DB Master Finance LLC's series 2019-1 issuance is backed by franchise royalty and license payments, securitization intellectual property, other licensing payments, franchisee lease payments, and certain fee-owned properties, among other things. We assigned our ratings to the series 2019-1 class A-1, A-2-I, A-2-II, and A-2-III notes. At the same time, we affirmed our ratings on the series 2017-1 class A-2-I and A-2-II notes. The ratings reflect our view of the transaction's structure, projected cash flows, and strength of the Dunkin' Donuts and Baskin-Robbins brands, among other factors. NEW YORK (S&P Global Ratings) April 30, 2019--S&P Global Ratings today its assigned ratings to DB Master Finance LLC's series 2019-1 notes. At the same time, we affirmed our ratings on the series 2017-1 class A-2-I and A-2-II notes (see list). The note issuance is backed by franchise royalty and license payments, securitization intellectual property, other lice

Dryden 72 CLO Ltd./Dryden 72 CLO LLC's issuance is a CLO securitization backed by primarily broadly syndicated speculative-grade (rated 'BB+' and lower) senior secured term loans that are governed by collateral quality tests. We assigned our preliminary ratings to the class X, B, C, D, and E notes. The preliminary 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) April 30, 2019--S&P Global Ratings today assigned its preliminary ratings to Dryden 72 CLO Ltd./Dryden 72 CLO LLC's floating-rate notes (see list). The note issuance is collateralized loan obligation (CLO) securitization backed by primarily broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests. The preliminary ratings are based on information as of April 30, 2019. Subsequent information may result in the assignm

S&P Adjusted free operating cash flow (FOCF) of the largest U.S. alarm monitoring service provider, ADT Inc. may not improve as expected in 2019 because of higher growth investments than we expected in customer retention and business acquisition. We also expect FOCF-to-debt to remain in the 4% to 6% range over the next 12 to 24 months, lower than our previous expectation of mid- to high-single-digit range, as the company broadens its residential, commercial, and DIY service capabilities, upgrades its residential customer's legacy 3G equipment, and defends its market share. We revised the outlook to stable from positive and affirmed all ratings, including our 'B+' issuer credit rating on Prime Security Services Borrower LLC. We also assigned the 'B+' issuer credit rating to ADT Inc. The stable outlook reflects our expectation that ADT's operating performance will remain stable as it reduces customer churn, broadens its home automation solutions and servic

COLUMBIA (S&P Global Ratings) April 30, 2019--S&P Global Ratings assigned its 'BBB-' long-term rating to the Public Finance Authority, Wis.'s series 2019A student housing revenue refunding bonds, issued for the NC A&T Real Estate Foundation LLC (NCATREF) project. The outlook is stable. "The stable outlook reflects our expectation that, during the two-year outlook period, the project will meet expectations for demand and financial performance," said S&P Global Ratings credit analyst Luke Gildner. "We understand the introduction of new beds in likely within the outlook period, and we will fully incorporate the addition of new beds when more information is available." NCATREF was established as a limited liability company under North Carolina law, of which the NC A&T Real Estate Foundation Inc. is the sole member. NCATREF was established to serve as a borrower for the proposed series 2019 transaction, the purpose of which is to assi

U.S.-based manufacturer of electronic components KEMET Corp. has requested a rating withdrawal. We are therefore withdrawing our 'B+' long-term issuer credit rating on KEMET Corp. At the time of withdrawal, the outlook was stable. At the same time, we are withdrawing our 'B+' issue and '3' recovery ratings on KEMET's total ¥33 billion term loan due Sep. 30, 2024. We are also withdrawing the 'B+' issue and '3' recovery ratings on the previous $345 million term loan B due Apr. 28, 2024 were also withdrawn, since the loan was fully repaid in November 2018. NEW YORK (S&P Global Ratings) April 30, 2019—S&P Global Ratings today took the rating actions listed above. We have withdrawn the ratings at the issuer's request.

