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Showing posts from April 3, 2020

Southern California Public Power Authority Revenue Bond Rating Outlook Revised To Negative After Related Action

SAN FRANCISCO (S&P Global Ratings) April 3, 2020--S&P Global Ratings revised the outlook to negative from stable and affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the Southern California Public Power Authority's (SCPPA) revenue bonds outstanding, issued for Magnolia Power Project A. In addition, we affirmed our 'AAA/A-1+' rating on SCPPA's series 2009-1 refunding revenue bonds (Magnolia Power Project A) based on the application of joint criteria, assuming low correlation between SCPPA (AA-) and the letter-of-credit (LOC) provider for the series 2009-1 bonds, U.S. Bank N.A. (AA-/A-1+). The outlook revision follows an identical action on the Anaheim senior (AA-) and subordinate (A+) electric revenue bond ratings on April 3, 2020. Although the possibility of default is remote, we view the rating on the project as highly influenced by our rating and outlook on the Anaheim electric system, which represents 38% of project A entitlement

AI Credit Rating 3 - KELLEMAN JOSEPH P (0001629239) (Reporting) Score: 77

3 - KELLEMAN JOSEPH P (0001629239) (Reporting) AI credit rating value 77 Beta DRL value REG 14 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 04:07:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+7) Rating Beta Code: 2132 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - ROWLAND MARCUS C (0001039535) (Reporting) Score: 74

4 - ROWLAND MARCUS C (0001039535) (Reporting) AI credit rating value 74 Beta DRL value REG 15 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 03:52:26 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+30) FS Beta Code: 4240 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - Dodson J Marshall (0001336748) (Reporting) Score: 73

4 - Dodson J Marshall (0001336748) (Reporting) AI credit rating value 73 Beta DRL value REG 30 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 03:37:28 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+30) EMR Beta Code: 1704 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - Shaffer Charles M (0001627974) (Reporting) Score: 73

4 - Shaffer Charles M (0001627974) (Reporting) AI credit rating value 73 Beta DRL value REG 48 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 03:22:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+7) FS Factor Code: 3402 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - Weinswig Deborah (0001726888) (Reporting) Score: 78

4 - Weinswig Deborah (0001726888) (Reporting) AI credit rating value 78 Beta DRL value REG 37 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 03:07:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+7) OCL Beta Code: 4868 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - Green Jeremy (0001650527) (Reporting) Score: 77

4 - Green Jeremy (0001650527) (Reporting) AI credit rating value 77 Beta DRL value REG 19 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 02:52:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+7) OCL Factor Code: 2088 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - HUNTINGTON INGALLS INDUSTRIES, INC. (0001501585) (Issuer) Score: 75

4 - HUNTINGTON INGALLS INDUSTRIES, INC. (0001501585) (Issuer) AI credit rating value 75 Beta DRL value REG 35 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 02:37:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+1) Rating Factor Code: 4818 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - Attaran Seyed (0001758628) (Reporting) Score: 74

4 - Attaran Seyed (0001758628) (Reporting) AI credit rating value 74 Beta DRL value REG 35 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 02:22:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+30) Anomaly Beta Code: 1659 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - Kemps Steven J (0001438987) (Reporting) Score: 77

4 - Kemps Steven J (0001438987) (Reporting) AI credit rating value 77 Beta DRL value REG 17 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 02:07:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+30) Speculation Factor Code: 1363 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - KOZEL DAVID F (0001273999) (Reporting) Score: 77

4 - KOZEL DAVID F (0001273999) (Reporting) AI credit rating value 77 Beta DRL value REG 15 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 01:52:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+1) Sustainability Factor Code: 4208 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - Steenbergen Ewout L (0001574918) (Reporting) Score: 75

4 - Steenbergen Ewout L (0001574918) (Reporting) AI credit rating value 75 Beta DRL value REG 17 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 01:37:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+7) Volume Beta Code: 4286 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 4 - SS&C Technologies Holdings Inc (0001402436) (Issuer) Score: 77

