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Showing posts from May 4, 2020

Liberty Interactive Corporation Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 10:51:49 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Liberty Interactive Corporation 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 Bollinger Bands Stepwise Regression. Reference code is: 3979. Beta DRL value REG 22 Rational Demand Factor LD 3900.792. 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 on primary sources of information: Sec

CATENA GROUP PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 10:51:22 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded CATENA GROUP PLC 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 FS Independent T-Test. Reference code is: 1119. Beta DRL value REG 16 Rational Demand Factor LD 3900.792. 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.

MENA LAND PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 10:36:50 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded MENA LAND 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+30) simulate with Ring Oscillators Wilcoxon Rank-Sum Test. Reference code is: 4510. Beta DRL value REG 26 Rational Demand Factor LD 3900.792. For these reasons, although the criteria establish no rating threshold for liquidity, we typically expect: Instances of 'B+' and below ra

Merck & Company, Inc. Common Stock (new) Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 10:36:29 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Merck & Company, Inc. Common Stock (new) because has further large bullet maturities next year and its reliance on alternative financing. We use econometric methods for period (n+1) simulate with Ratiocator (RAT) Linear Regression. Reference code is: 2410. Beta DRL value REG 21 Rational Demand Factor LD 3900.792. For example, if a company incurred a large working capital inflow in the fourth quarter, which more than offset working capital outflows during the first three quarters, we would use the peak working capital outflows within our A/B and A-B calculation. However, we avoid double-counting when the working capital outflow is already captured through our assumption of peak CP amount. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Cred

Andon Health Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 10:35:50 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Andon Health Co Ltd 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+1) simulate with Sustainability Wilcoxon Sign-Rank Test. Reference code is: 2780. Beta DRL value REG 31 Rational Demand Factor LD 3900.792. If a company has a credit put that causes debt acceleration or collateral posting due to a downgrade of three notches or less, we would include these requirements under uses of liquidity, per paragraph 30 of the liquidity criteria. For example, if a 'BBB' rated company had a credit put that was triggered with a downgrade to speculative grade, we would include the corresponding cash requ

Wuhan Golden Laser Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 10:35:22 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Wuhan Golden Laser Co Ltd 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 Penetration Multiple Regression. Reference code is: 1636. Beta DRL value REG 17 Rational Demand Factor LD 3900.792. Debt maturities and put options. When evaluating uses of liquidity, we include all debt maturities over the liquidity horizon that are either recourse to the company, or nonrecourse that we believe the company will support even in times of stress. In cases where the debt includes a put option held by debtholders, we will consider the date of the put option the effective debt maturity--i.e., we will assume the debt will need to be repaid/refinanced on the day the put

Creative Peripherals and Distribution Limited Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 10:20:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Creative Peripherals and Distribution Limited because ongoing investments in PPP projects and expansion in cash projects to weigh on its balance sheet. We use econometric methods for period (n+1) simulate with Colpitts Oscillator Beta. Reference code is: 1037. Beta DRL value REG 46 Rational Demand Factor LD 3900.792. 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 on primary sources of information: Sec

MEI Pharma, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 10:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded MEI Pharma, Inc. deduct investments in insurance subsidiaries (as per paragraphs 41-43) and significant minority investments in financial institutions. We use econometric methods for period (n+30) simulate with Electron Coupled Oscillators Factor. Reference code is: 2506. Beta DRL value REG 12 Rational Demand Factor LD 3900.792. Investments should be able to be quickly liquidated without requiring deep discounts to their carrying value. This does not preclude long-term investments from being included. It does, however, exclude large stakes in non-liquid equity investments. 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.

