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GLS Auto Receivables Issuer Trust 2019-1 Notes Assigned Preliminary Ratings

OVERVIEW GLS Auto Receivables Issuer Trust 2019-1's issuance is an ABS transaction backed by subprime auto loan receivables. We assigned our preliminary ratings to the class A, B, C, and D notes. The preliminary ratings reflect our view of the transaction's credit support and enhancement, among other factors. NEW YORK (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings today assigned its preliminary ratings to GLS Auto Receivables Issuer Trust 2019-1's automobile receivables-backed notes series 2019-1 (see list). The note issuance is an asset-backed securities transaction backed by subprime auto loan receivables. The preliminary ratings are based on information as of Jan. 31, 2019. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: The availability of approximately 49.9%, 40.7%, 31.9%, and 25.8% of credit support for the class A, B, C, and D notes,

Long Beach School District, MS GO Bonds Assigned 'A+' Rating

CENTENNIAL (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings assigned its 'A+' long-term rating to Long Beach School District, Miss.' series 2019 general obligation (GO) bonds. The outlook is stable. The bonds are secured by the district's unlimited taxing authority. Proceeds from the series 2019 bonds will be used to purchase, erect, repair, equip, remodel, and enlarge school buildings and facilities. "The 'A+' rating reflects our view of the district's stable operations, maintenance of very strong reserves, and low-to-moderate debt burden," said S&P Global Ratings credit analyst Katelyn Kerley. The stable outlook reflects our expectation that the district will maintain stable operations and very strong reserves for the foreseeable future. Consequently, we do not anticipate changing the rating within the two-year outlook horizon.

Jefferson County Community College District, MO, ICR Outlook Revised To Stable From Negative

DALLAS (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings revised its outlook on Jefferson County Community College District (CCD), Mo. to stable from negative and affirmed its 'AA' issuer credit rating (ICR) on the district. At the same time, S&P Global Ratings revised its outlook to stable from negative and affirmed its 'AA-' rating on the district's series 2010 recovery-zone economic-development lease certificates of participation (COPs) and series 2014 leasehold revenue refunding bonds, issued by Jefferson College Educational Facilities Authority. "The outlook revision reflects our opinion of the college's better-than-budgeted results in both fiscal years 2017 and 2018 coupled with expected positive operations in fiscal 2019, following management's cuts and its commitment to maintain positive operations," said S&P Global Ratings credit analyst Brian Marshall. Payments for the series 2010 COPs and 2014 bonds are

Madison Park Funding XXXII Ltd./Madison Park Funding XXXII LLC Notes Assigned Ratings

OVERVIEW Madison Park Funding XXXII Ltd./Madison Park Funding XXXII LLC's issuance is a CLO transaction backed primarily by broadly syndicated speculative-grade (rated 'BB+' and lower) senior secured term loans that are governed by collateral quality tests. We assigned our ratings to the class A-1, B, C, D, and E notes. The ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors. NEW YORK (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings today assigned its ratings to Madison Park Funding XXXII, Ltd./Madison Park Funding XXXII LLC's floating-rate notes (see list). The note issuance is a collateralized loan obligation transaction backed primarily by broadly syndicated speculative-grade (rated 'BB+' and lower) senior secured term loans that are governed by collateral quality tests. The ratings reflect: The diversified collateral pool. The credit en

Exeter Automobile Receivables Trust 2019-1 Assigned Ratings

OVERVIEW Exeter Automobile Receivables Trust 2019-1's issuance is an ABS transaction backed by subprime auto loan receivables. We assigned our ratings to the class A, B, C, D, and E notes. The ratings reflect our view of the transaction's collateral characteristics, credit enhancement, and payment and legal structures, among other factors. NEW YORK (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings today assigned its ratings to Exeter Automobile Receivables Trust 2019-1's automobile receivables-backed notes (see list). The note issuance is an asset-backed securities transaction backed by subprime auto loan receivables. The ratings reflect: The availability of approximately 60.5%, 53.8%, 45.2%, 35.5%, and 29.5% credit support for the class A, B, C, D, and E notes, respectively, based on stressed cash flow scenarios (including excess spread). This credit support provides coverage of approximately 2.85x, 2.50x, 2.05x, 1.55x, and 1.27x our 20.5

