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Showing posts from April 24, 2020

TripAdvisor, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 10:50:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded TripAdvisor, Inc. reduce equity by the amount of unrecognized losses, after tax. This adjustment adds the surplus to reported capital when calculating ACE and TAC. We deduct from capital that amount of the surplus that we view as unrealizable. . We use econometric methods for period (n+30) simulate with Sustainability Logistic Regression. Reference code is: 1596. Beta DRL value REG 42 Rational Demand Factor LD 3761.1713999999997. In these cases, the level of capital expenditures will be lower than estimates in our base-case forecast to determine an issuer's financial risk profile, particularly for companies that are pursuing discrete growth projects that have not been committed or can be easily curtailed in case of a need to preserve cash. Credit Rating AI Process rely on primary sources of

Integrys Energy Group 6.00% Junior Subordinated Notes Due 2073 Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 10:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Integrys Energy Group 6.00% Junior Subordinated Notes Due 2073 because Internal models approach when no breakdown by component is available. We use econometric methods for period (n+1) simulate with Bollinger Bands Width Linear Regression. Reference code is: 2149. Beta DRL value REG 27 Rational Demand Factor LD 3761.1713999999997. Likewise, we do not consider factoring programs under sources of liquidity. Unlike asset-based lending (ABL) facilities, factoring is more of a sales transaction and not a loan. In addition, these transactions tend to be very short term. For this reason, we would not consider them a committed source of future liquidity over a 12-month period. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Si

CELTIC PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 10:20:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded CELTIC PLC deduct revaluation reserves. We use econometric methods for period (n+1) simulate with Price Channels Multiple Regression. Reference code is: 4017. Beta DRL value REG 48 Rational Demand Factor LD 3761.1713999999997. The various qualitative factors in the criteria help to identify strengths and weaknesses within a company's future liquidity position that numerical ratios might not fully capture. While there is no size bias in our liquidity assessment, generally, lower-rated entities might meet the quantitative requirements for strong or exceptional liquidity but fail to meet corresponding qualitative factors. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section

Xplore Technologies Corp Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 10:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Xplore Technologies Corp because of covenant, legal, tax, regulatory, or other characteristics of the group structure (for example, minority interests) are not a significant constraint on the flow of loss-absorbing capital among group members. We use econometric methods for period (n+7) simulate with Williams %R Pearson Correlation. Reference code is: 3137. Beta DRL value REG 32 Rational Demand Factor LD 3761.1713999999997. While we only include contractual acquisitions when calculating A/B and A-B, when evaluating qualitative factors, we focus more on a company's track record and our expectation for financial management. In this respect, the quantitative and qualitative factors under the liquidity criteria are meant to complement each other and produce a more comprehensive view of a compan

Synergetics USA, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 09:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Synergetics USA, Inc. because of the firm's business is modestly more concentrated than average for peers, and the concentration represents modest incremental risk above what is captured in the anchor, but it is not a key credit weakness. We use econometric methods for period (n+30) simulate with Trend Lasso Regression. Reference code is: 4805. Beta DRL value REG 43 Rational Demand Factor LD 3761.1713999999997. Likewise, we do not consider factoring programs under sources of liquidity. Unlike asset-based lending (ABL) facilities, factoring is more of a sales transaction and not a loan. In addition, these transactions tend to be very short term. For this reason, we would not consider them a committed source of future liquidity over a 12-month period. Credit Rating AI Process rely on primary

Global Partners LP Global Partners LP Common Units representing Limited Partner Interests Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 09:35:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Global Partners LP Global Partners LP Common Units representing Limited Partner Interests derivatives receivables represent more than 0.5% of total assets for entities reporting under U.S. GAAP. We use econometric methods for period (n+7) simulate with Aroon Stepwise Regression. Reference code is: 4741. Beta DRL value REG 14 Rational Demand Factor LD 3761.1713999999997. For companies that engage in reverse factoring--where accounts payable (AP) days are extended beyond the term customary for the industry and supply chain--we assess the likelihood and potential impact on liquidity of these arrangements ceasing to exist. In such a scenario, a company could be subject to material working capital outflows if AP days with its suppliers revert back to industry norms. Accordingly, we exclude these arr

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) American Depositary Shares Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 09:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) American Depositary Shares because of vulnerability of the two metrics to changes in operating conditions. We use econometric methods for period (n+30) simulate with Tuned Collector Oscillator Pearson Correlation. Reference code is: 3587. Beta DRL value REG 14 Rational Demand Factor LD 3761.1713999999997. If, for example, a facility matured in 18 months, we could include the borrowing availability as a source of liquidity in year one, but exclude the amount in year two under the exceptional and strong descriptors (as well as include any drawn portions as debt maturities under uses of liquidity). This is because we do not assume an extension of bank lines--regardless of the c

Avolon Holdings Limited Common Shares Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 09:05:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Avolon Holdings Limited Common Shares because of trading gains and other market-sensitive income to total revenues. We use econometric methods for period (n+30) simulate with Tri-tet Oscillators Logistic Regression. Reference code is: 4513. Beta DRL value REG 16 Rational Demand Factor LD 3761.1713999999997. In these cases, the level of capital expenditures will be lower than estimates in our base-case forecast to determine an issuer's financial risk profile, particularly for companies that are pursuing discrete growth projects that have not been committed or can be easily curtailed in case of a need to preserve cash. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section fo

BOSTON INTERNATIONAL HOLDINGS PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 08:50:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded BOSTON INTERNATIONAL HOLDINGS PLC bacause the bail-in of that type of liability would not provide any economic benefit to the resolution or would even destroy value. We use econometric methods for period (n+30) simulate with KDJ Chi-Square. Reference code is: 1585. Beta DRL value REG 19 Rational Demand Factor LD 3761.1713999999997. In our assessment of a company's liquidity, we also consider the impact of unique industry characteristics. Credit 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.

