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Showing posts from January 23, 2019

Dutch Residential Property Fund Vesteda Assigned 'A-2' Short-Term Rating

Vesteda Residential Fund FGR (Vesteda) owns and manages a residential real estate portfolio of about 28,000 units with a fair value of approximately €7 billion. We think that Vesteda has a good track record of accessing equity and capital markets and strong relationships with banks. We are assigning our 'A-2' short-term issuer credit ratings to Vesteda and its financing holding Vesteda Finance B.V. FRANKFURT (S&P Global Ratings) Jan. 24, 2019--S&P Global Ratings today took the rating actions listed above. We base our 'A-2' short-term rating on our 'BBB+' long-term rating on Vesteda. We expect the company will keep sufficient liquidity under its revolving credit facilities of €900 million (drawn at about €346 million year-end 2018) and address upcoming refinancing well in advance, such as the €300 million bond maturing in July 2019. We also understand the company aims to maintain reasonable average debt maturity as per its financial polic

Russia-Based Sovcombank Outlook Revised To Positive On Potential Rising Systemic Importance; Affirmed At 'BB-/B'

Sovcombank, following its merger with Rosevrobank in November 2018, reached a 1.4% share of systemwide retail deposits on a stand-alone basis, and we believe this points to Sovcombank's potential consideration as a systemically important bank. We also note that Sovcombank's capitalization will remain comfortable, aided by a planned slowdown in asset growth and a prospective capital increase. We are therefore the revising the outlook on Sovcombank to positive from stable and affirmed the 'BB-/B' ratings. The positive outlook reflects our expectations that, over the next 12 months, Sovcombank retains its importance in domestic context. MOSCOW (S&P Global Ratings) Jan. 24, 2019--S&P Global Ratings said today that it had revised its outlook on Russia-based Sovcombank PJSC to positive from stable. We affirmed the 'BB' long-term and 'B' short-term issuer credit ratings. Sovcombank merged with its subsidiary Roseverobank in November

PT Lippo Karawaci Tbk. Downgraded To 'CCC+' From 'B-' On Weakening Liquidity; Outlook Negative

Lippo's annual expenses and interest payments dwarf its modest operating cash flows. Lippo is asset rich but cash poor, in our view, and its sustainability is contingent on raising significant funds. We lowered our long-term issuer credit rating on the Indonesian property company to 'CCC+' from 'B-'. We also lowered our long-term issue ratings on the company's outstanding guaranteed U.S. dollar notes to 'CCC+' from 'B-'. The negative outlook reflects the prospect of a further downgrade within the next nine months if cash balances continue to deplete, and barring material asset sales. SINGAPORE (S&P Global Ratings) Jan. 24, 2019--S&P Global Ratings today took the rating actions listed above. The downgrade reflects our view of the increasing liquidity pressure on PT Lippo Karawaci Tbk. (Lippo). We expect the company to face modest operating cash flows, high financial charges, maturing debt, and a depleting cash balance. Th

Stack Infrastructure Issuer LLC Series 2019-1 Notes Assigned Preliminary Ratings

OVERVIEW Stack Infrastructure Issuer LLC's issuance is an ABS transaction backed by primarily mortgages, deeds of trust, and deeds to secure debt creating first-mortgage liens on the interests in the data centers; a perfected security interest in all personal property and fixtures owned by the issuer's subsidiaries located in the data centers; and any reserves and escrows related to the data centers. We assigned our preliminary ratings to the class A-1 and A-2 notes. The preliminary ratings reflect our view of the transaction's structure, the lease portfolio's projected performance, and the real estate value, among other factors. NEW YORK (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings today assigned its preliminary ratings to Stack Infrastructure Issuer LLC's $850 million data center revenue notes series 2019-1 (see list). The note issuance is an asset-backed securities transaction backed by primarily mortgages, deeds of trust, and

MUFG Securities (Canada) Ltd. Assigned 'A-1' Short-Term Rating; 'A' Long-Term Rating Affirmed

We regard MUFG Securities (Canada) as a core subsidiary of MUFG because of its close ties with the group and believe it is highly likely to receive extraordinary group support in times of need. We are assigning our 'A-1' short-term issuer credit rating on MUFG Securities (Canada). We are affirming our 'A' long-term issuer credit rating; the outlook on the rating remains positive. TOKYO (S&P Global Ratings) Jan. 24, 2019--S&P Global Ratings today said it has assigned its 'A-1' short-term issuer credit rating to Toronto-based MUFG Securities (Canada) Ltd., which Japan-based financial institution Mitsubishi UFJ Financial Group Inc. (MUFG; A-/Positive/--) wholly and indirectly owns. We are also affirming our 'A' long-term issuer credit rating. The outlook on the company remains positive. The long-term and short term ratings on MUFG Securities (Canada) reflect our assessment that it is a core subsidiary of Japan-based MUFG. We believe

Rep. Bill Johnson (R-Ohio) discusses why he thinks that President Trump should negotiate with Democrats during his State of the Union address.