Axtel S.A.B. de C.V. 'BB' Issuer Credit And Issue-Level Ratings Affirmed; Outlook Remains Stable

Mexico-based information and communication technology (TIC) services provider, Axtel S.A.B. de C.V., improved its capital structure following the divestment of 82% of its mass market business segment. MEXICO CITY (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings affirmed its long-term 'BB' issuer and issue-level credit ratings on Axtel. The stable outlook reflects our expectation that during the next 12-18 months, the company will continue to deleverage with debt to EBITDA slightly below 4.0x, thanks to its new operational focus on its TIC segment. We also expect free operating cash flow (FOCF) to debt to remain around 4.5% because the industry is capital-intensive. The ratings affirmation follows Axtel's plan to focus on more profitable business lines, concentrating on enterprise and government customers, which have steady EBITDA margins of around 40%. We believe that the company will concentrate on gaining operational efficiencies and establi

Spectrum High School, MN 2017A-B Bond Rating Outlook Revised To Negative On Projected Weaker Financial Performance

CHICAGO (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BBB-' long-term rating on Bethel, Minn.'s series 2017A and 2017B bonds, issued for Spectrum High School (Spectrum) on behalf of Spectrum Building Co. "The negative outlook reflects our expectation that Spectrum will have weaker financial performance in fiscal 2019 and future years based on projections provided by management and its intention to operate on leaner margins," said S&P Global Ratings credit analyst Natalie Fakelmann. "Coupled with the school's modest liquidity relative to peers at this rating level and its elevated debt burden, we believe the financial profile could deteriorate to levels more consistent with a lower rating within the two-year outlook period."

Vacaville Redevelopment Agency, CA 2000A Bond Rating Placed On CreditWatch Negative Because Of Insufficient Information

SAN FRANCISCO (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings placed its 'A' rating on Vacaville Redevelopment Agency, Calif.'s series 2000A multifamily housing revenue and refunding bonds, issued for Vacaville Community Housing Inc.'s (VCH) Orchard and Willows apartments project, on CreditWatch with negative implications. "We are unable to complete our annual surveillance review because we haven't received the fiscal year 2018 audit, which is required to maintain our rating on the bonds," said S&P Global Ratings credit analyst Jose Cruz. "Management has indicated that the 2018 audit may not be provided due to the transfer of ownership of the project to Eden Housing from VCH in October 2018, which could lead us to withdraw the rating on the bonds," Mr. Cruz continued. "Furthermore, during the CreditWatch period, we will analyze the structure of the transfer of ownership and the sale of the project to determine

CHF Collegiate Housing Island Campus LLC, AL Bond Rating Lowered To 'BB+' On DSC, Occupancy Pressure; Outlook Negative

SAN FRANCISCO (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings lowered its long-term rating to 'BB+' from 'BBB-' on New Hope Cultural Education Finance Corp., Texas' series 2017A and taxable series 2017B student housing revenue bonds (the bonds) issued on behalf of CHF Collegiate Housing Island Campus LLC (CHF--Island Campus). CHF Collegiate Housing Island Campus LLC is a limited liability company, whose sole member is the Foundation, an Alabama not-for-profit corporation. The bonds were issued to finance the acquisition costs of the Miramar facilities on the Texas A&M University--Corpus Christi's (A&M--Corpus Christi or the university) Island Campus. The outlook is negative. "The rating downgrade and negative outlook on the bonds reflect our opinion of management's projected debt service coverage of 1.08x for fiscal 2019, which is below the rate covenant of 1.2x, and our expectation of continued pressure on occupancy

Greater Wellington Regional Council Outlook Revised To Positive After Similar Action On New Zealand; Ratings Affirmed