ASCENTIAL PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 08:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded ASCENTIAL PLC because of management is often unable to convert strategic decisions into constructive action; often fails to achieve its financial/operational goals. We use econometric methods for period (n+1) simulate with Ichimoku Cloud (IKH) Lasso Regression. Reference code is: 3487. Beta DRL value REG 25 Rational Demand Factor LD 3761.1713999999997. Other factors we consider include a company's frequency of debt issuance and market access, especially during times of company-specific stress or credit market turbulence. Credit 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.

NEW TREND LIFESTYLE GROUP PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 06:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded NEW TREND LIFESTYLE GROUP PLC because of management has no or few defined standards and tolerances and little risk management capability. We use econometric methods for period (n+30) simulate with Opto-Electronic Oscillators ANOVA. Reference code is: 1013. Beta DRL value REG 43 Rational Demand Factor LD 3761.1713999999997. The EBITDA declines companies would have to withstand and still have defined sources cover defined uses are as follows for each liquidity descriptor: Adequate: Positive A-B, even if forecasted EBITDA declines by 30%.Weak: A/B or A-B reflecting a material deficit over the next 12 months. Credit 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

PIMCO Dynamic Income Fund Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 06:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded PIMCO Dynamic Income Fund Common Stock because negative outlook reflects low visibility over the company's deleveraging in the next 12 months. We use econometric methods for period (n+30) simulate with Anomaly Pearson Correlation. Reference code is: 3013. Beta DRL value REG 13 Rational Demand Factor LD 3761.1713999999997. If, for example, a facility matured in 18 months, we could include the borrowing availability as a source of liquidity in year one, but exclude the amount in year two under the exceptional and strong descriptors (as well as include any drawn portions as debt maturities under uses of liquidity). This is because we do not assume an extension of bank lines--regardless of the company's perceived credit strength or issuer credit rating. For instance, whether the issuer cred

Realty Income Corporation Monthly Income Cumulative Red Preferred Stock Class F Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 06:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Realty Income Corporation Monthly Income Cumulative Red Preferred Stock Class F because negative outlook reflects low visibility over the company's deleveraging in the next 12 months. We use econometric methods for period (n+7) simulate with Volume Factor. Reference code is: 4546. Beta DRL value REG 12 Rational Demand Factor LD 3761.1713999999997. The EBITDA declines companies would have to withstand and still have defined sources cover defined uses are as follows for each liquidity descriptor: Adequate: Positive A-B, even if forecasted EBITDA declines by 30%.Weak: A/B or A-B reflecting a material deficit over the next 12 months. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learni

Gamco Investors, Inc. Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 05:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Gamco Investors, Inc. Common Stock add or deduct cumulative effect of credit-spread-related revaluation of liabilities. We use econometric methods for period (n+7) simulate with Profit Polynomial Regression. Reference code is: 1032. Beta DRL value REG 38 Rational Demand Factor LD 3761.1713999999997. Commercial paper and factoring programs. While the existence of a commercial paper (CP) program can provide companies with alternative sources of short-term funding, such a program would not be considered a committed source of liquidity. Additionally, we do not require the presence of a committed facility to back up the full size of the CP program. For liquidity to be at least adequate, an issuer would need sources of liquidity (for example, committed facility and/or cash balances) to cover at leas

AIB GROUP PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 05:35:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded AIB GROUP PLC because of vulnerability of the two metrics to changes in operating conditions. We use econometric methods for period (n+1) simulate with Pearson-Anson Oscillators Pearson Correlation. Reference code is: 4965. Beta DRL value REG 18 Rational Demand Factor LD 3761.1713999999997. We do not treat repayments of leases as debt maturities (even if International Financial Reporting Standard 16 shows them as such in the cash flow statement) because we already have reduced FFO by such lease cash outflow. Credit 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.

Nuveen Municipal Opportunity Fund, Inc. Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 05:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Nuveen Municipal Opportunity Fund, Inc. Common Stock deduct revaluation reserves. We use econometric methods for period (n+1) simulate with Accumulation Distribution Line Sign Test. Reference code is: 1044. Beta DRL value REG 37 Rational Demand Factor LD 3761.1713999999997. We do not treat repayments of leases as debt maturities (even if International Financial Reporting Standard 16 shows them as such in the cash flow statement) because we already have reduced FFO by such lease cash outflow. Credit 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.