Samvardhana Motherson Automotive Systems Group B.V. Credit Rating On Weaker Earnings Due To COVID-19 Effects

BOSTON (AI Credit Rating Terminal) Tue, May 5, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Samvardhana Motherson Automotive Systems Group B.V. Credit Rating On Weaker Earnings Due To COVID-19 Effects 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+1) simulate with Ichimoku Cloud (IKH) Lasso Regression. Reference code is: 4706. Beta DRL value REG 40 Rational Demand Factor LD 3900.792. Investments should be able to be quickly liquidated without requiring deep discounts to their carrying value. This does not preclude long-term investments from being included. It does, however, exclude large stakes in non-liquid equity investments. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financia

China National Offshore Oil Corp Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 09:50:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded China National Offshore Oil Corp 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+1) simulate with Meissner Oscillators Stepwise Regression. Reference code is: 3348. Beta DRL value REG 29 Rational Demand Factor LD 3900.792. 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 liqu

WATABE WEDDING CORPORATION Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 09:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded WATABE WEDDING CORPORATION 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 Electron Coupled Oscillators Factor. Reference code is: 2836. Beta DRL value REG 12 Rational Demand Factor LD 3900.792. 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 sourc

ValueCommerce Co., Ltd. Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 09:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded ValueCommerce Co., Ltd. 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+7) simulate with KDJ ElasticNet Regression. Reference code is: 4690. Beta DRL value REG 33 Rational Demand Factor LD 3900.792. We do not exclude cash that the company needs to maintain to run the business and meet potential working capital requirements. Since working capital

Stampede Capital Limited Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 09:05:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Stampede Capital Limited because of the level of the two metrics relative to the entity's credit and market risks. We use econometric methods for period (n+1) simulate with Rank Correlation Index (RCI) Wilcoxon Sign-Rank Test. Reference code is: 1831. Beta DRL value REG 21 Rational Demand Factor LD 3900.792. 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-quarter outflows thr

Tangshan Sanyou Chemical Industries Co Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 08:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Tangshan Sanyou Chemical Industries Co because of business mix, revenue stability, market position, and customer base (confidence sensitivity of clients and other outside commercial parties). In situations where profitability has a material negative impact on market position, this may limit the assessment. We use econometric methods for period (n+7) simulate with Psychological Line (PSY) Chi-Square. Reference code is: 2534. Beta DRL value REG 43 Rational Demand Factor LD 3900.792. In this scenario, we would still include the existing debt maturity as a use of liquidity in our A/B and A-B calculations, if the debt matures within the corresponding liquidity horizon. The rationale is that our liquidity assessment is essentially a stress test against a sudden and severe loss of capital markets acce

Lake County, TN GO Refunding Bonds Credit Rating Negative

BOSTON (AI Credit Rating Terminal) Tue, May 5, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Lake County, TN GO Refunding Bonds Credit Rating Negative 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+7) simulate with Exponential Moving Average (EMA) Polynomial Regression. Reference code is: 2457. Beta DRL value REG 44 Rational Demand Factor LD 3900.792. Additionally, we exclude revolver borrowing availability that we believe would be inaccessible due to covenant constraints. For revolving credit facilities with extension options, we include the extension period(s) under sources of liquidity only if the option is at the discretion of the borrower. If lenders have the option to terminate commitments at each extension point, we only include the borrowing availability under the facility up to the first extension da

CK Hutchison's Proposed Guaranteed U.S. Dollar Senior Unsecured Notes Credit Rating

BOSTON (AI Credit Rating Terminal) Tue, May 5, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate CK Hutchison's Proposed Guaranteed U.S. Dollar Senior Unsecured Notes Credit Rating because Internal models approach when no breakdown by component is available. We use econometric methods for period (n+7) simulate with Tri-tet Oscillators Beta. Reference code is: 3498. Beta DRL value REG 25 Rational Demand Factor LD 3900.792. Under times of stress, such actions could include dividend cuts, suspension of share repurchases, or maintenance of minimum cash balances. This is particularly relevant for exceptional and strong assessments, where issuers are required to carry higher levels of excess liquidity even during times of stress. For example, when assessing liquidity, we would generally expect companies to be able to cover the full amount of dividends and share repurchases included in our base-case forecast, while still maintaining exces

Inland Empire Utilities Agency, CA $196.4 Million WIFIA Loan-Backed Bonds Credit Rating

BOSTON (AI Credit Rating Terminal) Tue, May 5, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Inland Empire Utilities Agency, CA $196.4 Million WIFIA Loan-Backed Bonds Credit Rating because ongoing investments in PPP projects and expansion in cash projects to weigh on its balance sheet. We use econometric methods for period (n+30) simulate with Delay-Line Oscillators Logistic Regression. Reference code is: 2360. Beta DRL value REG 25 Rational Demand Factor LD 3900.792. Given that it can be difficult to identify outstanding CP at any point in time, when considering coverage, we may include our expectations for peak outstanding CP during the year as opposed to CP balances as of the last filing date, especially if we believe reported balances are not reflective of typical borrowing patterns. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look