Rep. Johnson wants Trump to negotiate shutdown at State of the Union Rep. Bill Johnson (R-Ohio) discusses why he thinks that President Trump should negotiate with Democrats during his State of the Union address. Other stories about: Rep. Johnson wants Trump to negotiate shutdown at State of the Union

FBN’s Kennedy on how President Trump’s former personal lawyer Michael Cohen postponed his plan to testify before Congress in February.

Michael Cohen postpones congressional testimony FBN’s Kennedy on how President Trump’s former personal lawyer Michael Cohen postponed his plan to testify before Congress in February. Other stories about: Michael Cohen postpones congressional testimony

“The Richard Fowler Show” radio host Richard Fowler and American Majority CEO Ned Ryun discuss the partial government shutdown and how House Speaker Nancy Pelosi said that she would not authorize a State of the Union address in the House chamber.

Trump, Pelosi exchange dueling letters over State of the Union “The Richard Fowler Show” radio host Richard Fowler and American Majority CEO Ned Ryun discuss the partial government shutdown and how House Speaker Nancy Pelosi said that she would not authorize a State of the Union address in the House chamber. Other stories about: Trump, Pelosi exchange dueling letters over State of the Union

Vice President Mike Pence discusses the problems surrounding Venezuela and how the U.S. is now recognizing Juan Guaido as the new interim president of the country.

Mike Pence: US will stand with the people of Venezuela Vice President Mike Pence discusses the problems surrounding Venezuela and how the U.S. is now recognizing Juan Guaido as the new interim president of the country. Other stories about: Mike Pence: US will stand with the people of Venezuela

Vice President Mike Pence discusses the strength of the U.S. economy and how socialist policies have hurt Venezuela.

Mike Pence: Freedom and free markets work Vice President Mike Pence discusses the strength of the U.S. economy and how socialist policies have hurt Venezuela. Other stories about: Mike Pence: Freedom and free markets work

Allianz chief economic advisor Mohamed El-Erian discusses how White House economic advisor Kevin Hassett said that the U.S. could see zero growth this quarter due to the partial government shutdown and the state of the U.S. economy.

US’s pro-growth policies strengthened the economy: Mohamed El-Erian Allianz chief economic advisor Mohamed El-Erian discusses how White House economic advisor Kevin Hassett said that the U.S. could see zero growth this quarter due to the partial government shutdown and the state of the U.S. economy. Other stories about: US’s pro-growth policies strengthened the economy: Mohamed El-Erian

Vice President Mike Pence discusses how President Trump is trying to negotiate with Democrats over border wall funding amid the partial government shutdown.

Mike Pence: President Trump is willing to offer temporary relief to Dreamers Vice President Mike Pence discusses how President Trump is trying to negotiate with Democrats over border wall funding amid the partial government shutdown. Other stories about: Mike Pence: President Trump is willing to offer temporary relief to Dreamers

Vice President Mike Pence discusses how China, Cuba and Russia have been engaging in “debt diplomacy” with Venezuela.

Mike Pence: Russia, China, Cuba engage in ‘debt diplomacy’ with Venezuela Vice President Mike Pence discusses how China, Cuba and Russia have been engaging in “debt diplomacy” with Venezuela. Other stories about: Mike Pence: Russia, China, Cuba engage in ‘debt diplomacy’ with Venezuela

“The Coming Collapse of China” author Gordon Chang discusses how Russia rolled out a new missile, which the U.S. says violates the INF Treaty and the problems surrounding Venezuela.

Russia rolls out new missile that US says violates INF Treaty “The Coming Collapse of China” author Gordon Chang discusses how Russia rolled out a new missile, which the U.S. says violates the INF Treaty and the problems surrounding Venezuela. Other stories about: Russia rolls out new missile that US says violates INF Treaty

Rep. Matt Gaetz (R-Fla.) on the debate over border security and how Democrats are continuing to push back against President Trump’s border wall.

