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Showing posts from September 4, 2019

AI Credit Rating 8-K - SIGNET JEWELERS LTD (0000832988) (Filer) Score: 74

8-K - SIGNET JEWELERS LTD (0000832988) (Filer) AI credit rating value 74 Beta DRL value REG 21 Rational Demand Factor LD 3473.3454 AI check at Thu Sep 05 2019 12:47:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+1) Rating Beta Code: 4053 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

Shandong Yuhuang Chemical Downgraded To 'CCC+', On CreditWatch Negative On Heightened Refinancing Risk

Shandong Yuhuang Chemical Co. Ltd. (Yuhuang) faces increasing refinancing risk because of the company's impaired access to capital markets. The China-based petrochemical company is yet to come up with a concrete refinancing plan for its debt due in the next six months. On Sept. 5, 2019, S&P Global Ratings lowered its issuer credit rating on Yuhuang to 'CCC+' from 'B-'. We also lowered the long-term issue rating on the company's guaranteed senior unsecured notes to 'CCC+' from 'B-'. We placed all these ratings on CreditWatch with negative implications. We expect to resolve the CreditWatch within the next one to two months when we have more visibility on Yuhuang's refinancing plan. HONG KONG (S&P Global Ratings) Sept. 5, 2019--S&P Global Ratings took the rating actions listed above. We lowered the rating and placed them on CreditWatch because we see increasing refinancing risk for Yuhuang's upcoming debt maturities. The c

AI Credit Rating 8-K - Novan, Inc. (0001467154) (Filer) Score: 78

8-K - Novan, Inc. (0001467154) (Filer) AI credit rating value 78 Beta DRL value REG 37 Rational Demand Factor LD 3473.3454 AI check at Thu Sep 05 2019 12:37:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+30) Demand Beta Code: 1935 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

MSIG Mingtai Insurance Co. Ltd. Ratings Affirmed At 'A'; Outlook Stable

MSIG Mingtai ranks among the top five non-life insurers in Taiwan by direct premiums written, benefiting from strong group support including underwriting skills, reinsurance capacities, and new product development. We also view MSIG Mingtai's capital and earnings to be very strong and we expect the insurer to maintain prudent investment management over the next one to two years. We are affirming our 'A' local currency long-term financial strength and issuer credit ratings on MSIG Mingtai. The stable outlook reflects our expectation that the parent group will diversify its business and gradually recover its capital adequacy while maintaining its position in the domestic non-life insurance market. TAIPEI (S&P Global Ratings) Sept. 5, 2019--S&P Global Ratings affirmed its 'A' local currency long-term financial strength and issuer credit ratings on Taiwan-domiciled MSIG Mingtai Insurance Co. Ltd. The outlook is stable. The stable outlook on MSIG Mingtai

Tikehau CLO V's Class X To F Cash Flow CLO Notes Assigned Ratings

We have assigned credit ratings to Tikehau CLO V's class X to F notes. Tikehau CLO V is a European cash flow CLO, securitizing a portfolio of primarily senior secured euro-denominated leveraged loans and bonds issued by European borrowers. LONDON (S&P Global Ratings) Sept. 5, 2019--S&P Global Ratings today assigned credit ratings to Tikehau CLO V B.V.'s class X, A, B-1, B-2, C-1, C-2, D-1, D-2, E, and F notes. At closing, Tikehau CLO V also issued an unrated subordinated class of notes (see list above). The ratings assigned to Tikehau CLO V's notes reflect our assessment of: The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. The collateral manager's experienced team, which can affect the performance of the rate

UAE-Based Emirates Insurance Co. (PSC) 'A-' Ratings Affirmed; Outlook Stable

Emirates Insurance Co. reported year-on-year growth in gross written premium of 11.5% and a very strong improvement in net profits of 53.4% in the first half of 2019. In addition to its strong operating performance, the insurer's 'AAA' risk-based capital adequacy continues to uphold its creditworthiness. We are therefore affirming our 'A-' long-term issuer credit and insurer financial strength ratings on Emirates Insurance Co. The stable outlook reflects our view that Emirates Insurance Co.'s capital adequacy will remain at our 'AAA' level, supporting the insurer's local and international expansion plans over the next two years. DUBAI (S&P Global Ratings) Sept. 5, 2019--S&P Global Ratings today affirmed its 'A-' issuer credit and insurer financial strength ratings on Emirates Insurance Co. (PSC), or EIC. The outlook is stable. The stable outlook reflects our view that EIC's capital adequacy will remain at the 'AAA'

