Peugeot S.A. (PSA)'s revenue and cash flow will likely be hit in 2020 by production shutdowns and weak auto demand linked to the COVID-19 pandemic. However, PSA reported a large net cash position at the end of a strong 2019, has excellent liquidity, no substantial refinancing needs in 2020, and proven capacity to manage cost reductions. Moreover, we assume the current environment would not affect PSA's plan to merge with Fiat Chrysler Automotive in 2021. We are revising our outlook on PSA to negative from stable and affirming our 'BBB-' ratings on the company and its senior unsecured debt. The negative outlook reflects risks to PSA linked to the duration of the COVID-19 pandemic and its impact on the global auto industry. MILAN (S&P Global Ratings) April 9, 2020-- S&P Global Ratings today took the rating actions listed above. PSA's financial position will weaken in 2020 before recovering somewhat in 2021 supported by the potential merger with Fia

6-K - Sierra Metals Inc. (0001705259) (Filer) AI credit rating value 73 Beta DRL value REG 16 Rational Demand Factor LD 3558.2232 AI check at Thu Apr 09 2020 12:51:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+7) RRS Factor Code: 2358 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.

8-K/A - DPW Holdings, Inc. (0000896493) (Filer) AI credit rating value 78 Beta DRL value REG 22 Rational Demand Factor LD 3558.2232 AI check at Thu Apr 09 2020 12:41:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+30) Profit Factor Code: 2782 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.

DEF 14A - SEALED AIR CORP/DE (0001012100) (Filer) AI credit rating value 71 Beta DRL value REG 27 Rational Demand Factor LD 3558.2232 AI check at Thu Apr 09 2020 12:31:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+7) Penetration Factor Code: 3668 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.

DEFA14A - UNIVERSAL HEALTH SERVICES INC (0000352915) (Filer) AI credit rating value 74 Beta DRL value REG 43 Rational Demand Factor LD 3558.2232 AI check at Thu Apr 09 2020 12:21:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+1) Price Beta Code: 1663 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.

We project the impact of the COVID-19 pandemic will lead to a decline in global auto sales of about 15% in 2020, followed by a 6%-8% recovery in sales volumes in 2021. French automaker Renault has an ample liquidity cushion and can, in our view, count on guarantees from the French state. We nevertheless expect Renault's earnings, free cash flow generation (FOCF), and financial position to weaken materially in 2020, following an already challenging 2019. We are downgrading Renault to 'BB+/B' from 'BBB-/A-3' and removing the ratings from CreditWatch negative, where we placed them on Feb. 19, 2020. We are assigning a 'BB+' issue rating '3(65%)' recovery rating to Renault's unsecured debt. The negative outlook reflects the high degree of uncertainty regarding the economic impact of the pandemic, its implications for global car sales, and how it could affect Renault's performance and ability to manage the expected earnings decline, cash outf

Walnut Bidco is the holding entity of Oriflame, a Sweden-based multi-level marketing company selling beauty, wellness, and personal care products in emerging markets that generated €1.26 billion of sales and €165 million of EBITDA in 2019. We believe the COVID-19 pandemic will depress the group's sales volumes and EBITDA in 2020 due to the discretionary nature of most of its products, pushing adjusted leverage above 5x. In addition, the group is exposed to volatile foreign currency rates, which may further depress the group's topline and EBITDA, leading to pressure on interest coverage ratios. We are therefore lowering our rating on Walnut Bidco PLC and its senior secured debt to 'B' from 'B+'. The negative outlook indicates the potential for a downgrade if interest coverage ratios come under pressure. LONDON (S&P Global Ratings) April 9, 2020—S&P Global Ratings today took the rating actions listed above. The COVID-19 pandemic will significantl

6-K - NOMURA HOLDINGS INC (0001163653) (Filer) AI credit rating value 76 Beta DRL value REG 36 Rational Demand Factor LD 3558.2232 AI check at Thu Apr 09 2020 12:11:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+1) Rating Factor Code: 1886 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.

EFFECT - GUGGENHEIM DEFINED PORTFOLIOS, SERIES 2009 (0001791184) (Filer) AI credit rating value 78 Beta DRL value REG 40 Rational Demand Factor LD 3558.2232 AI check at Thu Apr 09 2020 12:01:27 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+1) Sustainability Factor Code: 4996 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.

We expect the capital buffer of Mirae Asset Daewoo Co. Ltd. (MAD) to narrow mainly due to a potential increase in equity investments, higher market risks, and lower profits. MAD's overall risk management could also be undermined by the weakening credit quality of its corporate lending and investment assets. We are revising the outlook on MAD to negative from stable. We are affirming our 'BBB' long-term and 'A-2' short-term issuer credit ratings on Korea's largest securities company in terms of assets, and the 'BBB' long-term issue rating on MAD's senior unsecured notes. The negative outlook reflects our view that we could downgrade MAD if the company's capitalization deteriorates such that its risk-adjusted capital (RAC) ratio declines below 7%, the credit quality of corporate loans and overseas investments deteriorates significantly, or if its funding and liquidity profiles materially weaken over the next 12-24 months. HONG KONG (S&P

We have lowered our light-vehicle sales forecasts to incorporate the coronavirus pandemic and its effects on the global economy. Consequently we believe that Lear Corp.'s sales, profitability, and cash flow will undergo significant pressure during the year. We are affirming our issuer credit rating of 'BBB-' and all issue-level ratings and revising the outlook to negative from stable. The negative outlook reflects our view that there is at least a one-third chance that we could lower the ratings if EBITDA margins fall below 8% during the next 12 to 24 months. NEW YORK (S&P Global Ratings) April 8, 2020—S&PGlobal Ratings today took the rating actions listed above. Pandemic risks have delivered both supply-side and demand-side shocks to the auto industry. The spread of the coronavirus has triggered unprecedented containment actions, including the shutdown of many businesses. Major automakers have also announced they are halting production to protect workers