SAN FRANCISCO (S&P Global Ratings) April 30, 2019--S&P Global Ratings assigned its 'AAA' long-term rating to the University of Texas (UT) System Board of Regents' $330 million series 2019A revenue financing system (RFS) refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' and 'AAA/A-1+' ratings on the system's RFS bonds outstanding. Finally, S&P Global Ratings affirmed its 'A-1+' short-term rating on the board's commercial paper (CP) programs. The outlook, where applicable, is stable. "The ratings reflect our view of the UT System's extremely strong enterprise profile and very strong financial profile," said S&P Global Ratings credit analyst Mary Ellen Wriedt. We assessed the system's enterprise profile as extremely strong, with a robust demand profile, solid revenue growth, and exposure to health care risk. We assessed the system's financial profile as very strong, with posit

Kellogg Co. has announced its definitive agreement to sell selected cookies, fruit and fruit-flavored snacks, pie crusts, and ice cream cones businesses to Ferraro group for $1.3 billion in proceeds. We expect the proceeds will be used to reduce debt, resulting in pro forma leverage near 4x, which is consistent with previous expectations. We affirmed all of our ratings on Kellogg, including the 'BBB' issuer credit rating, 'BBB' issue-level ratings, and 'A-2' commercial paper short-term rating. The stable outlook reflects our expectation for leverage to remain below 4x over the next 12-24 months NEW YORK (S&P Global Ratings) April 30, 2019—S&P Global Ratings today took the rating actions listed above. The affirmation reflects Kellogg's solid position in ready-to-eat (RTE) cereal and snack food categories, good product and geographic diversity, solid cash flow generation capabilities, and our expectation for credit metrics to remain in line with

On April 29, 2019, S&P Global Ratings raised its long-term sovereign credit rating on Panama to 'BBB+' from 'BBB', and affirmed its 'A-2' short-term sovereign credit rating. This rating action reflects Panama's consistently strong economic growth and stable fiscal policy. In our opinion, many years of rapid GDP growth and economic diversification have boosted per capita income in the country, strengthening the private sector's debt payment capacity and relieving pressure in terms of credit risk in the economy. Therefore, we're revising our economic risk score in Panama's Banking Industry Country Risk Assessment (BICRA) to '5' from 6' in order to reflect the banking system's higher resilience in terms of credit risk. However, we're maintaining Panama's BICRA at group '5', its industry risk score at '5', and the anchor for banks operating in the country at 'bbb-'. The trend on both e

CHICAGO (S&P Global Ratings) April 30, 2019--S&P Global Ratings has revised its outlook to positive from stable and affirmed its 'A' long-term rating and issuer credit rating (ICR) on the Health & Educational Facilities Board of the Metropolitan Government of Nashville & Davidson County, Tenn.'s series 2012 revenue bonds, issued for Belmont University (BU). "The positive outlook reflects the continuous growth in enrollment, with expectation of growth to continue for the next few years as well as maintenance of student demand characteristics while the university grows enrollment," said S&P Global Ratings credit analyst Gauri Gupta. "At the same time, the operating performance of the university has consistently generated exemplary results with above 30% net operating margins for the past decade that has strengthened the balance sheet resources, even with the university uses internal resources to fund capital projects." We do recogn

MGM China Holdings Ltd. (MGM China), a Macau-based subsidiary of MGM Resorts International, plans to issue $1.25 billion of unsecured notes to repay a portion of its outstanding secured debt. We assigned our 'BB-' issuer credit rating to MGM China. We also assigned our 'BB-' issue-level rating to MGM China's proposed aggregate $1.25 billion unsecured notes due 2024 and 2026. In addition, we affirmed our existing ratings on MGM Resorts and its other subsidiaries, including the 'BB-' issuer credit ratings. The stable rating outlook reflects our expectation that MGM's leverage will improve to the mid- to high-4x area through 2019 as a result of recently completed acquisitions and ongoing investments in the business. NEW YORK (S&P Global Ratings) April 30, 2019--S&P Global Ratings today took the rating actions listed above. The rating actions on MGM and MGM China reflect our view that although the refinancing transaction will increase MGM Chi