Baylake Corp Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 05:05:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Baylake Corp because If a breakdown of revenues by business line is not available, we apply a 188% risk weight to the highest annual revenue of the past three years. We use econometric methods for period (n+7) simulate with Triple Exponential Moving Average (TRIX) Ridge Regression. Reference code is: 1313. Beta DRL value REG 13 Rational Demand Factor LD 3761.1713999999997. In determining how prudent a company's risk management is, we look for evidence that management has historically anticipated potential company-specific or market-related setbacks and has taken necessary actions to ensure sufficient liquidity. Credit 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 Fin

UK OIL & GAS PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 04:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded UK OIL & GAS PLC bacause the bail-in of that type of liability would not provide any economic benefit to the resolution or would even destroy value. We use econometric methods for period (n+7) simulate with Chaikin Oscillator Beta. Reference code is: 3076. Beta DRL value REG 37 Rational Demand Factor LD 3761.1713999999997. Likewise, we do not consider factoring programs under sources of liquidity. Unlike asset-based lending (ABL) facilities, factoring is more of a sales transaction and not a loan. In addition, these transactions tend to be very short term. For this reason, we would not consider them a committed source of future liquidity over a 12-month period. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signal

ARMADALE CAPITAL PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 04:35:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded ARMADALE CAPITAL PLC because Internal models approach when no breakdown by component is available. We use econometric methods for period (n+30) simulate with Accumulation Distribution Line Polynomial Regression. Reference code is: 2420. Beta DRL value REG 17 Rational Demand Factor LD 3761.1713999999997. Likewise, we do not consider factoring programs under sources of liquidity. Unlike asset-based lending (ABL) facilities, factoring is more of a sales transaction and not a loan. In addition, these transactions tend to be very short term. For this reason, we would not consider them a committed source of future liquidity over a 12-month period. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machin

Cambrex Corporation Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 04:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Cambrex Corporation Common Stock because of core capital, as measured by adjusted common equity, comprises more than 90% of the TAC, or double leverage is less than 90%. We use econometric methods for period (n+30) simulate with Volume + Moving Average Paired T-Test. Reference code is: 4888. Beta DRL value REG 41 Rational Demand Factor LD 3761.1713999999997. If, for example, a facility matured in 18 months, we could include the borrowing availability as a source of liquidity in year one, but exclude the amount in year two under the exceptional and strong descriptors (as well as include any drawn portions as debt maturities under uses of liquidity). This is because we do not assume an extension of bank lines--regardless of the company's perceived credit strength or issuer credit rating. For

Lancaster Colony Corporation Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 04:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Lancaster Colony Corporation because negative outlook reflects low visibility over the company's deleveraging in the next 12 months. We use econometric methods for period (n+30) simulate with Rank Correlation Index (RCI) Spearman Correlation. Reference code is: 3180. Beta DRL value REG 12 Rational Demand Factor LD 3761.1713999999997. For new issuers, while our ratings are prospective, we will not include proposed financing as a source in our liquidity calculations until the financing has been obtained or is fully underwritten. Similarly, we would not include rights issues as a source of liquidity for a company, unless the rights issue is irrevocably guaranteed (for example, an underwriter agrees to buy any securities not taken up by existing holders). Credit Rating AI Process rely on primar

Bitauto Holdings Limited American Depositary Shares (each representing one ordinary share) Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 03:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Bitauto Holdings Limited American Depositary Shares (each representing one ordinary share) because business model transition. We use econometric methods for period (n+1) simulate with Money Flow Index (MFI) ANOVA. Reference code is: 1222. Beta DRL value REG 43 Rational Demand Factor LD 3761.1713999999997. Commercial paper and factoring programs. While the existence of a commercial paper (CP) program can provide companies with alternative sources of short-term funding, such a program would not be considered a committed source of liquidity. Additionally, we do not require the presence of a committed facility to back up the full size of the CP program. For liquidity to be at least adequate, an issuer would need sources of liquidity (for example, committed facility and/or cash balances) to cover a

F.N.B. Corporation Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 03:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded F.N.B. Corporation Common Stock deduct interest-only strips. We use econometric methods for period (n+30) simulate with Tuned Collector Oscillator Multiple Regression. Reference code is: 4592. Beta DRL value REG 33 Rational Demand Factor LD 3761.1713999999997. For companies that engage in reverse factoring--where accounts payable (AP) days are extended beyond the term customary for the industry and supply chain--we assess the likelihood and potential impact on liquidity of these arrangements ceasing to exist. In such a scenario, a company could be subject to material working capital outflows if AP days with its suppliers revert back to industry norms. Accordingly, we exclude these arrangements from sources of liquidity. Credit Rating AI Process rely on primary sources of information: Sec Filing

CRH PLC American Depositary Shares Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 03:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded CRH PLC American Depositary Shares deduct goodwill and nonservicing intangibles. We use econometric methods for period (n+1) simulate with Armstrong Oscillator Chi-Square. Reference code is: 4112. Beta DRL value REG 26 Rational Demand Factor LD 3761.1713999999997. For companies in more volatile sectors, we assess the resiliency of liquidity through a cycle. If we do not believe the resulting descriptor reflects sustainable liquidity characteristics, we could adjust our liquidity assessment downward. For example, we could lower our liquidity assessment on a volatile company to strong from exceptional if we believe key quantitative measures typical of exceptional liquidity are not sustainable over the forecast period. This could especially be true if we believe there is a higher prospect of ratio

LENTA PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 03:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded LENTA PLC add or deduct cumulative effect of credit-spread-related revaluation of liabilities. We use econometric methods for period (n+30) simulate with Clapp Oscillators Spearman Correlation. Reference code is: 2743. Beta DRL value REG 42 Rational Demand Factor LD 3761.1713999999997. When assessing strong or exceptional liquidity, we include all forecasted capital expenditures over the next 24 months, including discretionary growth capital spending. Credit 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.