Rep. Gaetz on border wall fight: Trump will need to use emergency funds Rep. Matt Gaetz (R-Fla.) on the debate over border security and how Democrats are continuing to push back against President Trump’s border wall. Other stories about: Rep. Gaetz on border wall fight: Trump will need to use emergency funds

UnitedHealth Group Inc. Rating Affirmed, Subsidiaries Downgraded, Outlook Stable

UNH reported strong operating results in 2018, in line with our expectations. We are realigning our ratings on UNH to reflect its evolving credit profile. We are affirming our 'A+/A-1' rating on UNH and lowering our financial strength ratings on its core insurance subsidiaries to 'AA-' from 'AA'. The stable outlook reflects our view that UNH's industry-leading scale/diversity, medical cost management, and technology will help it outperform its peers in 2019-2020. NEW YORK (S&P Global Ratings) Jan. 23, 2019--, S&P Global Ratings today affirmed its 'A+/A-1' issuer credit rating on UnitedHealth Group Inc. (UNH). The outlook is stable. At the same time, we lowered our long-term issuer credit and financial strength ratings on UNH's core insurance subsidiaries (see ratings list) to 'AA-' from 'AA'. The outlook is stable. We are realigning our ratings on UNH's insurance operating companies and the holding co

Rep. Rob Woodall (R-Ga.) discusses how the partial government shutdown is affecting his state and how Democrats are continuing to push against President Trump’s shutdown proposal.

Report: 16,000 federal workers in Georgia have been furloughed or are working without pay Rep. Rob Woodall (R-Ga.) discusses how the partial government shutdown is affecting his state and how Democrats are continuing to push against President Trump’s shutdown proposal. Other stories about: Report: 16,000 federal workers in Georgia have been furloughed or are working without pay

Hall of Fame quarterback Fran Tarkenton discusses why the NFL's ratings improved in 2018 and his new book “Safe & Secure.”

NFL Hall of Famer Fran Tarkenton on the sport's television ratings Hall of Fame quarterback Fran Tarkenton discusses why the NFL's ratings improved in 2018 and his new book “Safe & Secure.” Other stories about: NFL Hall of Famer Fran Tarkenton on the sport's television ratings

Gilmer, TX Utility Revenue Bond Rating Lowered To 'A' From 'A+' On Weak Coverage Metrics; Outlook Is Stable

DALLAS (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings lowered its underlying rating (SPUR) on the City of Gilmer, Texas' utility revenue bonds outstanding to 'A' from 'A+'. The outlook is stable. "The downgrade reflects our view of the system's weakened all-in coverage metrics during the previous three years, levels that we consider thin relative to those of its peers at the 'A+' rating level," said S&P Global Ratings credit analyst Omid Rahmani. "The rating also reflects, in our opinion, the combination of the system's strong enterprise and financial risk profiles." Gilmer, with a population of about 5,000, is about 22 miles northwest of downtown Longview and about 125 miles east of Dallas in the Piney Woods area of East Texas. The outlook reflects the expectation of overall economic stability, coupled with maintenance of coverage metrics, which are in-line with the most recent results and the mai

Beacon Roofing Supply Inc. 'BB-' Rating, Debt Ratings Affirmed; Outlook Remains Negative On High Leverage

Beacon Roofing Supply Inc. completed its $2.6 billion acquisition of Allied Building Products Corp. on Jan. 2, 2018. Since the acquisition, Beacon has maintained high leverage (6.7x for the fiscal year ending Sept. 30, 2018, including our treatment of $400 million of perpetual convertible preferred equity as debt-like; 5.9x without such treatment), with improvement in each of the last two quarters as earning accrete. We expect Beacon's leverage to improve to 5.1x in 2019 as acquisitions closed in fiscal 2018 pass their one-year marks and the company reduces debt. We are affirming the 'BB-' issuer credit rating on Beacon, our 'BB+' issue-level rating on Beacon's $970 million senior secured term loan due 2025, and our 'B+' issue-level rating on the company's combined $1.6 billion of senior unsecured notes due 2023 and 2025. The negative outlook reflects our view that leverage will improve but remain high for the rating at above 5x for t