Lai Fung Holdings Credit Rating

BOSTON (AI Credit Rating Terminal) Tue, May 5, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Lai Fung Holdings Credit Rating derivatives receivables represent more than 0.5% of total assets for entities reporting under U.S. GAAP. We use econometric methods for period (n+30) simulate with Multi-Wave Oscillators Chi-Square. Reference code is: 1723. Beta DRL value REG 19 Rational Demand Factor LD 3900.792. 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

Nordic Telecom Operator Telia Co. Credit Rating

BOSTON (AI Credit Rating Terminal) Tue, May 5, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Nordic Telecom Operator Telia Co. Credit Rating deduct revaluation reserves. We use econometric methods for period (n+7) simulate with Bollinger Bands Width Paired T-Test. Reference code is: 3924. Beta DRL value REG 31 Rational Demand Factor LD 3900.792. 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 primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning secti

AAP IMPLANTATE AG Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 08:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded AAP IMPLANTATE AG because negative outlook reflects low visibility over the company's deleveraging in the next 12 months. We use econometric methods for period (n+1) simulate with Speculation Beta. Reference code is: 2530. Beta DRL value REG 45 Rational Demand Factor LD 3900.792. 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 Financial Deep Reinforcement Learning.

Zhengzhou Urban Construction Investment Group Co., Ltd. Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 05:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Zhengzhou Urban Construction Investment Group Co., 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+7) simulate with Ring Oscillators Pearson Correlation. Reference code is: 3770. Beta DRL value REG 45 Rational Demand Factor LD 3900.792. Debt maturities and put options. When evaluating uses of liquidity, we include all debt maturities over the liquidity horizon that are either recourse to the company, or nonrecourse that we believe the company will support even in times of stress. In cases where the debt includes a put option held by debtholders, we will consider the date of the put option the effective debt maturity--i.e., we will assume the debt will need to be repa

OASMIA PHARMACEUT. SK-,10 Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 03:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded OASMIA PHARMACEUT. SK-,10 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+7) simulate with Speculation ElasticNet Regression. Reference code is: 4452. Beta DRL value REG 34 Rational Demand Factor LD 3900.792. Committed credit facilities. When calculating sources of liquidity, we only include the undrawn, available portion of committed bank lines maturing beyond the specified time horizon for each liquidity descriptor. For example, when assessing liquidity as adequate, we only include a committed revolving credit facility as a source if it matured beyon

DX (GROUP) PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 02:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded DX (GROUP) 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+1) simulate with Ring Oscillators Stepwise Regression. Reference code is: 4695. Beta DRL value REG 21 Rational Demand Factor LD 3900.792. 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 fo

Petroleo Brasileiro S.A. Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 02:05:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Petroleo Brasileiro S.A. because of the risk or unstable nature of the firm's mix of business, some aspect of the firm's market position, customer confidence sensitivity, or expected revenue stability are materially weaker than average, or represent substantial risk beyond risks captured in the anchor. We use econometric methods for period (n+1) simulate with Delay-Line Oscillators Logistic Regression. Reference code is: 2420. Beta DRL value REG 20 Rational Demand Factor LD 3900.792. 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

Guangzhou Rural Commercial Bank Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 01:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Guangzhou Rural Commercial Bank Co Ltd because the steps to carry out a bail-in of that type of liability would involve such high operational complexities that would make its bail-in unlikely in a reasonable time. We use econometric methods for period (n+7) simulate with Relative Strength Index (RSI) Simple Regression. Reference code is: 3999. Beta DRL value REG 34 Rational Demand Factor LD 3900.792. If a company has a credit put that causes debt acceleration or collateral posting due to a downgrade of three notches or less, we would include these requirements under uses of liquidity, per paragraph 30 of the liquidity criteria. For example, if a 'BBB' rated company had a credit put that was triggered with a downgrade to speculative grade, we would include the corresponding cash requirem