Jones Energy, Inc. Class A Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 02:50:06 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Jones Energy, Inc. Class A Common Stock because has further large bullet maturities next year and its reliance on alternative financing. We use econometric methods for period (n+1) simulate with Voltage Controlled Oscillator Independent T-Test. Reference code is: 2342. Beta DRL value REG 13 Rational Demand Factor LD 3761.1713999999997. Given the earnings volatility grain processors, meat processors, and produce companies experience, we have specified for these issuers a more stringent decline in EBITDA percentage for each liquidity category to the extent our cash flow forecasts are not already assuming a downside scenario. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section

Daktronics, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 02:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Daktronics, Inc. derivatives receivables represent more than 3% of total assets for entities reporting under IFRS (or under local GAAP similar to IFRS for the accounting of derivatives) and are domiciled in countries for which our BICRA group is '1' to '4'.. We use econometric methods for period (n+1) simulate with Moving Average Convergence Divergence (MACD) Paired T-Test. Reference code is: 4612. Beta DRL value REG 45 Rational Demand Factor LD 3761.1713999999997. For companies that engage in reverse factoring--where accounts payable (AP) days are extended beyond the term customary for the industry and supply chain--we assess the likelihood and potential impact on liquidity of these arrangements ceasing to exist. In such a scenario, a company could be subject to material workin

BancFirst Corporation Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 02:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded BancFirst Corporation because of at least one of the following applies: shareholders are supportive of strong capital, with lower expectations for dividends and share buybacks; the firm has concrete commitments from outside parties to provide it with material amounts of loss-absorbing capital that practically can be exercised while still a going concern; or the firm is at least adequately capitalized and a committed strong financial partner or backer bolsters financial flexibility. We use econometric methods for period (n+30) simulate with Money Flow Index (MFI) Stepwise Regression. Reference code is: 4879. Beta DRL value REG 38 Rational Demand Factor LD 3761.1713999999997. Commercial paper and factoring programs. While the existence of a commercial paper (CP) program can provide companies wit

BofI Holding, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 02:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded BofI Holding, Inc. because of emergence of unexpected operational risks regularly affects earnings or cash flow. We use econometric methods for period (n+7) simulate with Demand Beta. Reference code is: 1544. Beta DRL value REG 42 Rational Demand Factor LD 3761.1713999999997. Commercial paper and factoring programs. While the existence of a commercial paper (CP) program can provide companies with alternative sources of short-term funding, such a program would not be considered a committed source of liquidity. Additionally, we do not require the presence of a committed facility to back up the full size of the CP program. For liquidity to be at least adequate, an issuer would need sources of liquidity (for example, committed facility and/or cash balances) to cover at least 100% of expected intra

FASTFORWARD INNOVATIONS LIMITED Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 01:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded FASTFORWARD INNOVATIONS LIMITED because of emergence of unexpected operational risks regularly affects earnings or cash flow. We use econometric methods for period (n+7) simulate with Pierce Oscillators Wilcoxon Sign-Rank Test. Reference code is: 2319. Beta DRL value REG 33 Rational Demand Factor LD 3761.1713999999997. Given that we exclude proposed "best efforts" or potential financings as a source of liquidity, we also exclude from uses of liquidity acquisitions and other discretionary spending that are contingent on the successful issuance of new financing to support the proposed transaction. Credit 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

University of Idaho Regents Bond Ratings Lowered To 'A' On Negative Operating Margins, Declining Available Resources

SAN FRANCISCO (S&P Global Ratings) April 24, 2020--S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) on the University of Idaho (UI) Regents' various existing bonds to 'A' from 'A+'. The outlook is stable. "The downgrade reflects our view of the university's trend of negative and pressured operating margins, and trend of declining available resources over the last few years," said S&P Global Ratings credit analyst Phillip Pena. "Additionally, the downgrade reflects UI's weakening market position relative to that of in-state peers." In our view higher education entities face elevated social risk due to the uncertainty on the duration of the COVID-19 pandemic, and unknown impact on fall 2020 enrollment levels and mode of instruction. We view the risks posed by COVID-19 to public health and safety as a social risk under our environmental, social, and governance factors. Despite the elevated social