4 - SS&C Technologies Holdings Inc (0001402436) (Issuer) AI credit rating value 77 Beta DRL value REG 25 Rational Demand Factor LD 3227.7672000000002 AI check at Sat Apr 04 2020 01:22:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+7) FS Beta Code: 2398 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

Hospitality Sector Rating Outlook Revised To Negative Amid COVID-19 Impact

FARMERS BRANCH (S&P Global Ratings) April 3, 2020--S&P Global Ratings revised the outlook to negative from stable and affirmed numerous long-term ratings and underlying ratings on bonds secured by priority-lien tax revenue pledges. The outlook revision and rating action are taken on bonds secured by hospitality taxes (including hotel occupancy taxes and sales taxes on prepared food and beverage sales). The negative outlook reflects our view that the affected credits face at least a one-in-three likelihood of a negative rating action over the intermediate term (generally up to two years). As the COVID-19 pandemic persists and the social risk from the spread of the virus grows, the implications on the leisure and hospitality sector have been acute and dramatic. Restrictions on travel and consumer activity--driven by social distancing and stay-at-home orders intended to flatten the curve and slow the viral infection rate--have led to hotel booking cancellations and deferrals, c

Raytheon Co. Downgraded To 'A-/A-2' , Off Watch Following Merger With UTC; Issuer Credit Ratings Withdrawn

Raytheon Co. and United Technologies Corp. (UTC) have completed their all-stock merger. We are lowering our long-term issuer credit rating (ICR) on Raytheon to 'A-' from 'A+' and short-term rating to 'A-2' from 'A-1'. We are removing the ratings from CreditWatch where we placed them with negative implications on June 11, 2019. The outlook is stable. Subsequently, we are withdrawing our 'A-/A-2' ICR on the company. We also lowered our rating on the company's unsecured debt to 'A-' from 'A+' and removed the ratings from CreditWatch. WASHINGTON D.C. (S&P Global Ratings) April 3, 2020—S&P Global Ratings today took the rating actions listed above. The downgrade follows the close of the merger between Raytheon and UTC, with UTC as the surviving entity. The combined company was renamed Raytheon Technologies Corp. (RTX). Raytheon Co. will be a subsidiary and its unsecured notes remain outstanding. Following the transa

Berry Petroleum Corp. Rating Lowered To 'B-' On Lower Commodity Prices; Outlook Negative

We expect Berry Petroleum Corp.'s debt metrics to weaken substantially in 2021 on the back of our latest commodity price deck revisions. We lowered our issuer credit rating on Berry to 'B-' from 'B'. We also lowered our issue-level rating on the company's senior unsecured notes due 2026 to 'B' from 'B+'. The '2' recovery rating on these notes reflects our expectation of a substantial (70%-90%, rounded estimate: 85%) recovery in the event of a payment default. The negative outlook reflects our expectation that credit metrics and liquidity could deteriorate faster than expected in 2021 once hedges roll off, given the company's high operating costs and the potential that oil prices could remain weak. FARMERS BRANCH (S&P Global Ratings) April 3, 2020—S&P Global Ratings today took the rating actions above. The lower rating reflects our forecast that Berry Petroleum Corp.'s credit metrics will weaken in 2021, including f

ProFrac Services LLC Downgraded To 'CCC' On Tightening Liquidity, Outlook Negative

The market share war between Saudi Arabia and Russia combined with the business closures and travel restrictions related to the coronavirus pandemic have steeply reduced crude oil prices and the demand for oilfield services (OFS) and equipment. S&P Global Ratings has lowered its crude price assumptions. Notably, we expect the price of Brent crude to average $30 per barrel (/bbl) and the price of West Texas Intermediate (WTI) to average $25/bbl for the remainder of 2020. Under these assumptions, we expect exploration and production (E&P) companies to drastically reduce their spending, especially in North America, which will weaken the market conditions across the OFS industry. We expect privately-held ProFrac Services LLC's fleet utilization and cash flow to weaken materially in the second half of 2020 and anticipate that the availability under its asset-based lending (ABL) facility could contract as its receivables decline. We also expect the company's financial perf