We expect the coronavirus outbreak and the worsening recessionary macroeconomic conditions to hamper U.S.-based specialty paper manufacturer Neenah Inc.'s revenues and earnings in addition to creating refinancing risk of its debt due in 13 months. Given our forecast for a U.S. recession, previous expected improvements in business fundamentals are less likely to occur in the next year. We are affirming the 'BB' issuer credit rating and revising the outlook on Neenah to negative from positive. The negative outlook reflects heightened refinancing risk for its senior notes due in 13 months and the possibility of elevated leverage due to the current recessionary macroeconomic conditions. NEW YORK (S&P Global Ratings) April 8, 2020--S&P Global Ratings today took the rating actions listed above. We believe measures to contain the coronavirus have pushed the global economy into recession.    Our economists now forecast U.S. real GDP will drop by 1.3% in 2020, dow

A market share war between Saudi Arabia and Russia has led to a crash in crude oil prices, on top of the significant demand destruction for crude oil and natural gas due to the coronavirus. S&P Global Ratings has lowered its oil and natural gas price assumptions and now forecasts that Brent crude will average $30 per barrel while West Texas Intermediate (WTI) averages $25 per barrel for the remainder of 2020. We expect independent oil and gas company W&T Offshore Inc.'s financial measures and cash flow to weaken below our expectations for the rating. Liquidity could also weaken as cash flows for debt repayment have diminished. We are lowering the issuer credit rating on the company to 'CCC+' from 'B-'. We are also lowering our senior secured issue level ratings to 'B' from 'B+'. The outlook is negative, reflecting the persistent weak pricing environment and potential deterioration of liquidity. We could lower the ratings if liquidity mate

We believe that government mandates to stay-at-home and maintain social distance to prevent the spread of the coronavirus will reduce the demand for packaged ice, causing U.S.-based packaged ice producer Arctic Glacier Group Holdings Inc.'s sales and EBITDA to decline. The eventual loosening of these restrictions should provide a boost to demand, though the timing of when these restrictions will be relaxed is uncertain and the increase may be insufficient to offset the near-term drop in demand. Specially, we forecast lower EBITDA for Arctic Glacier, which will negatively affect its already weak credit measures and render its capital structure unsustainable. Therefore, we are lowering all of our ratings on Arctic Glacier, including our issuer credit rating and issue-level ratings on its debt, to 'CCC+' from 'B-'. The negative outlook reflects the potential that we will lower our rating if we believe the risk of a near-term default has increased such that we envis

The Mexican government recently implemented mobility restrictions and social distancing measures amid the spread of COVID-19 in the country. Consequently, we expect traffic volumes at the Circuito Exterior Mexiquense (CEM or the project) to drop significantly, particularly in the short term. In this context, we updated our base-case scenario to include a 25% reduction in traffic levels in 2020, leading to a somewhat weaker minimum debt service coverage ratio (DSCR) of about 1.60x for Concesionaria Mexiquense (Conmex) and a significantly lower minimum DSCR of about 0.80x for Organización de Proyectos de Infraestructura, S.A.P.I. de C.V. (OPI), the subordinated tranche. On April 8, 2020, S&P Global Ratings affirmed its 'BBB' global and 'mxAAA' national scale debt ratings on Conmex's senior series, and kept the negative outlook on the global scale. We revised the national scale outlook to negative from stable. At the same time, we lowered our rating on OPI's

Venezuela's arrears and outstanding loan exposure with Fondo Latinoamericano de Reservas (FLAR) were cleared using part of its paid-in capital, through a mechanism approved by member countries and tailored to the country's situation. While write-offs and weakening support from large members are generally negative, we believe this operation does not curtail FLAR's policy mandate, and capitalization levels remain robust. However, we incorporate this unusual write-off of a founding member loan, which has not been compensated by additional capital, as a constraint in our capital assessment. We are revising the outlook on FLAR to stable from negative and affirming our long-term 'AA-' issuer credit rating. The stable outlook reflects our view that member countries will remain supportive of the institution and that it will maintain ample liquidity and very strong capital adequacy. BUENOS AIRES (S&P Global Ratings) April 8, 2020--S&P Global Ratings said today

CENTENNIAL (S&P Global Ratings) April 8, 2020--S&P Global Ratings assigned its 'A-' long-term rating to Clark County, Mo.'s series 2020 general obligation (GO) refunding bonds. The outlook is stable. "The rating reflects our view of such factors as the county's adequate management and budgetary flexibility, and its very strong liquidity and debt and contingent liability position," said S&P Global Ratings credit analyst Katelyn Kerley. Along with surplus sales tax revenue of $500,000, proceeds of the bonds will be used to refund a portion of the county's outstanding debt for interest cost savings.

Transurban Queensland Finance Pty Ltd. (TQF) is an owner and operator of toll roads in Queensland's capital city Brisbane, and a subsidiary of ASX-listed Transurban Group. Government-imposed community lockdowns and restrictions on non-essential activities in response to the COVID-19 pandemic are likely to significantly lower TQF's traffic and revenue. This material cash flow reduction will likely worsen TQF's credit metrics over the next 12 to 15 months. Liquidity remains adequate, in our view. On April 9, 2020, S&P Global Ratings revised its outlook on TQF to negative from stable. We affirmed the 'BBB' long-term issuer credit rating on the company and the issue ratings on its outstanding debt. The negative outlook reflects the negative outlook on the parent, Transurban Finance Co. Pty Ltd. (Transurban). SYDNEY (S&P Global Ratings) April 9, 2020—S&P Global Ratings today took the rating actions listed above. The global COVID-19 response, which w