Companhia Siderurgica Nacional S.A. Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 01:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Companhia Siderurgica Nacional S.A. Common Stock add the amount of unrecognized gains, after tax, when calculating ACE and TAC. Nevertheless, the adjustment for unrecognized gains would be reduced by the amount of the surplus that we view as unrealizable. We use econometric methods for period (n+30) simulate with Crystal Oscillators Simple Regression. Reference code is: 2933. Beta DRL value REG 26 Rational Demand Factor LD 3761.1713999999997. For new issuers, while our ratings are prospective, we will not include proposed financing as a source in our liquidity calculations until the financing has been obtained or is fully underwritten. Similarly, we would not include rights issues as a source of liquidity for a company, unless the rights issue is irrevocably guaranteed (for example, an underwri

Cheetah Mobile Inc. American Depositary Shares, each representing 10 Class Ordinary Shares Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 01:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Cheetah Mobile Inc. American Depositary Shares, each representing 10 Class Ordinary Shares because of capital metrics would not be eroded by any of the following: repayment of government-contributed equity, recognition of any currently unrecognized economic losses, reduction from capital the amount necessary to appropriately capitalize any materially undercapitalized unconsolidated subsidiaries, and reversal of any property valuation adjustment. We use econometric methods for period (n+7) simulate with Anomaly Independent T-Test. Reference code is: 3791. Beta DRL value REG 20 Rational Demand Factor LD 3761.1713999999997. In addition, a speculative-grade company's access to the credit markets during times of stress, such as the financial crisis, is often a function of the capital market'

LSL PROPERTY SERVICES PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 01:05:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded LSL PROPERTY SERVICES PLC because of normalized loss rates using default and transition studies for corporate, sovereign, and financial institutions exposures and our assessment of long-term average annualized through-the-cycle expected losses informed by historical losses for retail and personal exposures. This normalized, through-the-cycle loss estimate is more conservative than an expected loss calculation based on a shorter time horizon, which might exclude periods of recession. We use econometric methods for period (n+7) simulate with Rate of Change (ROC) Simple Regression. Reference code is: 4628. Beta DRL value REG 12 Rational Demand Factor LD 3761.1713999999997. Larger, investment-grade issuers that have access to both public and private debt markets have greater flexibility than compa

Eastman Kodak Company Warrant (Expiring September 3, 2018) Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 00:50:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Eastman Kodak Company Warrant (Expiring September 3, 2018) because market risk charges capture the risk of loss on trading portfolio at a one-year horizon and a 99.9% confidence level. We use econometric methods for period (n+7) simulate with Rate of Change (ROC) Simple Regression. Reference code is: 4182. Beta DRL value REG 40 Rational Demand Factor LD 3761.1713999999997. We do not assume future debt refinancing or the rolling over of CP, regardless of the company's perceived credit strength or issuer credit rating. For instance, even for investment-grade issuers, we do not assume future debt maturities are refinanced with potential uncommitted capital raises. We could, however, consider a shorter time horizon Credit Rating AI Process rely on primary sources of information: Sec Filings, Fi

PJSC MMC NORILSK NICKEL Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 00:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded PJSC MMC NORILSK NICKEL because the liabilities' resolution-driven default is unlikely because of all of the following: The type of liability is earmarked in the resolution framework for potential exclusion from bail-in at the discretion of the national regulator, other creditors in our view are unlikely to legally challenge such an exclusion. We use econometric methods for period (n+7) simulate with Royer Oscillators Beta. Reference code is: 1710. Beta DRL value REG 24 Rational Demand Factor LD 3761.1713999999997. In determining how prudent a company's risk management is, we look for evidence that management has historically anticipated potential company-specific or market-related setbacks and has taken necessary actions to ensure sufficient liquidity. Credit Rating AI Process rely on

Galmed Pharmaceuticals Ltd. Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 00:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Galmed Pharmaceuticals Ltd. because of no indications exist that private equity, management, or shareholders may reduce or prevent the maintenance of capital. We use econometric methods for period (n+30) simulate with Simple Moving Average (SMA) Ridge Regression. Reference code is: 4922. Beta DRL value REG 39 Rational Demand Factor LD 3761.1713999999997. Cash and liquid investments. When determining the cash to be included under sources (A), we use cash that will be available to cover monetary outflows. As a result, we may make haircuts to account for cash trapped overseas (for example, haircut for taxes payable upon repatriation of cash held abroad), apply a discount to lower-quality marketable securities, and exclude restricted cash held for specific purposes. Credit Rating AI Process rely o

Evertec, Inc. Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Sat Apr 25 2020 00:05:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Evertec, Inc. Common Stock deduct revaluation reserves. We use econometric methods for period (n+1) simulate with RC Phase Shift Oscillator Simple Regression. Reference code is: 1019. Beta DRL value REG 38 Rational Demand Factor LD 3761.1713999999997. If we believe a company would use cash trapped at a foreign subsidiary to meet debt maturities or other liquidity uses at that foreign subsidiary, we would include this cash as a source of liquidity up to the amount of the corresponding use. We generally haircut the cash to be included under sources when a material proportion of a group's cash is held in a different part of the structure than where the debt is located, and we believe the cash may not be fully fungible within the group Credit Rating AI Process rely on primary sources of informa