AI Credit Rating 8-K - AERIE PHARMACEUTICALS INC (0001337553) (Filer) Score: 75

8-K - AERIE PHARMACEUTICALS INC (0001337553) (Filer) AI credit rating value 75 Beta DRL value REG 23 Rational Demand Factor LD 3473.3454 AI check at Thu Sep 05 2019 12:27:32 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+30) Expectation Beta Code: 1257 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

Jinjiang International Assigned 'BBB' Rating And Stable Outlook; Notes Rated 'BBB'

Jinjiang International Holding Co. Ltd. benefits from its leading market position in budget and mid-range hotels in China, as well as good penetration and asset quality in Shanghai. These strengths are tempered by its high leverage and uncertainties around integration of recent acquisitions. We also believe that Jinjiang has a high likelihood of receiving extraordinary support from the Shanghai government, resulting in a three-notch uplift from its SACP of 'bb'. On Sept. 5, 2019, S&P Global Ratings assigned its 'BBB' long-term issuer credit rating to Jinjiang. We also assigned our 'BBB' long-term rating on proposed senior unsecured notes guaranteed by Jinjiang. The rating is subject to our review of the final issuance documentation. The stable outlook reflects our view that Jinjiang's high leverage will moderately improve over the next 12-24 months. We also expect the revenue per available room and occupancy rates to remain relatively stable across i

HSBC Life (International) Ltd. Ratings Affirmed At 'AA-'; Outlook Stable

We believe HSBC Life will remain integral to the HSBC group's wealth management strategy under the bancassurance model. We expect the insurer to maintain its well-established business presence in Hong Kong and strong capitalization to support its business growth. We are affirming our 'AA-' local currency financial strength and long-term issuer credit ratings on HSBC Life. The ratings are equalized with the group credit profile. The stable outlook reflects our view that the insurer will remain a core subsidiary of HSBC Asia Pacific over the next two years. On Sept. 5, 2019, HONG KONG (S&P Global Ratings)--S&P Global Ratings affirmed its 'AA-' local currency long-term financial strength and issuer credit ratings on Hong Kong-based HSBC Life (International) Ltd. The outlook is stable. The stable outlook on HSBC Life reflects the outlook on The Hongkong and Shanghai Banking Corp. Ltd. (HSBC Asia Pacific; AA-/Stable/A-1+). The outlook also reflects our e

Autonoria 2019 FCT French Auto Loan Notes Assigned Preliminary Ratings

We are assigning preliminary credit ratings to Autonoria 2019 FCT's notes. The collateral will comprise a portfolio of vehicle loan receivables to private individuals in France. MADRID (S&P Global Ratings) Sept. 5, 2019--S&P Global Ratings has assigned its preliminary credit ratings to Autonoria 2019 FCT's notes (see list above). The collateral in Autonoria 2019 will comprise a portfolio of vehicle loan receivables (new and used vehicles), mostly originated between 2016 and 2019, to private individuals in France. This is a revolving transaction for a maximum period of 12 months. According to the transaction's terms and conditions, interest can be deferred on any class of notes with the exception of the most-senior one if the principal deficiency ledger (PDL) of the relevant class is above certain thresholds. We understand any deferred interest will accrue interest 13 months after starting being deferred in accordance with the French legal framework. All p

AI Credit Rating 8-K - CONNECTICUT WATER SERVICE INC / CT (0000276209) (Filer) Score: 72

8-K - CONNECTICUT WATER SERVICE INC / CT (0000276209) (Filer) AI credit rating value 72 Beta DRL value REG 35 Rational Demand Factor LD 3473.3454 AI check at Thu Sep 05 2019 12:17:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+30) Expectation Beta Code: 1416 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 8-K - CHEMBIO DIAGNOSTICS, INC. (0001092662) (Filer) Score: 73

8-K - CHEMBIO DIAGNOSTICS, INC. (0001092662) (Filer) AI credit rating value 73 Beta DRL value REG 27 Rational Demand Factor LD 3473.3454 AI check at Thu Sep 05 2019 12:07:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+7) OCL Factor Code: 3173 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

Zhongrong Xinda Group And Issue Ratings Lowered To 'CCC+' On Deteriorating Liquidity; Placed On CreditWatch Negative

