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 upgrades the ratings on notes from Plenti Auto ABS Trust 2023-1Mar 28, 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 assigns definitive ratings to Espoir-2403 backed by auto loan receivables (Japanese)Mar 28, 2024
...#/# NEWS Contact: VP-SCO SF SF ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MSFJ]Espoir-#### ### #######SF ####### Espoir-#### ###Aaa (sf) ABL##Aaa (sf) ### ####### ####### ## ABL ## ABL #...
Moody's assigns definitive rating to Handset Receivables ABS (Japanese)Mar 28, 2024
...#/# NEWS Contact: VP SF SF ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MSFJ] #,### #######SF ####### ####-## Aaa (sf) #,### ####### ####### ### ## #/# ## ##.#% #...
Moody's assigns definitive ratings to Espoir-2403 backed by auto loan receivablesMar 28, 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 assigns definitive rating to Handset Receivables ABSMar 28, 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 assigns definitive Aaa (sf) to Shinhan Card's cross-border credit card dealMar 28, 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......
ING Bank N.V. - Mortgage Covered Bonds 2Mar 28, 2024
......Contacts Monitoring Monitor.CB@moodys.com Click on the icon to download data into Excel & to see Glossary of terms used Client Service Desk London: +## ## ####-####, csdlondon@moodys.com Reporting as of: ##/##/#### All amounts in EUR (unless otherwise specified) For information on how to read this report, see the latest Moody's Covered Bonds Sector Update Data as provided to Moody's Investors Service (note #......
Town of West Newbury, MA: Annual comment onWest NewburyMar 28, 2024
......Economy Resident income ratio Median Household Income (MHI) for the city or county, adjusted for Regional Price Parity (RPP), as a % of the US MHI MHI: US Census Bureau - American Community Survey #-Year Estimates RPP: US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories; audited financial statements; continuing disclosures Population Population of the city or county US Census Bureau - American Community Survey #-Year Estimates Full value per capita Full value / population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or county minus the five-year CAGR of real GDP for the US Real GDP: US Bureau of Economic Analysis Financial performance Revenue Sum of revenue from total governmental funds, operating and non- operating revenue from total business-type activities, and non- operating revenue from internal services funds, excluding transfers and one-time revenue, e.g., bond proceeds......
Takecare Bidco: Update to credit analysisMar 28, 2024
......Takecare Bidco (Sante Cie)'s B# corporate family rating (CFR) is supported by (#) the company's good market position in the fragmented French home care services market; (#) its track record of solid organic growth driven, among others, by partnerships with other healthcare providers; (#) the growth potential of the French home care services market, backed by favorable demographics and the shift to home care; (#) Sante Cie's overall high degree of revenue visibility, supported by social security reimbursements and the stability of the patient portfolio; and (#) resilient margins, supported by the ability to generate economies of scale and limit the impact of tariff cuts. Conversely, the B# rating is constrained by the company's (#) small size with revenue amounting to ### million for fiscal year #### (based on management preliminary numbers); (#) high exposure to ongoing tariff cuts in the French and German home care services markets; (#) currently high leverage, which stands at #.#x as......
CVS Health Corporation: Key facts and statistics - 2023Mar 28, 2024
......CVS Health Corporation (CVS Health) is a US-based health solutions company that provides integrated healthcare services. It offers health care and wellness, health insurance, pharmacy and prescription drug coverage services. As of ## December ####, the company served more than ## million people through traditional, voluntary and consumer-directed health insurance products and related services, including Medicare Advantage offerings and standalone Medicare Part D prescription drug plan. The company primarily operates in the US. As of ## December ####, CVS Health reported more than #,### retail locations, over #,### walk-in medical clinics and ### primary care medical clinics. In ####, CVS Health reported total revenue of $###.# billion. The company originated in #### as Consumer Value Stores in Lowell, Massachusetts, selling health and beauty products. It was renamed CVS in ####. The company's shares are listed on the New York Stock Exchange (ticker: CVS). As of ## December ####, the company's......
Progressive Corporation (The): Key facts and statistics - 2023Mar 28, 2024
......Based on consolidated financial figures. #] Consists of long-term debt. Source: Company reports (form ##-k December ####, December #### and December ####......
Ball Corporation: Key facts and statistics - 2023Mar 28, 2024
......Ball Corporation (Ball) is a US-based manufacturer of aluminum packaging, mainly for the beverage, personal care and household products industries. As of ## December ####, Ball operated in North, Central and South America, Europe, Asia, the Middle East and Africa, and had manufacturing operations in ## countries. Its principal region was the US, which accounted for around ##.#% of its $##.# billion revenue in ####. Ball was established in #### as Wooden Jacketed Can Company in New York. In ####, it was incorporated as Ball Brothers Glass Manufacturing Company and was renamed Ball Corporation in ####. Ball went public in ####, and since ####, the company has been listed on the New York Stock Exchange (ticker: BALL). As of ## December ####, the company's largest shareholder was The Vanguard Group, which held ##.##% of its total share capital......
