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Showing posts from September, 2017

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Great Wolf Trust 2017-WOLF's issuance is a CMBS transaction backed by one two-year

Great Wolf Trust 2017-WOLF's issuance is a CMBS transaction backed by one two-year, floating-rate commercial mortgage loan totaling $1.00 billion, with three one-year extension options, secured by cross-collateralized first-mortgage liens on the fee interests in 12 Great Wolf resort properties, a pledge of the borrowers' indirect equity interests in two joint venture properties, and a pledge of the borrowers' interest in the license and franchise management agreements in one third-party owned property. We assigned our ratings to the class A, X-CP, X-EXT, B, C, D, E, F, and HRR certificates. The ratings reflects our view of the transaction's structure, the collateral's performance, and loan's terms, among other factors. The certificate issuance is a commercial mortgage-backed securities transaction backed by one two-year, floating-rate commercial mortgage loan totaling $1.0 billion, with three one-year extension options, secured by cross-coll

Citigroup Commercial Mortgage Trust 2017-P8's issuance is a CMBS transaction backed by 53 commercial mortgage loans with an aggregate principal balance of $1.087 billion

Citigroup Commercial Mortgage Trust 2017-P8's issuance is a CMBS transaction backed by 53 commercial mortgage loans with an aggregate principal balance of $1.087 billion ($917.9 million of offered certificates), secured by the fee and leasehold interests in 167 properties across 32 states. We assigned our ratings to the class A-1 through F, X-A, X-B, X-D through X-F, V-2A through V-2D, V-3AC, and V-3D certificates. The ratings reflect the credit support provided by the transaction structure, our view of the underlying collateral's economics, the trustee-provided liquidity, the collateral pool's relative diversity, and our overall qualitative assessment of the transaction. The certificate issuance is a commercial mortgage-backed securities (CMBS) transaction backed by 53 commercial mortgage loans with an aggregate principal balance of $1.087 billion ($917.9 million of offered certificates), secured by the fee and leasehold interests in 167 properties acro

Mexico-based suspensions and brakes auto supplier, Rassini, continues to post financial metrics in line with our expectations due to record-high sales in the U.S.

Mexico-based suspensions and brakes auto supplier, Rassini, continues to post financial metrics in line with our expectations due to record-high sales in the U.S., as well as to the company's financial discipline to improve margins and reduce leverage. The North American automotive industry's perfomance shows some signs of leveling off, particularly in the passenger car segment. However, we consider that growth prospects in the light-truck segment will support the company's top-line performance and key credit metrics. We're affirming our 'BB' global scale corporate credit rating on Rassini. The stable outlook reflects our view that the company will continue to adhere to its prudent financial policies, and that this will result in a debt to EBITDA of around 1.0x and free operating cash flow (FOCF) to debt of above 25% in the next 12 months. It also incorporates our view that the North American Free Trade Agreement (NAFTA) renegotiation wouldn'

We expect the city of Zagreb will continue posting strong operating margins through 2019

We expect the city of Zagreb will continue posting strong operating margins through 2019, somewhat mitigating the pressure on capital account surpluses, since we expect investments will pick up in 2018-2019. In our view, the institutional framework remains volatile, which, alongside relatively weak liquidity coverage, constrains Zagreb's creditworthiness in the medium term. We are affirming our 'BB' long-term issuer credit rating on Zagreb. The stable outlook reflects our expectation that the city will continue to perform in line with our base-case scenario over 2017-2019 and limit accumulation of debt, both directly and via municipal companies. OUTLOOK The stable outlook on Zagreb reflects our view that continued strong operating balances will help counterbalance Zagreb's increased investment plans. Despite our expectations of a slight rise in tax-supported debt in absolute terms, which includes the debt of municipal company Zagrebacki Holding, the ci

Maltese economy will grow by nearly 4% on average over 2017-2020 in real terms, allowing for a further reduction in general government debt to GDP.

We project that the Maltese economy will grow by nearly 4% on average over 2017-2020 in real terms, allowing for a further reduction in general government debt to GDP. We are therefore revising the outlook on our long-term sovereign credit ratings on Malta to positive from stable, and affirming the 'A-/A-2' long- and short-term ratings. The positive outlook reflects that we could raise the ratings on Malta over the next 24 months if economic growth remains in line with our expectations and is not derailed by factors such as external risks, and if budgetary consolidation and the reform of state-owned enterprises continues. OUTLOOK The outlook revision reflects our expectation that Malta's economy will continue its strong cyclical expansion, growing by nearly 4% on average over 2017-2020 in real terms, enabling a further consolidation of public finances. We could raise the ratings if: Economic growth is in line with our expectations and is not derailed

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