NEW YORK (S&P Global Ratings) April 30, 2019--S&P Global Ratings raised its rating on Fort Gordon Family Housing LLC, Ga.'s (Fort Gordon military housing privatization project) series 2006, class II taxable military housing revenue bonds to 'A(sf)' from 'A-(sf)'. At the same time, S&P Global Ratings affirmed its 'A+(sf)' rating on Fort Gordon Family Housing LLC's (Fort Gordon military housing privatization project) series 2006, class I taxable military housing revenue bonds. The outlook is stable. The ratings reflect our view of the project's: Very strong financial strength, reflected in debt service coverage (DSC) of 1.57x and 1.5x maximum annual debt service (MADS) on the class I and II bonds, respectively, based on three years' average audited financials; Excellent quality of the assets supporting the bonds, including a revenue stream derived from the federally appropriated basic allowance for housing (BAH); and Strong econo

DALLAS (S&P Global Ratings) April 30, 2019--S&P Global Ratings assigned its 'AA/A-1+' dual rating to the Ohio Higher Educational Facility Commission's $119 million series 2019D and $131 million series 2019F hospital revenue bonds and its 'AA/A-1' dual rating to the commission's $131 million series 2019E hospital revenue bonds. All bonds have been issued for Cleveland Clinic Health System (CCHS). The outlook on all ratings is stable. "The ratings reflect our view of CCHS' credit characteristics and bank support," said S&P Global Ratings credit analyst Brian Williamson. The 'A-1+' short-term rating, which applies to CCHS' series 2019D bonds, reflects our opinion of CCHS' credit quality and its provision of self-liquidity in the event of a failed remarketing. As of March 31, 2019, the health system held cash, fixed income, and equity assets totaling more than $1.9 billion when discounted. These assets provide ample cov

We reviewed our ratings on AOA 2015-1177 Mortgage Trust, a U.S. CMBS transaction. We affirmed our ratings on the five classes from this transaction. The affirmations reflect our analysis of the collateral's credit characteristics and performance, as well as the transaction's structure and the liquidity available to the trust. NEW YORK (S&P Global Ratings) April 30, 2019--S&P Global Ratings today affirmed its ratings on five classes of commercial mortgage pass-through certificates from AOA 2015-1177 Mortgage Trust, a U.S. commercial mortgage-backed securities (CMBS) transaction (see list). For the affirmations, our expectation of credit enhancement was in line with the affirmed rating levels. We affirmed our rating on the class X-A interest-only (IO) certificates based on our criteria for rating IO securities, in which the ratings on the IO securities would not be higher than that of the lowest rated reference class. Class X-A's notional balance re

Wheel Pros, Inc. is planning to issue an incremental $326 million first-lien term loan and an incremental $90 million second-lien term loan as a part of its acquisition of Mobile Hi-Tech Wheels (MHT). As a result of elevated debt leverage, S&P Global Ratings is revising our outlook on Wheel Pros to negative from stable and are affirming our 'B' issuer credit rating on the company. At the same time, we are affirming our 'B' issue-level rating on the company's first-lien term loan and our 'CCC+' issue-level rating on the second-lien term loan. The respective recovery ratings remain unchanged at '3' and '6', indicating our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery for first-lien lenders and negligible (0%-10%; rounded estimate: 0%) recovery for second-lien lenders. The negative outlook on Wheel Pros reflects the increased risk that the company's debt-to-EBITDA will remain above 6.5x over the next t

We raised our ratings on three classes from WFRBS Commercial Mortgage Trust 2013-UBS1, a U.S. CMBS transaction. At the same time, we affirmed our ratings on eight other classes from the same transaction. These rating actions reflect our analysis of the transaction, which included a review of the credit characteristics and performance of the remaining assets in the pool, the transaction's structure, and the liquidity available to the trust. CENTENNIAL (S&P Global Ratings) April 30, 2019--S&P Global Ratings today raised its ratings on three classes of commercial mortgage pass-through certificates from WFRBS Commercial Mortgage Trust 2013-UBS1, a U.S. commercial mortgage-backed securities (CMBS) transaction. In addition, we affirmed our ratings on eight other classes from the same transaction (see list). For the upgrades and affirmations, our credit enhancement expectations were in line with the raised or affirmed rating levels. The upgrades also reflect siz

