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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NameDate
Equipment ABS US: Sector update Q2 2024: Delinquency rates remain high; issuance increasesMay 17, 2024
......Delinquency rates in equipment asset-backed securities (ABS) remained high for some of the subsectors in Q# ####. Early-stage delinquency rates in the agricultural and construction, and trucking ABS subsectors increased slightly from the previous quarter, while those in the small-ticket subsector continued to improve (see 'Performance trends' section). » Moody's-rated issuance volume by balance increased in Q# #### from the year- earlier period. We rated a total of $#.# billion of new issuances in Q# ####, about $#.## billion more than that in the same period of #### (see 'New ratings' section). » The US economy is transitioning to a steady-state equilibrium with receding risks of recession; equipment obligors still face high operational expenses and financing costs. Although recession risks continue to recede, trucking and small business obligors will continue to face financial pressure amid high interest rates and tight bank lending in addition to challenging spot rates. The US Department......
City of East Ridge, TN: Update to credit analysisMay 17, 2024
......The Economic Growth metric cited above compares the five-year CAGR of real GDP for Chattanooga, TN-GA Metropolitan Statistical Area Metropolitan Statistical Area to the five-year CAGR of real GDP for the US. Sources: US Census Bureau, East Ridge (City of) TN's financial statements and Moody's Ratings......
Cumberland Academy, TX: Update to credit analysisMay 17, 2024
......Debt burden does not include line of credit operated in December ####. Source: audited financial statements......
Austin (City of) TX Airport Enterprise: Update to credit analysisMay 17, 2024
......Austin (City of) TX Airport Enterprise (AUS, A# stable) is facing significant capital expansion needs to keep up with the extreme growth in travel that the dynamic local economy is producing. The enterprise is negotiating plans to expand the main Barbara Jordan Terminal as well as the creation of a new second concourse with airlines, though we expect a final plan is months off. Even at the lower end of the range of alternatives, we expect debt issuance to be significant once an agreement is reached. Recent enplanement levels show that the growth potential for the airport is high and should offset the risks posed by the increase in debt that is agreed to by the airlines. Debt service coverage ratios (DSCR) is high now given the substantial non-airline revenue generated at the airport, setting the airport up to retain adequate DSCR following the projects. The airport should maintain liquidity above its target of ### days cash on hand......
ION Trading Technologies S.a.r.l: Covenant Quality Pre-Sale Snapshot: $400m _._% Senior Secured Notes due 20_May 17, 2024
......Score: Weakest (#.##) » Restricted payments. All # standard RP categories (dividends, capital stock, subordinated debt, and restricted investments) but not subordinated shareholder funding (customary in European HY bonds). » RP build-up basket. ##% of cons. net income ("CNI") plus standard additions and Retained Declined Proceeds, so long as no payment/bankruptcy event of default and the # debt test is satisfied. Start dates. CNI basket: # Jan ####; additions/reduction of income basket through RPs: Closing Date (## Nov ####); Retained Declined Proceeds: Issue Date. Upfront credit. greater of ###m and ##% of EBITDA. "Retained Declined Proceeds" means any amounts from asset sales which remained untendered after an offer to repurchase the Notes or pari passu debt » Key quantifiable carve-outs: (#) General permitted payment greater of ###m and ##% of EBITDA. (#) Employee equity repurchases greater of ##m and #% of EBITDA per year (with two-year carry forward). » Key non-quantifiable carve-outs......
Skopima Consilio Parent LLC: Update of discussion of key credit factorsMay 17, 2024
......The B# corporate family rating for Skopima Consilio Parent LLC ("Consilio"), a Washington, D.C.- based provider of electronic discovery, document review and consulting services to corporations and law firms, reflects the company's high financial leverage with debt-to- EBITDA of #.#x (including Moody's adjustments) for the last twelve months ended ## March ####, the company's history of an aggressive expansion strategy through debt funded acquisitions, and event driven nature of the company's business. Moreover, the company operates in a highly competitive and cyclical industry with modest customer concentration. The credit profile also reflects Consilio's strong competitive position with global scale and end-to-end service and technology offerings that span the entire eDiscovery process, strong EBITDA margins and will continue to benefit from positive industry growth trends, such as increased legal spend. In addition, we expect continued revenue and EBITDA growth to lead to a reduction......