Dryden 71 CLO Ltd./Dryden 71 CLO LLC Notes Assigned Preliminary Ratings

OVERVIEW Dryden 71 CLO Ltd./Dryden 71 CLO 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 preliminary ratings to the class A, 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. CENTENNIAL (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings today assigned its preliminary ratings to Dryden 71 CLO Ltd./Dryden 71 CLO 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 preliminary ratings are based on information as of Jan. 23, 2019. Subsequent inform

Patterson-UTI Energy Inc. Ratings Affirmed Following Reduced Crude Oil Price Assumptions; Outlook Stable

S&P Global Ratings recently lowered its West Texas Intermediate (WTI) and Brent crude oil price assumptions for 2019 by $10 per barrel to $50 per barrel and $55 per barrel, respectively. We also lowered our 2020 assumptions by $5 per barrel to $50 per barrel WTI and $55 per barrel Brent. We have revised our base-case assumptions for U.S. and international onshore drilling and completion and drilling activity lower. As a result, Patterson-UTI's expected EBITDA and cash flow levels will be lower than previously expected, although we expect funds from operations to debt to continue to average above 60%. We affirmed the 'BBB' issuer credit rating and issue-level rating on the senior unsecured notes. The outlook is stable reflecting our expectation that Patterson-UTI will maintain its modest financial policies and balance spending with cash flows while market conditions, especially in the pressure pumping sector, are challenged. NEW YORK (S&P Global Ra

Pine Ridge Elementary School District, CA GO Bonds Assigned 'AA+' Rating

SAN FRANCISCO (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings assigned its 'AA+' long-term rating to Pine Ridge Elementary School District, Calif.'s series 2019A (election of 2018) general obligation (GO) bonds. The outlook is stable. In addition, S&P Global Ratings assigned its 'SP-1+' short-term rating to the district's series 2019 bond anticipation notes (BANs). The district will have $5.3 million in governmental debt at the end of fiscal 2019. The district will use proceeds of the series 2019A GO bonds and series 2019 BANs to replace classrooms currently provided in portable buildings with permanent buildings, and to make other modernization improvements. "The rating reflects our opinion of the district's high property tax base relative to its population, and maintenance of very strong available reserves," said S&P Global Ratings credit analyst Chris Morgan. The stable outlook reflects our view that the distri

Synchrony Financial Outlook Revised To Stable From Negative After Key Partnerships Extended; 'BBB-' Rating Affirmed

On Jan. 23, 2019, Synchrony Financial announced that it extended its partnership agreement with Sam's Club. The company has also renewed numerous other partnerships over the past six months, demonstrating its ability to retain key clients. Synchrony also announced an agreement to sell its Walmart receivables portfolio, and we believe it will maintain peer-leading capital metrics despite its intention to pay out a majority of the sale proceeds to shareholders. We are revising our outlook on Synchrony Financial and its bank subsidiary, Synchrony Bank, to stable from negative and affirming our ratings at 'BBB-' and 'BBB', respectively. The stable outlook on Synchrony reflects our expectation that the company will maintain an S&P Global Ratings risk-adjusted capital ratio of 7% or higher and robust regulatory capitalization over our two-year forecast horizon. NEW YORK (S&P Global Ratings) Jan. 23, 2019--, S&P Global Ratings said today it

ExGen Renewables IV LLC Rating, Secured Debt Ratings Lowered To 'B'; Ratings Remain On CreditWatch Negative

S&P Global Ratings is lowering its issuer credit rating on ExGen Renewables IV LLC (EGR IV) to 'B' from 'BB'. We are lowering the senior secured debt rating to 'B' from 'BB+', and revising the recovery rating to '3' (rounded estimate: 55%) from '2' (rounded estimate: 70%), reflecting a revision to our view of the likely path to default. The ratings remain on CreditWatch with negative implications. The downgrade reflects that since we placed the ratings on EGR IV on CreditWatch on Jan. 11, 2019, the credit quality of utility Pacific Gas & Electric Co. (PG&E) continued to deteriorate. On Jan. 16, 2019, we lowered the rating on the utility to ‘D’, on missing its interest payment reflecting the company's announcement that it intends to file for bankruptcy by the end of January. The utility provides EGR IV with about 40%-45% of its cash flows via EGR IV's ownership of AV Solar Ranch (AVSR). There is uncertaint

CitiMortgage Inc. Residential Mortgage Primary And Master Servicer Rankings Withdrawn

NEW YORK (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings today withdrew its AVERAGE ranking on CitiMortgage Inc. as a residential primary servicer and its ABOVE AVERAGE ranking on the company as a residential master servicer. We will also remove the company from our Select Servicer List. We withdrew the rankings at the company's request following its previously announced strategic plan to effectively exit mortgage servicing operations.