Guanay Finance Ltd.'s issuance is a securitization backed by airline ticket receivables and cargo services related to services provided by LATAM Airlines Group S.A. under IATA code 045. We affirmed our 'BB' rating on the series 2013-1 notes. The rating reflects our view of the originator's ability to generate the receivables being securitized, the transaction's supportive structural features, and the risk of sovereign interference, among other factors. NEW YORK (S&P Global Ratings) April 30, 2019--S&P Global Ratings today affirmed its 'BB' rating on Guanay Finance Ltd.'s $450 million fixed-rate notes series 2013-1. The note issuance is a securitization backed by airline ticket receivables and cargo services related to services provided by LATAM Airlines Group S.A. under IATA code 045. Since our last review, annual collections have increased by 43.3% to $493.9 million in 2018 from $344.6 million in 2016. As of March 2019, the repo

NEW YORK (S&P Global Ratings) April 30, 2019--S&P Global Ratings has lowered its issuer credit rating (ICR) on Fall River Housing Authority (FRHA), Mass., and its long-term rating on FRHA's series 2012 general obligation (GO) lease revenue to 'BBB+' from 'A-'. The outlook is stable. "The downgrade reflects continuing declining EBITDA and liquidity metrics, largely related to pension liabilities that have totaled about $2 million annually," said S&P Global Ratings credit analyst Adam Torres. "For 2018, EBITDA has declined to just $160,000, and the debt-to-EBITA ratio is now at 39x. Management has been unable to increase revenues to actively offset those trends," Mr. Torres added. The rating also reflects the following factors: The authority's operations in an area with economic fundamentals that include very high demand in the local rental market and a low-average social rent over average market rent in the Fall River area;

NEW YORK (S&P Global Ratings) April 30, 2019--S&P Global Ratings has revised its outlook to positive from stable and affirmed its 'BBB-' issuer credit rating on Manned Space Flight Education Foundation Inc.--Space Center Houston, Texas. "The positive outlook reflects the substantial growth in available resources relative to operating expenses and debt, the continuous positive operating surpluses and increases in membership and attendance," said S&P Global Ratings credit analyst Stephanie Wang. This is somewhat offset by the high maximum annual debt service burden and contingent liability risk associated with direct purchase debt.

Vendor Headline: S&PGR Revises Altice Europe Outlook To Negative Telecommunications and media holding company Altice Europe's attempt to cut debt and turn around operations at its subsidiaries will hinge on the group improving its customer mix and monetizing heavy committed content costs in order to restore EBITDA growth, and on executing against its financial policy target to reduce leverage. We forecast another year of negative free operating cash flow (FOCF) of about €300 million in 2019 and only break-even levels in 2020--a year later than our previous expectation--as well as S&P Global Ratings-adjusted debt to EBITDA remaining higher than 6x through 2020. We are therefore revising our outlook on Altice Europe and its subsidiaries Altice Luxembourg SA, Altice France SA and Altice International S.a.r.l. to negative from stable and affirming our 'B' rating. The negative outlook reflects a possible downgrade over the next 12 months if Altice Europe's EB

We have revised the outlook on telecommunications and media holding company Altice Europe N.V., the parent of Altice International, to negative on our revised forecast for negative free operating cash flow (FOCF) in 2019 driven by operational underperformance. We also forecast weaker FOCF and leverage at Altice International (31% of Altice Europe EBITDA), due to challenging operations, further EBITDA volatility prospects from the Israeli and Dominican Republic businesses, and a weaker reported FOCF in 2018 versus our base case. We note that the €860 million of asset disposal proceeds in Portugal, Dominican Republic, and Switzerland have supported liquidity, but not enough to offset the weaker FOCF. We are therefore revising our outlook on Altice International to negative from stable and affirming our 'B' rating. The outlook reflects a possible downgrade over the next 12 months if Altice Europe's EBITDA declines further in 2019, or if we do not expect FOCF to break even

PARIS (S&P Global Ratings) April 30, 2019--S&P Global Ratings today has affirmed its 'B-' issue rating on the senior secured notes issued by Altice Luxembourg SA (B/Negative/--). The recovery rating on these notes is '5', reflecting our expectation modest (10%-30%; rounded estimate: 10%) recovery prospects in the event of a default. KEY ANALYTICAL FACTORS Under our hypothetical default scenario, we assume that SFR and Altice International are unable to upstream sufficient cash to service Altice Luxembourg's senior secured notes interest, due to a prolonged operating underperformance. We thus anticipate that in an event of interest payment default, Altice Luxembourg would sell its stake in Altice International to repay its debt and that there would be sufficient equity value left, after reimbursing Altice International creditors, for recovery prospects of at least 10% for Altice Luxembourg's noteholders. Our 'B-' issue rating and '5'