Alimentation Couche-Tard, Inc.: Update to credit analysisMay 17, 2024
......Alimentation Couche-Tard Inc. (ACT, Baa# stable) benefits from: (#) its large scale as a convenience store/gas station operator generating $##.# billion of revenue and gross profit of $##.# billion; (#) strong market positions in Canada, US and Scandinavia, defended with its well-recognized Circle K and Couche-Tard banners; (#) good operating track record and demonstrated ability to integrate new acquisitions; (#) strong free cash flow generation which has been used to de-lever after closing large debt funded acquisitions; and (#) our expectation that adjusted debt/EBITDA will be around #.#x through fiscal ####, absent of any large debt funded acquisitions. ACT is constrained by (#) its acquisition growth orientation, which elevates leverage above #x periodically; (#) a large portion of merchandise and service segment revenue driven by tobacco, for which growth has been limited; (#) high capital investment necessary to maintain store relevance; and (#) our expectation that fuel demand will......
LSF11 Trinity Bidco, Inc.: Update to credit analysisMay 17, 2024
......LSF## Trinity Bidco, Inc.'s (dba "MHI") credit profile is limited by the company's volatile revenue, high financial leverage, and private equity ownership. Adjusted debt/EBITDA will remain high at around #.# times over the next ##-## months. Delays or cancellations of ship repairs due to decommissioning of navy vessels will result in flat revenue growth over the next two years. Poor performance on fixed price contracts could constrain profitability. Liquidity is adequate. We expect the company will generate positive free cash flow with minimal maintenance capital expenditures and no dividends in the near-term. The credit profile is supported by MHI's solid market position as a provider of MRO services primarily to the US Navy. The company will benefit from the Navy's plan to increase the size of its fleet to ### ships from ### ships by ####. The five-year Navy ship repair schedule provides good revenue visibility. MHI's is well positioned to provide operations support to the US Navy and......
Amazon.com, Inc.: Update to credit analysisMay 17, 2024
......Amazon.com, Inc.'s (A#/Prime-# stable) credit profile reflects its market leadership position in online retail and the cloud computing market. Although most the company's operating income is derived from AWS, its non-AWS profitability has added significant growth in ####. The company continues to make progress on improving productivity and reducing costs supported by its movement to regionalized fulfillment that also increases delivery speed. Amazon has also built a solid ecosystem of entertainment content that enhances its offering, operates a formidable third-party seller business and generates a solid and rapidly growing profit stream from advertising. Net capital spending is likely to expand significantly as Amazon invests in AWS, to addresses growth in cloud demand and develops its AI capabilities. The growing online presence of brick-and-mortar retailers, as well as the increasing competition from larger, well capitalized companies in AWS' universe continues to present future challenges......
Starbucks Corporation: Update following affirmation of Baa1 ratingMay 17, 2024
......Starbucks Corporation's (Baa#/P-#/stable) credit profile benefits from its global brand strength, dominant position in the US specialty coffee segment, global diversification and significant scale. Starbucks' new and innovative product offerings, greater day part diversity, well accepted loyalty program and digital initiatives have resulted in strong and consistent operating earnings. Starbucks' credit profile also reflects its strong liquidity that provides it with the support to be able to manage through the current difficult global operating environment. The rating also reflects our view that Starbucks will maintain a conservative financial policy with regards to capital allocation and maintain its commitment to its publicly stated leverage target of under #.#x. To that end, we expect Starbucks to suspended any further share repurchases for the remainder of fiscal ####. Starbucks is constrained by heightened competition in its key markets, ongoing cost pressures related to labor and......
Moody's Ratings assigns Aaa to Charlotte, NC's W&S Rev. Bonds, Series 2024; outlook stableMay 17, 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 Ratings assigns Aa1 to Wisconsin's GO bonds; outlook stableMay 17, 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 Ratings affirms Martin Marietta Materials, Inc.'s Baa2 senior unsecured ratings; outlook revised to positiveMay 17, 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 Ratings takes action on $79.9 million of US RMBS issued from 2006 to 2007May 17, 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 Ratings changes Sibanye Stillwater's outlook to negative, affirms Ba2 ratingMay 17, 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 Ratings affirms the B1 corporate family rating of OPENLANE, downgrades the senior secured and senior unsecured ratings; outlook stableMay 17, 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 Ratings assigns a Prime-1 rating to notes issued by Paradelle Funding LLCMay 17, 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 Ratings affirms ratings of seven Ontario government-related issuers, maintains their positive outlooksMay 17, 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 Ratings affirms Baa3 rating on ParkUToledo Inc. Senior Secured Revenue BondsMay 17, 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......
TDA CAM 9, FTAMay 17, 2024
......Contacts Giovanni Mascali, +### #### ####, Giovanni.Mascali@moodys.com Johann Grieneisen, +####-####-####, Johann Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.RMBS@moodys.com......