investments), because the trust can leverage its sponsor's expertise, track record and strong network of relationship banks. MLT's credit profile will remain resilient, as the increased demand for logistics and warehouse spaces driven by third-party logistics, e-commerce and pharmaceutical companies will support MLT's properties occupancy rates and rental income. The rating is constrained by MLT's continued appetite for portfolio growth through acquisitions, and exposure to high tenant concentration......
Oil and Natural Gas Corporation Ltd.: Update following change in outlook to stableOct 20, 2021
......Oil and Natural Gas Corporation Ltd.'s (ONGC) Baa# local and foreign-currency issuer rating is primarily driven by its baa# Baseline Credit Assessment (BCA), which reflects the company's position as the largest integrated oil and gas company in India, with significant reserves, production volume and crude distillation capacity. ONGC's final rating also reflects our view that its BCA is constrained by India's sovereign rating because of the current links between the company and the government. We assume ONGC has a high likelihood of extraordinary support from and very high dependence on the Government of India (Baa# stable). However, this assumption does not result in any rating uplift because the sovereign rating is at the same level as ONGC's BCA. Our support assessment reflects ONGC's position as the country's largest integrated oil and gas company, its strategic role in the development of oil and gas reserves in India, and the government's strong influence on the company's financial......
Oman Telecommunications Company S.A.O.G.: Update following the change of outlook to stableOct 20, 2021
......On ## October ####, we affirmed Oman Telecommunications Company S.A.O.G.'s (Omantel) Ba# Corporate Family Rating (CFR) and changed the outlook to stable from negative, a direct consequence of a similar action on the rating of the Government of Oman. The rating action reflects the strong credit linkages between the Government of Oman and Omantel. This is further reflected in the company's status as a government related issuer with operations concentrated in Oman and whose performance will depend greatly on the local economic developments. Omantel's CFR reflects the company's standalone creditworthiness, as expressed by its baseline credit assessment (BCA) of ba#, as well as its high dependence and moderate level of support from the Government of Oman (Ba# stable), given the government's ##% stake in the company. Omantel's BCA remains on par with the rating of the Government of Oman and reflects the company's (#) dominant market position in the Omani telecommunications market; (#) resilient......
State of Sarawak (Malaysia): Update following outlook change to stable from negativeOct 20, 2021
......The credit profile of the State of Sarawak (A# stable) is underpinned by its substantial cash reserves, which exceed its sizeable net direct and indirect debt and provide financial flexibility, and track record of conservative budgetary practices. Sarawak also benefits from a moderate likelihood of support from the Government of Malaysia (A# stable) in the event of acute liquidity stress. The recovery in oil prices and certainty over the state's collection of the sales tax on petroleum products support its financial position, even as we expect development spending to remain high in the coming years......
Speculative-grade nonfinancial companies EMEA: Debt stabilises at $1.6 trillion while stronger earnings will alleviate refinancing needsOct 20, 2021
......Overall debt has stabilised after a borrowing spree in ####, but still remains well above the pre-pandemic level. The total debt of the speculative-grade companies in this report amounts to $#.# trillion, unchanged since our #### report. Of this, $### billion in bank and bond debt matures in ####-##, and the same amount thereafter. The changes in debt by sector reflect in part company borrowing in response to the pandemic, but also rating movements and a number of debt-funded transactions. » Telecoms has overtaken autos as the sector with the highest average debt per company. This reflects the new rating of VMED ## UK Limited (Ba# stable) in telecoms as well as the upgrade of Fiat Chrysler Automobiles SA (now Stellantis S.A., Baa# stable) to investment grade in January ####. The average debt per speculative-grade company is fairly stable in #### compared with ####, at $#.# billion, versus an average of $##.# billion at investment-grade companies. » Return to bond markets, stronger cash......
Government of Abu Dhabi Aa2 stable: Regular updateOct 20, 2021
......Abu Dhabi's credit profile is supported by the government's strong balance sheet and net creditor position, with sovereign wealth assets far exceeding total liabilities in the wider public sector, as well as its very high income levels and vast hydrocarbon endowment. These strengths are balanced against the very significant reliance of the economy and government finances on hydrocarbons and regional geopolitical tensions......
General Principles for Assessing Environmental Social and Governance Risks MethodologyOct 20, 2021