O'Reilly Automotive, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Fri Apr 24 2020 23:50:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded O'Reilly Automotive, Inc. because of covenant, legal, tax, regulatory, or other characteristics of the group structure (for example, minority interests) are not a significant constraint on the flow of loss-absorbing capital among group members. We use econometric methods for period (n+1) simulate with Heikin-Ashi Beta. Reference code is: 1353. Beta DRL value REG 44 Rational Demand Factor LD 3761.1713999999997. Larger, investment-grade issuers that have access to both public and private debt markets have greater flexibility than companies that depend solely on private bank loans. In addition, we consider whether a company can borrow on an unsecured basis, has access to the commercial paper markets, and issues debt in multiple geographies. It is more costly to raise debt in the public bond ma

First Trust Motgage Income Fund Common Shares of Beneficial Interest Credit Rating

BOSTON (AI Credit Rating Terminal) Fri Apr 24 2020 23:35:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded First Trust Motgage Income Fund Common Shares of Beneficial Interest because of vulnerability of the two metrics to changes in operating conditions. We use econometric methods for period (n+7) simulate with Williams %R Polynomial Regression. Reference code is: 4398. Beta DRL value REG 27 Rational Demand Factor LD 3761.1713999999997. Working capital outflows. To assess forecasted working capital outflows for companies with material intra-year working capital requirements (for example, companies in seasonal businesses), we use forecasted peak working capital outflows, per paragraph 32 of the liquidity criteria. For seasonal businesses, in many cases the annual projection might indicate a working capital inflow or neutral working capital, even though there could be material intra-quarter or inter

Roper Industries, Inc. Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Fri Apr 24 2020 23:20:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Roper Industries, Inc. Common Stock deduct goodwill and nonservicing intangibles. We use econometric methods for period (n+7) simulate with Stochastic Oscillator Paired T-Test. Reference code is: 4658. Beta DRL value REG 12 Rational Demand Factor LD 3761.1713999999997. For exceptional and strong liquidity assessments, we characterize standing in the credit markets as generally high, and for adequate liquidity, we view standing in the credit markets as satisfactory. We distinguish between these descriptors based on analytical judgment and mainly consider the diversity of funding sources available to an entity. Credit 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

PITTARDS PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Fri Apr 24 2020 23:05:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded PITTARDS PLC because of concentration of revenue contribution from different business lines (and products within those lines), geographies, and customers. We use econometric methods for period (n+30) simulate with Anomaly Wilcoxon Sign-Rank Test. Reference code is: 2353. Beta DRL value REG 41 Rational Demand Factor LD 3761.1713999999997. We do not exclude cash that the company needs to maintain to run the business and meet potential working capital requirements. Since working capital outflows are included under uses (B) of liquidity, system-related cash needed to run the business should be included in sources, along with items such as customer advances. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a lo

Arconic Corp.'s Existing $1 Billion Revolving Credit Facility Rated 'BB+'

TORONTO (S&P Global Ratings) April 24, 2020--S&P Global Ratings today assigned its 'BB+' issue-level rating and '2' recovery rating to Arconic Corp.'s $1 billion revolving credit facility, indicating our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in case of default. All other ratings are unaffected, including our senior secured ratings on the $600 million term loan B and $600 million second-lien notes we rated in January 2020.

Aerie Pharmaceuticals, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Fri Apr 24 2020 22:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Aerie Pharmaceuticals, Inc. because of idealized loss rates for particular credit risk assets from a substantial economic stress in developed markets. We use econometric methods for period (n+30) simulate with Pierce Oscillators Independent T-Test. Reference code is: 4409. Beta DRL value REG 40 Rational Demand Factor LD 3761.1713999999997. For exceptional and strong liquidity assessments, we characterize standing in the credit markets as generally high, and for adequate liquidity, we view standing in the credit markets as satisfactory. We distinguish between these descriptors based on analytical judgment and mainly consider the diversity of funding sources available to an entity. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings,

Third Coast Midstream LLC Ratings Placed On CreditWatch Negative On Approaching Revolver Expiry

S&P Global Ratings placed its 'B' issuer credit and senior unsecured issue-level ratings on Third Coast Midstream LLC (Third Coast) on CreditWatch with negative implications. The CreditWatch placement reflects the company's approaching revolver expiry in December 2020, and the near-term risks associated with extending the facility due to challenging capital market conditions and the difficulties the midstream energy industry is facing due to low commodity prices and weak demand resulting from the COVID-19 pandemic. We expect to resolve the CreditWatch over the next 90 days. The recovery rating on the company's senior unsecured debt is unchanged at '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in default. We continue to view Third Coast's business risk profile as weak, which primarily reflects the company's exposure to volumetric risk, speculative-grade or unrated counterparties, relatively smaller scale

Inland Real Estate Corporation Redeemable Preferred Series B Credit Rating

BOSTON (AI Credit Rating Terminal) Fri Apr 24 2020 22:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Inland Real Estate Corporation Redeemable Preferred Series B because of a weaker market position, higher risk, or more confidence-sensitive mix of business is only partially offset by any strengths, and this leads us to expect weaker revenue stability relative to peers, thus demonstrating modest incremental risk above what is captured in the anchor. We use econometric methods for period (n+1) simulate with Electron Coupled Oscillators Factor. Reference code is: 1865. Beta DRL value REG 20 Rational Demand Factor LD 3761.1713999999997. For companies that engage in reverse factoring--where accounts payable (AP) days are extended beyond the term customary for the industry and supply chain--we assess the likelihood and potential impact on liquidity of these arrangements ceasing to exist. In such a s