Michigan State University Board of Trustees' 2019A-B Revenue Bonds Rated 'AA', Other Ratings Affirmed

CHICAGO (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings has assigned its 'AA' long-term rating to Michigan State University (MSU) Board of Trustees' estimated $625 million series 2019A and series 2019B general revenue bonds, and affirmed its 'AA' long-term and underlying (SPUR) rating on all outstanding fixed rate similarly secured bonds. In addition, we affirmed our 'A-1+' short-term rating on the university's tax-exempt and taxable commercial paper (CP) notes, issued on behalf of MSU. We also affirmed our 'AA/A-1+' and 'AA/A-1' ratings on the university's general revenue variable-rate demand bonds. The outlook, where applicable, remains negative. The negative outlook reflects continued uncertainty from legal and other costs associated with the disposition of lawsuits and other investigations related to the Lawrence Nassar sexual abuse crimes. Mr. Nassar was a former doctor in the MSU College of Osteopathi

Ratings On Two Altria Group Inc.-Related Transactions Lowered

NEW YORK (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings today lowered its rating on CMT Linked Trust Units Series 2010-01's $13.415 million trust units due Aug. 6, 2019, to 'BBB' from 'BBB+'. At the same time, we also lowered our rating on SATURNS Series 2003-9's $51.555 million callable units series 2003-9 due Jan. 15, 2027, to 'BBB' from 'A-'. Our rating on the CMT Linked Trust Units Series 2010-01 depends on the lower of our ratings on the underlying security, Altria Group Inc.'s 9.25% notes due Aug. 6, 2019 ('BBB'), and the forward agreement and interest rate swap counterparty guarantor, Morgan Stanley ('BBB+'). Our rating on the SATURNS Series 2003-9 depends on the rating on the underlying security, Altria Group Inc.'s 7.75% bonds due Jan. 15, 2027 ('BBB'). Today's rating actions reflect the Dec. 20, 2018, lowering of our rating on the underlying securities to 'BBB' fr

Greenwich Hospital, CT, Underlying Rating Raised To 'AA-' On Joining Yale New Haven Health Obligated Group

NEW YORK (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings raised its underlying rating (SPUR) on Greenwich Hospital, Conn., to 'AA-' from 'A+'. At the same time, S&P Global Ratings affirmed its 'AA-' rating on Connecticut Health & Educational Facilities Authority's bonds, issued for Yale New Haven Health Obligated Group (YNHHOG). The outlook is stable. S&P Global Ratings also affirmed its 'AA+/A-1' joint ratings on YNHHOG; the long-term component of the rating reflects our view of the joint support provided by various line of credit (LOC) providers and the underlying rating (SPUR) on YNHHOG, assuming a low correlation level between the LOC provider and obligor. The short-term rating reflects the rating on the LOC provider. We raised the underlying rating on Greenwich Hospital given that it is now part of the YNHHOG. As of Sept. 18, 2018, Greenwich Hospital became part of the YNHHOG. We had previously viewed Green

Brooks Running CEO Jim Weber discusses how the U.S.-China trade dispute is affecting his business and how his company is able to compete against market leaders such as Nike.

Brooks Running CEO mulls leaving China due to tariffs Brooks Running CEO Jim Weber discusses how the U.S.-China trade dispute is affecting his business and how his company is able to compete against market leaders such as Nike. Other stories about: Brooks Running CEO mulls leaving China due to tariffs

Ford CFO Bob Shanks discusses the automaker’s fourth-quarter earnings and why he expects the business to improve in 2019.

Ford CFO: We expect the business to improve in 2019 Ford CFO Bob Shanks discusses the automaker’s fourth-quarter earnings and why he expects the business to improve in 2019. Other stories about: Ford CFO: We expect the business to improve in 2019

Bain Capital co-chairman Stephen Pagliuca discusses the Trump administration’s trade negotiations with China and how the internet has affected the retail industry.

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Clearstead Advisors senior managing director Jim Awad and Capital Waves forecast editor Shah Gilani on the impact earnings have on the stock market.

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FBN’s Charles Payne and Cresset Wealth Advisors co-founder Jack Ablin on how market volatility affects investors and why people should buy “on the dip.”

