iShares Broad USD High Yield Corporate Bond ETF Fund Credit Quality Rating Lowered To 'Bf' - S&P Global Ratings’ Credit Research

iShares Broad USD High Yield Corporate Bond ETF Fund Credit Quality Rating Lowered To 'Bf'

iShares Broad USD High Yield Corporate Bond ETF Fund Credit Quality Rating Lowered To 'Bf' - S&P Global Ratings’ Credit Research
iShares Broad USD High Yield Corporate Bond ETF Fund Credit Quality Rating Lowered To 'Bf'
Published Oct 18, 2018
4 pages (1831 words) — Published Oct 18, 2018
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Oct. 18, 2018--S&P Global Ratings today said it lowered its fund credit quality rating (FCQR) on the iShares Broad USD High Yield Corporate Bond ETF (USHY), managed by BlackRock Fund Advisors (BFA), to 'Bf' from 'B+f'. At the same time, we affirmed our 'S4' fund volatility rating (FVR). The 'Bf' FCQR signifies that the credit quality of the fund's portfolio exposure is very weak. Initially, we assigned our 'B+f' rating on the fund, based in part on an assessment of the credit quality of the fund's benchmark index portfolio, ICE BofAML US High Yield Constrained Index, prior to the fund's official launch. We assessed the fund's index portfolio to determine the preliminary FCQR, given the

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) Oct. 18, 2018--S&P Global Ratings today said it lowered its fund credit quality rating (FCQR) on the iShares Broad USD High Yield Corporate Bond ETF (USHY), managed by BlackRock Fund Advisors (BFA), to 'Bf' from 'B+f'. At the same time, we affirmed our '##' fund volatility rating (FVR). The 'Bf' FCQR signifies that the credit quality of the fund's portfolio exposure is very weak. Initially, we assigned our 'B+f' rating on the fund, based in part on an assessment of the credit quality of the fund's benchmark index portfolio, ICE BofAML US High Yield Constrained Index, prior to the fund's official launch. We assessed the fund's index portfolio to determine the preliminary FCQR, given the fund's investment objective to track the investment results of the benchmark index through a passive investing approach. We are now lowering the FCQR because since the fund launched, its underlying portfolio of investments has exhibited portfolio credit that has steadily and...

  
Report Type:

Ratings Action

Issuer
BlackRock Fund Advisors
Sector
Global Issuers
Country
United States
Region
United States
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "iShares Broad USD High Yield Corporate Bond ETF Fund Credit Quality Rating Lowered To 'Bf'" Oct 18, 2018. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/iShares-Broad-USD-High-Yield-Corporate-Bond-ETF-Fund-Credit-Quality-Rating-Lowered-To-Bf-2115634>
  
APA:
S&P Global Ratings’ Credit Research. (). iShares Broad USD High Yield Corporate Bond ETF Fund Credit Quality Rating Lowered To 'Bf' Oct 18, 2018. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/iShares-Broad-USD-High-Yield-Corporate-Bond-ETF-Fund-Credit-Quality-Rating-Lowered-To-Bf-2115634>
  
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