Daikokutenbussan Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 01:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Daikokutenbussan Co Ltd add or deduct postretirement benefit adjustment. We use econometric methods for period (n+7) simulate with Tuned Collector Oscillator Chi-Square. Reference code is: 2414. Beta DRL value REG 21 Rational Demand Factor LD 3900.792. 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 inform

China Southern Airlines Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 01:20:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded China Southern Airlines Co Ltd because In addition to the risk weight based on revenues by business line, we apply a risk weight of 6.25% to cash and money market . We use econometric methods for period (n+1) simulate with Heikin-Ashi Simple Regression. Reference code is: 3759. Beta DRL value REG 29 Rational Demand Factor LD 3900.792. Debt maturities and put options. When evaluating uses of liquidity, we include all debt maturities over the liquidity horizon that are either recourse to the company, or nonrecourse that we believe the company will support even in times of stress. In cases where the debt includes a put option held by debtholders, we will consider the date of the put option the effective debt maturity--i.e., we will assume the debt will need to be repaid/refinanced on the day the

iShares MSCI All Country Asia Information Technology Index Fund Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 01:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded iShares MSCI All Country Asia Information Technology Index Fund because free cash flow negative and leverage high. We use econometric methods for period (n+1) simulate with Tuned Collector Oscillator ANOVA. Reference code is: 2957. Beta DRL value REG 20 Rational Demand Factor LD 3900.792. 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 Reinforcement Learning.

HENKEL AG+CO.KGAA ST O.N. Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 00:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded HENKEL AG+CO.KGAA ST O.N. deduct investments in insurance subsidiaries (as per paragraphs 41-43) and significant minority investments in financial institutions. We use econometric methods for period (n+7) simulate with Money Flow Index (MFI) Paired T-Test. Reference code is: 4795. Beta DRL value REG 18 Rational Demand Factor LD 3900.792. 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.

MOBIUS INVESTMENT TRUST PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 00:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded MOBIUS INVESTMENT TRUST PLC because the steps to carry out a bail-in of that type of liability would involve such high operational complexities that would make its bail-in unlikely in a reasonable time. We use econometric methods for period (n+7) simulate with Rank Correlation Index (RCI) ElasticNet Regression. Reference code is: 3085. Beta DRL value REG 41 Rational Demand Factor LD 3900.792. 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 Learn

LogMein, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 00:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded LogMein, Inc. add or deduct postretirement benefit adjustment. We use econometric methods for period (n+1) simulate with Chaikin Money Flow ElasticNet Regression. Reference code is: 3966. Beta DRL value REG 33 Rational Demand Factor LD 3900.792. 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.

Capital Product Partners L.P. Credit Rating

BOSTON (AI Credit Rating Terminal) Tue May 05 2020 00:05:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Capital Product Partners L.P. 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 Royer Oscillators Lasso Regression. Reference code is: 2260. Beta DRL value REG 36 Rational Demand Factor LD 3900.792. Debt maturities and put options. When evaluating uses of liquidity, we include all debt maturities over the liquidity horizon that are either recourse to the company, or nonrecourse that we believe the company will support even in times of stress. In cases where the debt includes a put option held by debtholders, we will consider the date of the put option the effective debt maturity--i.e., we will assume the debt will need to be repaid/refinanced on the day the put ca

Metropolitan Transportation Authority, NY Credit Ratings Negative on COVID-19-Related Pressures

BOSTON (AI Credit Rating Terminal) Tue, May 5, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Metropolitan Transportation Authority, NY Credit Ratings Negative on COVID-19-Related Pressures deduct revaluation reserves. We use econometric methods for period (n+30) simulate with Volume Independent T-Test. Reference code is: 3261. Beta DRL value REG 21 Rational Demand Factor LD 3900.792. 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 Machine Learning section for Financial Deep Reinforcement Lear

Xiamen Amoytop Biotech Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 23:50:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Xiamen Amoytop Biotech Co Ltd deduct investments in insurance subsidiaries (as per paragraphs 41-43) and significant minority investments in financial institutions. We use econometric methods for period (n+1) simulate with Money Flow Index (MFI) Pearson Correlation. Reference code is: 4525. Beta DRL value REG 36 Rational Demand Factor LD 3900.792. Additionally, we exclude revolver borrowing availability that we believe would be inaccessible due to covenant constraints. For revolving credit facilities with extension options, we include the extension period(s) under sources of liquidity only if the option is at the discretion of the borrower. If lenders have the option to terminate commitments at each extension point, we only include the borrowing availability under the facility up to the first e

Secom Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 23:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Secom Co Ltd because of trading gains and other market-sensitive income to total revenues. We use econometric methods for period (n+7) simulate with Chaikin Money Flow Stepwise Regression. Reference code is: 1354. Beta DRL value REG 14 Rational Demand Factor LD 3900.792. 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 Reinforcement Learning.