OVERVIEW On Jan. 31, 2019, we revised the rating outlook on New Zealand to positive from stable. Consequently, we are revising our rating outlook on Greater Wellington Regional Council to positive from stable because the ratings on the council are constrained by the long-term foreign-currency rating on New Zealand. At the same time, we are affirming our 'AA/A-1+' ratings on the council. Although Greater Wellington's stand-alone credit profile is currently higher than New Zealand's, we believe the council could not withstand a default scenario better than the sovereign could, and that the council's credit metrics would deteriorate in line with those of the sovereign in the event of a distress scenario. RATING ACTION On Feb. 1, 2019, S&P Global Ratings revised its outlook on the long-term ratings on New Zealand's Greater Wellington Regional Council to positive from stable. At the same time, we affirmed our 'AA/A-1+' long- and short-te

Outlooks On Seven New Zealand Local Governments Revised To Positive After Similar Sovereign Action; Ratings Affirmed

MELBOURNE (S&P Global Ratings) Feb. 1, 2019--S&P Global Ratings said today that it has revised the outlook on the 'AA' long-term local and foreign currency ratings of seven New Zealand local councils to positive from stable following a similar action on the New Zealand sovereign (see list). At the same time, we revised the rating outlook on Greater Wellington Regional Council 's subsidiary WRC Holdings Ltd. to positive from stable. We affirmed the short-term ratings on all entities at 'A-1+'. Although the stand-alone credit profiles of these seven local councils are higher than New Zealand's, the ratings on the local councils are currently constrained by the foreign-currency long-term rating on the sovereign. We believe no New Zealand local government could withstand a default scenario better than the sovereign could, and that these local governments' credit metrics would deteriorate in line with those of the sovereign in the event of a d

Marlborough District Council Outlook Revised To Positive After Similar Action On New Zealand; 'AA/A-1+' Ratings Affirmed

OVERVIEW On Jan. 31, 2019, we revised the rating outlook on New Zealand to positive from stable. Consequently, we are revising our outlook on the long-term ratings on Marlborough District Council to positive from stable because the ratings on the council are constrained by the long-term foreign-currency rating on New Zealand. At the same time, we are affirming our 'AA/A-1+' long- and short-term issuer credit ratings on Marlborough. Although Marlborough's stand-alone credit profile is currently higher than New Zealand's, we believe the council could not withstand a distress scenario better than the sovereign, and that the council's credit metrics would deteriorate in line with those of the sovereign in a distress scenario. RATING ACTION On Feb. 1, 2019, S&P Global Ratings revised its outlook on New Zealand's Marlborough District Council to positive from stable. At the same time, we affirmed our 'AA/A-1+' long- and short-term issuer

WRC Holdings Ltd. Outlook Revised To Positive After Similar Action On Parent; 'AA/A-1+' Ratings Affirmed

On Feb. 1, 2019, we revised the rating outlook on WRC Holdings Ltd.'s (WRCH) parent, Greater Wellington Regional Council, to positive from stable following a similar action on New Zealand. Consequently, we are revising the rating outlook on Greater Wellington's investment holding company WRCH to positive from stable. At the same time, we are affirming our 'AA/A-1+' long- and short-term ratings on WRCH. We equalize the ratings on WRCH with that on the council. The ratings on WRCH reflect our assessment that there is an almost certain likelihood that extraordinary support would be forthcoming from sole owner Greater Wellington in a distress scenario. MELBOURNE (S&P Global Ratings) Feb. 1, 2019--S&P Global Ratings today revised its outlook on WRC Holdings Ltd. (WRCH) to positive from stable. At the same time, we affirmed our 'AA/A-1+' long- and short-term issuer credit ratings on WRCH. The positive outlook reflects that on the ratings on

New Plymouth District Council Outlook Revised To Positive After Similar Action On New Zealand; Ratings Affirmed

OVERVIEW On Jan. 31, 2019, we revised the rating outlook on New Zealand to positive from stable. Consequently, we are revising our rating outlook on New Plymouth District Council to positive from stable because the ratings on the council are constrained by the long-term foreign-currency rating on New Zealand. At the same time, we are affirming our 'AA/A-1+' long- and short-term issuer credit ratings on New Plymouth. New Plymouth's standalone credit profile is currently higher than New Zealand's, but we believe the council could not withstand a distress scenario better than the sovereign, and that the council's credit metrics would deteriorate in line with those of the sovereign in a distress scenario. RATING ACTION On Feb. 1, 2019, S&P Global Ratings revised its outlook on New Zealand's New Plymouth District Council to positive from stable. At the same time, we affirmed our 'AA/A-1+' long- and short-term issuer credit ratings on New