NEW YORK (S&P Global Ratings) April 29, 2019--S&P Global Ratings said today that it assigned its 'BBB+' subordinated debt rating to National Rural Utilities Cooperative Finance Corp.'s (NRUCFC) proposed subordinated deferrable interest notes. The company is issuing $250 million of the notes, due 2064. The long-term issuer credit rating on NRUCFC is 'A' with a stable outlook. We view the company's deferrable notes as hybrid capital with "intermediate" equity content and rate them two notches below our 'A' issuer credit rating on NRUCFC, reflecting subordination and optional deferability. We include such instruments in total adjusted capital (TAC), up to a limit of 33% of adjusted common equity, which was $1.612 billion as of Feb 28, 2019. The company already has $750 million of deferrable notes outstanding, which receive intermediate equity content--therefore, the current issuance does not increase the company's TAC.

On April 29, 2019, we raised our long-term sovereign rating on Panama to 'BBB+' from 'BBB', and affirmed our 'A-2' short-term sovereign credit rating. We also assigned a stable outlook on the long-term sovereign rating. The upgrade reflects many years of rapid GDP growth, above the pace of its rating peers, and economic diversification that has boosted per capita income and helped strengthen the resilience of Panama's small, open economy. As a result, we're raising our ratings on Panama-based Autoridad del Canal de Panama (ACP) to 'A' from 'A-' and on Aeropuerto Internacional de Tocumen S.A.'s (Tocumen's) senior debt to 'BBB+' from 'BBB'. We also assigned a stable outlook to both. The stable outlook on ACP reflects our view that it will generate a relatively stable annual EBITDA of $1.9 billion - $2 billion in the next two years that should allow it to post very strong credit metrics, such as funds from operatio

U.S.-based TMK Hawk Parent Corp. (Trimark) continues to perform below our expectations due to high operating expenses, resulting in weaker than expected profitability, adjusted leverage around 11x, and negative free cash flow (FCF). We are revising our forecast and expect continued high leverage above 10x and negative FCF in 2019. We are lowering our issuer credit rating on Trimark to 'CCC+' from 'B', our issue-level rating on the company's first-lien term loan to 'CCC+' from 'B', and our issue-level rating on its second-lien term loan to 'CCC-' from 'CCC+'. Recovery ratings are unchanged. The negative outlook reflects our expectation for, at best, break-even FCF and leverage above 10x over the next year. NEW YORK (S&P Global Ratings) April 30, 2019—S&P Global Ratings today took the rating actions listed above. The downgrade reflects Trimark's weakening operating performance in the past few quarters, our r

CHICAGO (S&P Global Ratings) April 30, 2019--S&P Global Ratings assigned its 'A' issuer credit rating to Ochsner Clinic Foundation (doing business as Ochsner Health System, or OHS), La. The outlook is stable. "The rating reflects our view of OHS' growing statewide position, including key partnerships, value-based payments, and a strengthened operating model," said S&P Global Ratings credit analyst Suzie Desai. "These factors, along with improving operating performance in recent years, help partly offset what we view as light balance sheet ratios for the credit rating," Ms. Desai added. The stable outlook reflects our view of OHS' growing presence in the state with increasing market and revenue diversity on a large revenue base close to $3.5 billion, growing volumes, and improving operating margins with coverage in the 3.5x-4.0x range in recent years.

CENTENNIAL (S&P Global Ratings) April 30, 2019--S&P Global Ratings revised its outlook to positive from stable on Ontario International Airport Authority, Calif.'s series 2016 airport revenue bonds. At the same time, S&P Global Ratings affirmed its 'A-' long-term rating on the airport revenue bonds. The outlook revision reflects the application of S&P Global Ratings updated rating criteria, "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises," published March 12, 2018. The ratings also reflect our opinion of the Ontario International Airport's (ONT) strong enterprise risk and financial risk profiles tempered by potential risk stemming from the authority's transition of ownership and control of operations of ONT from the Los Angeles Department of Airports (LAWA). While the transition is largely complete, we have not yet observed a full year of operations under the new structure. The enterprise risk profile reflec