Bestore Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 23:20:05 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Bestore Co Ltd 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+30) simulate with Anomaly Simple Regression. Reference code is: 4731. Beta DRL value REG 40 Rational Demand Factor LD 3900.792. 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's appetite for risk. Accordingly, it would be rare that we would characterize a speculative-grade company as having a generally high standing in the credit markets, and even low-investment-gra

Aluminum Corporation of China Limited Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 23:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Aluminum Corporation of China Limited because Internal models approach when no breakdown by component is available. We use econometric methods for period (n+1) simulate with Pierce Oscillators Logistic Regression. Reference code is: 1452. Beta DRL value REG 40 Rational Demand Factor LD 3900.792. Our view of a company's financial policy is an important input when assessing its current and future liquidity position. For instance, we assess whether a company has historically had a higher risk appetite and an aggressive acquisition strategy that has strained its liquidity position, or whether it has taken actions to preserve liquidity in past downturns. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a lo

Merrill Lynch & Co., Inc. Merrill Lynch Capital Trust III 7.375% Trust Preferred Securities Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 22:50:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Merrill Lynch & Co., Inc. Merrill Lynch Capital Trust III 7.375% Trust Preferred Securities because we use the multipliers stemming from the Gaussian distribution (with a 50% add-on for fat tail events) to transform a VaR at a x-confidence level into a VaR at the chosen confidence level. We use econometric methods for period (n+1) simulate with Price Oscillator (PPO) Factor. Reference code is: 4857. Beta DRL value REG 36 Rational Demand Factor LD 3900.792. 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 Learni

COSCO Shipping Energy Transprtatn Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 22:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded COSCO Shipping Energy Transprtatn Co Ltd because the steps to carry out a bail-in of that type of liability would involve such high operational complexities that would make its bail-in unlikely in a reasonable time. We use econometric methods for period (n+7) simulate with RRS Factor. Reference code is: 3372. Beta DRL value REG 24 Rational Demand Factor LD 3900.792. 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 Learnin

Stifel Financial Corp. Credit Rating on Despite COVID-19 Headwinds

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Stifel Financial Corp. Credit Rating on Despite COVID-19 Headwinds because Internal models approach when no breakdown by component is available. We use econometric methods for period (n+1) simulate with Bollinger Bands %B Logistic Regression. Reference code is: 1504. Beta DRL value REG 34 Rational Demand Factor LD 3900.792. 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, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for

Cantor Fitzgerald L.P. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Cantor Fitzgerald L.P. Credit Rating 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 Sustainability Stepwise Regression. Reference code is: 3423. Beta DRL value REG 12 Rational Demand Factor LD 3900.792. To assess an issuer's standing in the credit markets, we may look at factors such as equity, debt, and credit default swaps (CDS) trading levels, where available, relative to peers and market averages. For example, lower-than-average debt trading levels or widening rating-ad

Raymond James Financial Inc. Credit Rating on COVID-19 Related Headwinds

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Raymond James Financial Inc. Credit Rating on COVID-19 Related Headwinds add or deduct cumulative effect of credit-spread-related revaluation of liabilities. We use econometric methods for period (n+1) simulate with Bollinger Bands Width ElasticNet Regression. Reference code is: 3620. Beta DRL value REG 29 Rational Demand Factor LD 3900.792. 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.