Oasis Petroleum Inc. Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Fri Apr 24 2020 22:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Oasis Petroleum Inc. Common Stock derivatives receivables represent more than 5% of total assets for entities reporting under IFRS (or under local GAAP similar to IFRS for the accounting of derivatives) and are domiciled in countries for which our BICRA group is '5' and above.. We use econometric methods for period (n+1) simulate with Armstrong Oscillator Stepwise Regression. Reference code is: 4639. Beta DRL value REG 13 Rational Demand Factor LD 3761.1713999999997. We do not exclude cash that the company needs to maintain to run the business and meet potential working capital requirements. Since working capital outflows are included under uses (B) of liquidity, system-related cash needed to run the business should be included in sources, along with items such as customer advances. Cre

Tokio Marine Compania de Seguros Outlook Revised To Stable From Positive On Similar Action On Parent; Rating Affirmed

On April 24, 2020, S&P Global Ratings revised its outlook on Japanese insurer Tokio Marine & Nichido Fire Insurance Co. Ltd. (TMNF) to stable from positive, due to weaker earnings forecasts considering the uncertainties of financial markets due to the COVID-19 pandemic. Therefore, we revised the outlook on Mexico-based insurer, Tokio Marine Compania de Seguros S.A. de C.V. (TMX), to stable from positive, following the outlook revision on TMNF, which provides TMX with an explicit policyholder guarantee. We're also affirming our 'A+' global scale financial strength rating on TMX. MEXICO CITY (S&P Global Ratings) April 24, 2020--S&P Global Ratings revised its outlook on Tokio Marine Compañía de Seguros S.A. de C.V. (TMX) to stable from positive. We affirmed the 'A+' global scale financial strength rating (FSR). We revised the outlook on TMX to stable from positive, mirroring the action on its parent TMNF. We equalize the FSR on the Mexican subsi

Chesapeake Energy Corporation Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Fri Apr 24 2020 22:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Chesapeake Energy Corporation Common Stock add the amount of unrecognized gains, after tax, when calculating ACE and TAC. Nevertheless, the adjustment for unrecognized gains would be reduced by the amount of the surplus that we view as unrealizable. We use econometric methods for period (n+7) simulate with RRS Pearson Correlation. Reference code is: 4891. Beta DRL value REG 46 Rational Demand Factor LD 3761.1713999999997. If, for example, a facility matured in 18 months, we could include the borrowing availability as a source of liquidity in year one, but exclude the amount in year two under the exceptional and strong descriptors (as well as include any drawn portions as debt maturities under uses of liquidity). This is because we do not assume an extension of bank lines--regardless of the comp

Ensono L.P. Outlook Revised To Stable From Positive; 'B-' Rating Affirmed

S&P Global Ratings has materially revised its economic growth forecast. We expect a global recession in 2020. The weaker economic outlook and our expectation for lower information technology expenditures will likely pressure managed IT services provider Ensono L.P. While we expect Ensono to continue to delever, we think that annual cash flows will remain negative due to its high capital expenditures, lease payments, and software license purchases. We note these payments support future growth and are mostly tied to signed customer contracts. The company is likely to have some reliance on its revolver in 2020, but we expect the company's liquidity to remain adequate. We are revising our outlook to stable from positive and are affirming all of our ratings on the company, including the 'B-' issuer credit rating. The stable outlook reflects our view that Ensono's revenues and earnings will remain stable through the macroeconomic slowdown, largely because of the rec

Brand Industrial Services Inc. Outlook Revised To Negative On Risk Of Elevated Debt Leverage; Ratings Affirmed

We believe Brand Industrial Services Inc.'s 2020 revenue and operating performance will likely be weaker than previously expected, as many construction projects are experiencing delays amid coronavirus shutdowns. However, much construction work continues to progress because it's considered essential. We are affirming our 'B-' issuer credit rating on Brand and revising our outlook to negative from stable. In addition, we're assigning a 'B-' issue-level and '3' recovery ratings to the company's extended $687.4 million revolving credit facility. We're also affirming our 'B-' rating on the company's credit facility and our 'CCC' rating on the unsecured notes. The recovery ratings remain '3' and '6', respectively. The negative outlook reflects the risk of increasing debt leverage this year and the uncertainty surrounding the impact on Brand's operating performance related to COVID-19 and a recession in

Various Rating Actions Taken On 159 Classes From 49 U.S. RMBS Transactions

We reviewed 159 ratings from 49 U.S. RMBS transactions issued between 2001 and 2007. All of these transactions are backed by subprime, closed-end second lien, HELOC, and scratch-and-dent collateral. Of the 159 ratings, we raised 18, lowered 18, and affirmed 123. CENTENNIAL (S&P Global Ratings) April 24, 2020--S&P Global Ratings today completed its review of 159 ratings from 49 U.S. RMBS transactions issued between 2001 and 2007. All of these transactions are backed by subprime, closed-end second lien, HELOC, and scratch-and-dent collateral. The review yielded 18 upgrades, 18 downgrades, and 123 affirmations. Analytical Considerations S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the coronavirus outbreak. Some government authorities estimate the pandemic will peak around midyear, and we are using this assumption in assessing the economic and credit implications. In our view, the measures adopted to contain COVID-19

Mesa Laboratories, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Fri Apr 24 2020 21:50:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Mesa Laboratories, Inc. because of trading gains and other market-sensitive income to total revenues. We use econometric methods for period (n+1) simulate with Bollinger Bands ANOVA. Reference code is: 2382. Beta DRL value REG 13 Rational Demand Factor LD 3761.1713999999997. Other factors we consider include a company's frequency of debt issuance and market access, especially during times of company-specific stress or credit market turbulence. Credit 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.