Zhongrong Xinda's liquidity position has deteriorated on the back of working capital outflows and debt servicing. This raises default risk, given high debt maturity over the next 12 months. Zhongrong Xinda's access to China's domestic markets is constrained due to the metallurgical coke producer's weakening financial performance and amid generally tight market conditions. On Sept. 5, 2019, S&P Global Ratings lowered its long-term issuer credit rating on Zhongrong Xinda and the company's guaranteed U.S.-dollar denominated senior unsecured notes to 'CCC+' from 'B'. We are placing all the ratings on CreditWatch with negative implications. We may lower the ratings if the company's liquidity further deteriorates. HONG KONG (S&P Global Ratings) Sept. 5, 2019—We lowered the rating on Zhongrong Xinda Group Co. Ltd. today because we believe its default risk has heightened. The company's liquidity sources are severely insufficient to mee

Harvest CLO XXII DAC European Cash Flow CLO Notes Assigned Ratings

We have assigned ratings to Harvest CLO XXII's European cash flow CLO notes. The transaction securitizes a portfolio of primarily senior secured leveraged loans and bonds. LONDON (S&P Global Ratings) Sept. 5, 2019--S&P Global Ratings today assigned its credit ratings to Harvest CLO XXII DAC's class A to F European cash flow collateralized loan obligation (CLO) notes. The issuer also issued unrated class Z and subordinated notes (see list above). The transaction securitizes a portfolio of primarily senior secured leveraged loans and bonds. It is managed by Investcorp Credit Management EU Ltd. The ratings assigned to Harvest XXII's notes reflect our assessment of: The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization.

Beijing Haiguo Xintai Investment Holding Center Assigned 'BBB' Rating; Outlook Stable

We see an extremely high likelihood that Beijing Haiguo Xintai Investment Holding Center (Beijing HGXT) will receive extraordinary support from the Haidian district government in the event of financial distress. However, the support is likely to weaken as the company is transitioning from its role as the local government's traditional investment and financing platform to an industry consolidator. We expect Beijing HGXT to have very high financial leverage as well as weak debt coverage and competitive position on a stand-alone basis. On Sept. 5, 2019, S&P Global Ratings assigned its 'BBB' long-term issuer credit rating to Beijing HGXT. The stable outlook reflects our view that the creditworthiness of the Haidian district government will remain stable over the next 24 months and that Beijing HGXT will continue to benefit from extraordinary government support. HONG KONG (S&P Global Ratings) Sept. 5, 2019--S&P Global Ratings today took the rating actions list

Sony Life Insurance Ratings Affirmed at 'A+'; Outlook Positive

The group credit profile of Sony Financial Group is mainly underpinned by Sony Life Insurance, which has a strong controlled distribution channel, stable operating earnings, and high capital. At the same time, Sony Life's long-term insurance liabilities leave the group's capital susceptible to movements in domestic interest rates. We are affirming our 'A+' ratings on Sony Life. The outlook is positive, commensurate with the positive outlook on our long-term sovereign credit rating on Japan and our view that the rating constrains the ratings on Sony Life. TOKYO (S&P Global Ratings) Sept. 5, 2019--S&P Global Ratings today said it has affirmed its 'A+' financial strength and long-term issuer credit ratings on Japan-domiciled Sony Life Insurance Co. Ltd. The outlook is positive. The positive outlook on Sony Life reflects our view that our sovereign credit rating on Japan constrains the group credit profile (GCP) of Sony Financial Group (SFG), given

Regatta XII Funding Ltd./Regatta XII Funding LLC Notes Assigned Preliminary Ratings

Regatta XII Funding Ltd./Regatta XII Funding LLC's issuance is a CLO securitization backed by a diversified collateral pool, which consists primarily of 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-1, A-2, B, C, D, and E notes. The preliminary ratings reflect our view of the transaction's credit enhancement, its legal structure, and the collateral manager's experienced team, among other factors. NEW YORK (S&P Global Ratings) Sept. 4, 2019--S&P Global Ratings today assigned its preliminary ratings to Regatta XII Funding Ltd./Regatta XII Funding LLC's floating-rate notes (see list). The note issuance is a collateralized loan obligation (CLO) transaction backed by a diversified collateral pool, which consists primarily of broadly syndicated speculative-grade (rated 'BB+' and lower) senior secure