Palmerston North City Council Outlook Revised To Positive After Similar Action On New Zealand; Ratings Affirmed

OVERVIEW On Jan. 31, 2019, we revised the rating outlook on New Zealand to positive from stable. Consequently, we are revising our outlook on Palmerston North City Council (Palmerston North) to positive from stable because the ratings on the council are constrained by the long-term foreign-currency rating on New Zealand. At the same time, we are affirming the 'AA/A-1+' ratings on the council. Although Palmerston North's stand-alone credit profile is currently higher than New Zealand's, we believe the council could not withstand a default scenario better than the sovereign could, and that the council's credit metrics would deteriorate in line with those of the sovereign in the event of a distress scenario. RATING ACTION On Feb. 1, 2019, S&P Global Ratings revised its outlook on New Zealand's Palmerston North City Council to positive from stable. At the same time, we affirmed our 'AA/A-1+' long- and short-term issuer credit ratings on

Taupo District Council Outlook Revised To Positive After Similar Action On New Zealand; 'AA/A-1+' Ratings Affirmed

OVERVIEW On Jan. 31, 2019, we revised the rating outlook on New Zealand to positive from stable. Consequently, we are revising our rating outlook on Taupo District Council to positive from stable because the ratings on the council are constrained by the long-term foreign-currency rating on New Zealand. At the same time, we are affirming the 'AA/A-1+' ratings on the council. Although Taupo's stand-alone credit profile is currently higher than New Zealand's, we believe the council could not withstand a default scenario better than the sovereign could, and that the council's credit metrics would deteriorate in line with those of the sovereign in the event of a distress scenario. RATING ACTION On Feb. 1, 2019, S&P Global Ratings revised its outlook on New Zealand's Taupo District Council to positive from stable. At the same time, we affirmed our 'AA/A-1+' long- and short-term issuer credit ratings on Taupo. OUTLOOK The positive outlook

Wellington City Council Outlook Revised To Positive After Similar Action On New Zealand; 'AA/A-1+' Ratings Affirmed

OVERVIEW On Jan. 31, 2019, we revised the rating outlook on New Zealand to positive from stable. Consequently, we are revising our outlook on Wellington City Council to positive from stable because the ratings on the council are constrained by the long-term foreign-currency rating on New Zealand. At the same time, we are affirming the 'AA/A-1+' ratings on the council. Although Wellington City Council's stand-alone credit profile is currently higher than New Zealand's, we believe the council could not withstand a default scenario better than the sovereign could, and that the council's credit metrics would deteriorate in line with those of the sovereign in the event of a distress scenario. RATING ACTION On Feb. 1, 2019, S&P Global Ratings revised its outlook on New Zealand's Wellington City Council to positive from stable. At the same time, we affirmed our 'AA/A-1+' long- and short-term issuer credit ratings on Wellington City Council

Whangarei District Council Outlook Revised To Positive Following Similar Action On New Zealand; Ratings Affirmed

OVERVIEW On Jan. 31, 2019, we revised the rating outlook on New Zealand to positive from stable. Consequently, we are revising our outlook on the long-term ratings on Whangarei District Council to positive from stable because the ratings on the council are constrained by the long-term foreign-currency rating on New Zealand. At the same time, we are affirming our 'AA/A-1+' long- and short-term issuer credit ratings on Whangarei. Although Whangarei's stand-alone credit profile is currently higher than New Zealand's, we believe the council could not withstand a distress scenario better than the sovereign, and that the council's credit metrics would deteriorate in line with those of the sovereign in a distress scenario. RATING ACTION On Feb. 1, 2019, S&P Global Ratings revised its outlook on New Zealand's Whangarei District Council to positive from stable. At the same time, we affirmed our 'AA/A-1+' long- and short-term issuer credit r

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