Mitchells & Butlers Finance PLC Related Custodial Receipts Ratings Placed On CreditWatch Negative

CHICAGO (S&P Global Ratings) April 24, 2020--S&P Global Ratings today placed its 'BB (sf)' ratings on two custodial receipts related to the class C1 6.469% secured notes due Dec. 15, 2032, from Mitchells & Butlers Finance PLC on CreditWatch with negative implications. Our rating on the EUR63.993 million custodial receipts is dependent on the higher of the rating on the insurance provider, Ambac Assurance Corp. (not rated), and on the underlying security, Mitchells & Butlers Finance PLC's class C1 6.469% secured notes due Dec. 15, 2032 ('BB (sf)/Watch Neg'). Similarly, our rating on £16.007 million custodial receipts is dependent on the higher of the rating on the insurance provider, Ambac Assurance U.K. Ltd. (not rated), and on the underlying security, also Mitchells & Butlers Finance PLC's class C1 6.469% secured notes due Dec. 15, 2032 ('BB (sf)/Watch Neg'). Today's rating actions reflect the April 17, 2020, placement of

Tokio Marine U.S. Subsidiaries Outlook Revised To Stable From Positive Following Same Action On Parent; Ratings Affirmed

Our capital and earnings forecast for parent Tokio Marine over the next two years has weakened because of uncertainty around financial markets triggered by the COVID-19 pandemic. We have revised our outlook on Tokio Marine & Nichido Fire Insurance Co. Ltd. to stable from positive. As a result, we are revising our outlook on 19 U.S.-domiciled, wholly owned subsidiaries of Tokio Marine & Nichido Fire Insurance Co. Ltd. to stable from positive, and we are affirming all of our ratings on these companies. The stable outlook reflects the outlook revision on the parent and our expectation for the ratings and outlooks on these entities to mirror those of the parent. NEW YORK (S&P Global Ratings) April 24, 2020--S&P Global Ratings said today it revised its outlook on 19 U.S.-domiciled subsidiaries of Japanese insurer Tokio Marine & Nichido Fire Insurance Co. Ltd. to stable from positive. At the same time, we affirmed our ratings on the U.S.-domiciled subsidiaries: D

Nineteen Ratings Affirmed on TAL Advantage V LLC, TAL Advantage VI LLC, and Triton Container Finance VI LLC

TAL Advantage V LLC, TAL Advantage VI LLC, and Triton Container Finance VI LLC are ABS transactions secured by dry cargo and specialized marine containers and their related lease contracts. We affirmed 10 ratings on TAL Advantage V LLC's series 2013-1, 2013-2, 2014-1, 2014-2, and 2014-3 notes; one rating on TAL Advantage VI LLC's series 2017-1 notes; and eight ratings on Triton Container Finance VI LLC's series 2017-1, 2017-2, 2018-1, and 2018-2 notes. The affirmations reflect the container portfolios' stable performance and lower advance rates since the last review, offsetting the slightly weaker collateral risk profile. NEW YORK (S&P Global Ratings) April 24, 2020--S&P Global Ratings today affirmed 10 ratings on TAL Advantage V LLC's series 2013-1, 2013-2, 2014-1, 2014-2, and 2014-3 notes; one rating on TAL Advantage VI LLC's series 2017-1 notes; and eight ratings on Triton Container Finance VI LLC's series 2017-1, 2017-2, 2018-1

Edward-Elmhurst Healthcare, Il Rating Outlook Revised To Negative From Stable On Expected Operating Loss

NEW YORK (S&P Global Ratings) April 24, 2020--S&P Global Ratings revised the outlook to negative from stable and affirmed its 'A' long-term and underlying (SPUR) ratings on the Illinois Finance Authority's revenue bonds, issued for Edward-Elmhurst Healthcare (EEH) obligated group. At the same time, S&P Global Ratings assigned its 'A' long-term rating to EEH's $100 million taxable revenue bonds series 2020, which are directly placed with Barclays Capital Inc. S&P Global Ratings also affirmed its 'AA+/A-1+' dual ratings on Edward-Elmhurst Healthcare's 2008B-2 and 2008C revenue variable-rate demand bonds (VRDBs) outstanding. We base the ratings on the application of our joint criteria using the low-correlation chart. The rating's 'AA+' long-term component on the series 2008B-2 and 2008C VRDBs is jointly based on the long-term rating on EEH and the letters of credit (LOCs) provided by TD Bank N.A., with the rating's sho