Shenzhen Senior Technology Mtrl Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 22:20:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Shenzhen Senior Technology Mtrl Co Ltd add or deduct postretirement benefit adjustment. We use econometric methods for period (n+7) simulate with Chaikin Oscillator Logistic Regression. Reference code is: 2100. Beta DRL value REG 38 Rational Demand Factor LD 3900.792. 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 primary sources of information: Sec Filings, Financial Statements, Credit Rat

IBG LLC Credit Rating On COVID-19 Headwinds

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate IBG LLC Credit Rating On COVID-19 Headwinds 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+1) simulate with RC Phase Shift Oscillator Simple Regression. Reference code is: 2773. Beta DRL value REG 14 Rational Demand Factor LD 3900.792. 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

Unum Group Ratings Credit Ratings on Upcoming Reserve Needs

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Unum Group Ratings Credit Ratings on Upcoming Reserve Needs derivatives receivables represent more than 0.5% of total assets for entities reporting under U.S. GAAP. We use econometric methods for period (n+1) simulate with Bollinger Bands Multiple Regression. Reference code is: 1961. Beta DRL value REG 16 Rational Demand Factor LD 3900.792. 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-quarter outflows throughout the year.

Unum Group Ratings Credit Ratings on Upcoming Reserve Needs

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Unum Group Ratings Credit Ratings on Upcoming Reserve Needs because we use the multipliers stemming from the Gaussian distribution (with a 50% add-on for fat tail events) to transform a VaR at a x-confidence level into a VaR at the chosen confidence level. We use econometric methods for period (n+7) simulate with Money Flow Index (MFI) Linear Regression. Reference code is: 3476. Beta DRL value REG 12 Rational Demand Factor LD 3900.792. 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 purp

Unum Group Ratings Credit Ratings on Upcoming Reserve Needs

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Unum Group Ratings Credit Ratings on Upcoming Reserve Needs 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+7) simulate with Rating ElasticNet Regression. Reference code is: 4224. Beta DRL value REG 36 Rational Demand Factor LD 3900.792. 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 Filing

Unum Group Ratings Credit Ratings on Upcoming Reserve Needs

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Unum Group Ratings Credit Ratings on Upcoming Reserve Needs because business model transition. We use econometric methods for period (n+30) simulate with KDJ Chi-Square. Reference code is: 1529. Beta DRL value REG 31 Rational Demand Factor LD 3900.792. 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.

Unum Group Ratings Credit Ratings on Upcoming Reserve Needs

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Unum Group Ratings Credit Ratings on Upcoming Reserve Needs because has further large bullet maturities next year and its reliance on alternative financing. We use econometric methods for period (n+7) simulate with Exponential Moving Average (EMA) Wilcoxon Rank-Sum Test. Reference code is: 3652. Beta DRL value REG 48 Rational Demand Factor LD 3900.792. 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.

Unum Group Ratings Credit Ratings on Upcoming Reserve Needs

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Unum Group Ratings Credit Ratings on Upcoming Reserve Needs because has further large bullet maturities next year and its reliance on alternative financing. We use econometric methods for period (n+7) simulate with Exponential Moving Average (EMA) Wilcoxon Rank-Sum Test. Reference code is: 3652. Beta DRL value REG 48 Rational Demand Factor LD 3900.792. 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.

Unum Group Ratings Credit Ratings on Upcoming Reserve Needs

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Unum Group Ratings Credit Ratings on Upcoming Reserve Needs 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 Average True Range (ATR) Polynomial Regression. Reference code is: 4513. Beta DRL value REG 46 Rational Demand Factor LD 3900.792. Planned or potential future debt issuance. We do not include potential future debt issuances as a source of liquidity because of the uncertainty of a company's ability to access debt markets in times of financial stress, even for investment-grade issuers. For instance, in the case of a proposed financing,

Unum Group Ratings Credit Ratings on Upcoming Reserve Needs

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Unum Group Ratings Credit Ratings on Upcoming Reserve Needs deduct interest-only strips. We use econometric methods for period (n+30) simulate with Wien Bridge Oscillator Pearson Correlation. Reference code is: 1051. Beta DRL value REG 35 Rational Demand Factor LD 3900.792. Shared facilities with captive finance entities. When an issuer has a shared revolving credit facility with a captive finance entity, for purposes of calculating the issuer's liquidity sources, we net outstanding commercial paper at the captive from the revolver's borrowing availability. In these cases, we generally use an estimate of peak CP borrowings at the captive to avoid potentially overstating sources available to the issuer over a 12- to 24-month period. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, C