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Fairfax County, VA 2019A&B GO Bonds Rated 'AAA'; Silver Line Phase 1 Bonds Upgraded To 'AA+' On Criteria Application

WASHINGTON D.C. (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings assigned its 'AAA' rating, and stable outlook, to Fairfax County, Va.'s series 2019A and 2019B public improvement general obligation (GO) bonds and affirmed its 'AAA' rating on the county's GO bonds outstanding. Fairfax County's GO bonds are secured by the county's full faith and credit pledge, backed by the unlimited taxing power of the county. "The series 2019A and 2019B bonds will be used to fund various projects related to schools, transportation, park and recreation facilities, public safety, human services, and storm drainage facilities," said S&P Global Ratings credit analyst Timothy Barrett. At the same time, S&P Global Ratings raised its rating on the county's Silver Line Phase I bonds to 'AA+' from 'AA'. The outlook is stable. "The upgrade on Fairfax County's Silver Line Phase 1 bonds follows the applica

San Jacinto Community College District, TX's 2019AB GO Bonds Rated 'AA'

NEW YORK (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings assigned its 'AA' long-term ratings to San Jacinto Community College District, Texas' series 2019A and 2019B limited-tax general obligation (GO) bonds. S&P Global Ratings also affirmed its 'AA' underlying and long-term ratings on the district's existing GO debt. The outlook is stable for all bond issues. "The rating reflects our opinion of the district's participation in the deep and diverse Houston metropolitan statistical area and healthy growth in the tax base; growing enrollment supported by competitive tuition and fees compared with peers, and a low tax rate providing significant revenue-raising flexibility; historically very strong reserves and seasoned senior management team; and diverse fiscal 2018 operating revenue base," said S&P Global Ratings credit analyst Shivani Singh. The stable outlook reflects S&P Global Ratings' opinion that the d

Opus Inspection Inc. Variable-Rate Multiple Draw Taxable Demand Series 2019 Notes Assigned Rating

NEW YORK (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings today assigned its 'AA-/A-1+' rating to Opus Inspection Inc.'s $60 million variable-rate multiple draw taxable demand notes (for the Opus Inspection Inc. project) series 2019 due Jan. 1, 2034. The 'AA-/A-1+' rating on the notes reflects our view of the creditworthiness of the letter of credit (LOC) provider, which is based on the lower of our long- and short-term issuer credit ratings on Swedbank AB ('AA-/A-1+'), the LOC provider's parent, and our long- and short-term foreign currency ratings on the U.S. ('AA+/A-1+'), the jurisdiction where the LOC provider is located, during the weekly interest rate mode (the rated mode). The 'AA-' long-term component of our rating addresses our expectation of full and timely interest and principal payments when the noteholders have not exercised the put option. The 'A-1+' short-term component of our rating addre

Grand Parkway Transportation Corp., TX Debt Rating Outlook Revised To Positive From Stable

DALLAS (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings revised its outlook on the Grand Parkway Transportation Corp. (GPTC), Texas' first-tier toll revenue bonds, 2018 bond anticipation notes (BANs), and second-tier Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to positive from stable and affirmed its 'BBB' long-term rating on the corporation's first-tier toll revenue bonds, 2018 BANs, and second-tier TIFIA loan. In addition, S&P Global Ratings assigned its 'BBB' long-term rating to the corporation's proposed $605.3 million first-tier 2019 TIFIA loan. "The positive outlook reflects our opinion that we may raise the rating in the next two years," said S&P Global Ratings credit analyst Todd Spence. Likely continued Grand Parkway traffic growth from serving an economically healthy service region with above-average population growth and a history of meeting or exceeding financial forecasts and

Ratings Lowered On Seven Classes From Three U.S. CMBS Transactions Due to Interest Shortfalls

Overview: We lowered our ratings to 'D (sf)' on seven classes from three U.S. CMBS transactions. The downgrades reflect accumulated interest shortfalls that we expect to remain outstanding for the foreseeable future. NEW YORK (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings today lowered its ratings on seven classes of commercial mortgage pass-through certificates from three U.S. commercial mortgage-backed securities transactions (see list). We lowered our ratings to 'D (sf)' due to accumulated interest shortfalls that we expect to remain outstanding for the foreseeable future. The recurring interest shortfalls for the respective certificates are primarily due to one or more of the following factors: Appraisal subordinate entitlement reduction (ASER) amounts in effect for specially serviced assets; The lack of servicer advancing for loans or assets where the servicer has made nonrecoverable advance declarations; Interest rate modific