Pepkor Holdings Limited: Update to credit analysisMar 28, 2024
......Pepkor Holdings Limited's (Pepkor) ratings reflect the South Africa-based retailer's (#) strong position in the South African retail market through its Pep and Ackermans clothing and general merchandise stores, which make up majority of the group's operating profit; (#) strong recognition of PEP as a brand amongst budget-conscious consumers; (#) degree of protection from online clothing retailers with natural barriers given PEP and Ackermans low prices, supported by an extensive logistics supply chain; and (#) good liquidity profile and conservative financial policies. The ratings also factor in (#) the difficult operating environment in South Africa (Ba# stable) with continued power outages and more recent disruption in port operations; (#) limited geographical diversification outside of South Africa; (#) the risks related to the performance of the company's credit books, despite the low credit contribution to total group sales......
First Commercial Bank: Update following rating affirmationMar 28, 2024
......On ## March ####, we affirmed First Commercial Bank's (FCB) A# deposit ratings and baa# Baseline Credit Assessment (BCA). FCB's baa# Baseline Credit Assessment (BCA) factors in the bank's strong asset quality, sound capitalization, moderate profitability, and strong funding and liquidity. The BCA also takes into consideration the bank's sizable exposures to small and medium-sized enterprise (SME) borrowers and the real estate sector. We expect the bank to maintain moderate profitability over the next ##-## months, supported by net interest income growth with recovering loan demand despite a flat or slightly narrowing net interest margin (NIM). FCB's A# long-term deposit rating incorporates the bank's baa# BCA and Adjusted BCA, and a three-notch uplift for government support based on our assessment of a very high level of government support......
First Financial Holding Company, Ltd.: Update following rating affirmationMar 28, 2024
......#] All figures and ratios are adjusted using Moody's standard adjustments. [#] May include rounding differences because of the scale of reported amounts. [#] Compound annual growth rate (%) based on the periods for the latest accounting regime. [#] Simple average of periods for the latest accounting regime. [#] Annualized figures. [#] Parent-only ratio. Sources: Moody's Ratings and company filings......
Government of Japan - A1 stable:Annual credit analysisMar 28, 2024
...SOVEREIGN AND SUPRANATIONAL MARCH ##, #### ISSUER IN-DEPTH Foreign Currency Local Currency Gov. Bond Rating A#/STA A#/STA Country Ceiling Aaa Aaa : # # : a# # aa# # a# ## a ## ESG ## ## ## ## ##...
Moody's assigns definitive ratings to Australian consumer ABS issued by hummgroupMar 28, 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......
humm ABS Aurora Trust: New Issue - hummgroup's first Australian consumer ABS transaction for 2024Mar 28, 2024
......Humm ABS Aurora Trust is an Australian ABS originated by humm BNPL Pty Ltd (originator) and serviced by humm BNPL Pty Ltd, subsidiaries of Humm Group Limited (hummgroup). It is a cash securitisation of unsecured retail, Point of Sale Payments Plans (PosPP) consumer solar receivables originated under the brand 'humm' and extended to consumer obligors in Australia. The transaction features a sequential/pro rata paydown structure. The Notes will be repaid on a sequential basis starting with the Class A-G notes until pro rata paydown conditions are satisfied, upon which principal will be distributed pro rata among Class A-G to Class E-G notes (Class F-G will be paid pro rata when a secondary set of pro rata paydown conditions are satisfied). If the pro rata conditions are not satisfied then the principal collections will be distributed sequentially starting with Class A-G notes. In general, we consider environmental, social and governance credit risks to be low for this transaction. Environmental......
Credit Outlook: 28 March 2024Mar 28, 2024
......Originally published on ## March #### On March ##, the Francis Scott Key Bridge collapsed in Baltimore after a container ship collided with a support column, removing a key transportation artery in the region and causing presumed fatalities. The accident will deprive the Maryland Transportation Authority (MDTA, Aa# stable) of toll revenue, though the greater credit risk for the authority lies in the uncertainty of the bridge replacement costs and timing. Reconstruction costs, which are unknown at this point, will be substantial in part because of elevated construction costs driven by high inflation in recent years and a tight labor market. While we believe there will be some level of federal financial support, the amount and timing are uncertain. MDTA replaced its Nice/Middleton Bridge in October #### following a ##-month construction period at a $### million cost. With current market conditions and the fact the Key Bridge was much taller, total replacement costs for it will likely be considerably......
LOTTE Rental Co., Ltd.: New issuerMar 28, 2024
......On ## March ####, we assigned a first-time Baa# long-term foreign-currency issuer rating to LOTTE Rental Co., Ltd (LOTTE Rental). The Baa# issuer rating reflects the company's established market position with a good franchise and strong operational track record; strong EBITDA interest coverage; and large unencumbered assets available for secured debt issuance as a source of liquidity. These strengths are counterbalanced by its exposure to inherent lease residual value (RV) risks as a rental company, although LOTTE Rental has a good track record of managing RV; its modest leverage; and industrywide intense competition, which constrains profitability......