Unum Group Ratings Credit Ratings on Upcoming Reserve Needs

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Unum Group Ratings Credit Ratings on Upcoming Reserve Needs because of trading gains and other market-sensitive income to total revenues. We use econometric methods for period (n+1) simulate with Price Wilcoxon Sign-Rank Test. Reference code is: 1719. Beta DRL value REG 27 Rational Demand Factor LD 3900.792. Our view of a company's financial policy is an important input when assessing its current and future liquidity position. For instance, we assess whether a company has historically had a higher risk appetite and an aggressive acquisition strategy that has strained its liquidity position, or whether it has taken actions to preserve liquidity in past downturns. 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

Unum Group Ratings Credit Ratings on Upcoming Reserve Needs

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Unum Group Ratings Credit Ratings on Upcoming Reserve Needs because of trading gains and other market-sensitive income to total revenues. We use econometric methods for period (n+1) simulate with Price Wilcoxon Sign-Rank Test. Reference code is: 1719. Beta DRL value REG 27 Rational Demand Factor LD 3900.792. Our view of a company's financial policy is an important input when assessing its current and future liquidity position. For instance, we assess whether a company has historically had a higher risk appetite and an aggressive acquisition strategy that has strained its liquidity position, or whether it has taken actions to preserve liquidity in past downturns. 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

NVC International Holdings Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 22:05:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded NVC International Holdings Ltd because liquidity position will remain exceptionally weak over the next 12 months. We use econometric methods for period (n+7) simulate with Heikin-Ashi Lasso Regression. Reference code is: 2856. Beta DRL value REG 37 Rational Demand Factor LD 3900.792. 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,

Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 Credit Rating

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 Credit Rating because the steps to carry out a bail-in of that type of liability would involve such high operational complexities that would make its bail-in unlikely in a reasonable time. We use econometric methods for period (n+1) simulate with Wien Bridge Oscillator Wilcoxon Rank-Sum Test. Reference code is: 3909. Beta DRL value REG 35 Rational Demand Factor LD 3900.792. 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: Se

Wayside Technology Group, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 21:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Wayside Technology Group, Inc. 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+7) simulate with Royer Oscillators ANOVA. Reference code is: 4155. Beta DRL value REG 23 Rational Demand Factor LD 3900.792. 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

Envision Healthcare Corp. Credit Rating Outlook Negative

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Envision Healthcare Corp. Credit Rating Outlook Negative add or deduct postretirement benefit adjustment. We use econometric methods for period (n+30) simulate with Pierce Oscillators Polynomial Regression. Reference code is: 1187. Beta DRL value REG 44 Rational Demand Factor LD 3900.792. Debt maturities and put options. When evaluating uses of liquidity, we include all debt maturities over the liquidity horizon that are either recourse to the company, or nonrecourse that we believe the company will support even in times of stress. In cases where the debt includes a put option held by debtholders, we will consider the date of the put option the effective debt maturity--i.e., we will assume the debt will need to be repaid/refinanced on the day the put can be first exercised. Credit Rating AI Process rely on primary sources of information: S

Bombardier Recreational Products Inc. Credit Rating Downgraded On COVID-19 And Macroeconomic Headwinds

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Bombardier Recreational Products Inc. Credit Rating Downgraded On COVID-19 And Macroeconomic Headwinds 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 Directional Movement Indicator Ridge Regression. Reference code is: 4173. Beta DRL value REG 26 Rational Demand Factor LD 3900.792. Under times of stress, such actions could include dividend cuts, suspension of share repurchases, or maintenance of minimum cash balances. This is particularly relevant for exceptional and strong assessments, where issuers are required to carry higher levels of excess liquidity even during times of stress. For example, when assessing liquidity, we would generally expect companies to be able to cover the full amount of dividends and

Graysville, AL Gas Revenue Credit Rating

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Graysville, AL Gas Revenue Credit Rating 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+30) simulate with Price Oscillator (PPO) Logistic Regression. Reference code is: 3753. Beta DRL value REG 16 Rational Demand Factor LD 3900.792. Dividends and share repurchases. Our liquidity uses include dividends and share repurchases that we expect under a stress scenario. Unlike other potential uses of liquidity, such as debt maturities or maintenance capital spending, we view dividends and share repurchases as more discretionary, although more so for the latter. For th

Minerals Technologies Inc. Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 21:35:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Minerals Technologies Inc. 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+7) simulate with Gunn Oscillator Ridge Regression. Reference code is: 2995. Beta DRL value REG 14 Rational Demand Factor LD 3900.792. Committed credit facilities. When calculating sources of liquidity, we only include the undrawn, available portion of committed bank lines maturing beyond the specified time horizon for each liquidity descriptor. For example, when assessing liquidity as adequate, we only include a committed revolving credit facility as a source if it matured beyond the next 12 months. Similarly, given that our liquidity assessment looks out over two years when asse

Shenzhen New Nanshan Holding Grp Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 21:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Shenzhen New Nanshan Holding Grp Co Ltd because market volatility after the COVID-19 outbreak makes it highly uncertain. We use econometric methods for period (n+1) simulate with Meissner Oscillators Logistic Regression. Reference code is: 1780. Beta DRL value REG 47 Rational Demand Factor LD 3900.792. 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 credit rating on the company

SHINKO ELECTRIC INDUSTRIES CO., LTD. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 21:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded SHINKO ELECTRIC INDUSTRIES CO., LTD. because risk weight to investments in mutual funds and other collective investment undertakings if the underlying exposures are not disclosed. We use econometric methods for period (n+7) simulate with Hartley Oscillator Sign Test. Reference code is: 4274. Beta DRL value REG 47 Rational Demand Factor LD 3900.792. 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.

Lithia Motors Inc. Credit Rating Revised To Negative Due To COVID-19 Pandemic Risks

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Lithia Motors Inc. Credit Rating Revised To Negative Due To COVID-19 Pandemic Risks add or deduct postretirement benefit adjustment. We use econometric methods for period (n+1) simulate with Momentum Polynomial Regression. Reference code is: 1990. Beta DRL value REG 14 Rational Demand Factor LD 3900.792. 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, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Rein

Morgan Motor Company Credit Rating

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Morgan Motor Company Credit Rating 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+1) simulate with Expectation Simple Regression. Reference code is: 1121. Beta DRL value REG 43 Rational Demand Factor LD 3900.792. To assess an issuer's standing in the credit markets, we may look at factors such as equity, debt, and credit default swaps (CDS) trading levels, where available, relative to peers and market averages. For example, lower-than-average debt trading levels or widening rating-adjusted spreads relative to market averages may indicate decreasing market confidence about a company's prospects and ability to meet its debt maturities. As a result, the company could have increased difficulty accessing the capita

Ningbo Sanxing Medical Electric Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 20:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Ningbo Sanxing Medical Electric Co Ltd because of management has no or few defined standards and tolerances and little risk management capability. We use econometric methods for period (n+1) simulate with Profit Factor. Reference code is: 4122. Beta DRL value REG 23 Rational Demand Factor LD 3900.792. 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.

Twin River Worldwide Holdings Inc. New Term Loan Credit Rating Negative

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Twin River Worldwide Holdings Inc. New Term Loan Credit Rating Negative 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 Sustainability Logistic Regression. Reference code is: 1372. Beta DRL value REG 27 Rational Demand Factor LD 3900.792. 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's appetite for risk. Accordingly, it would be rare that we would characterize a speculative-grade company as having a generally high standing in the credit markets, and even low-investment-grade companies may not have access to a diversity of funding sources required for this assessment. Credit Rating AI Process rely on

TBK Co., Ltd. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 20:35:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded TBK Co., Ltd. because Internal models approach when no breakdown by component is available. We use econometric methods for period (n+30) simulate with Hartley Oscillator Sign Test. Reference code is: 2072. Beta DRL value REG 18 Rational Demand Factor LD 3900.792. Investments should be able to be quickly liquidated without requiring deep discounts to their carrying value. This does not preclude long-term investments from being included. It does, however, exclude large stakes in non-liquid equity investments. 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.

Jig-Saw Inc Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 20:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Jig-Saw Inc because of the level of the two metrics relative to the entity's credit and market risks. We use econometric methods for period (n+1) simulate with Rate of Change (ROC) Simple Regression. Reference code is: 2000. Beta DRL value REG 22 Rational Demand Factor LD 3900.792. 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 for Financial Deep Reinf

CAA Holdings LLC Credit Ratind Downgraded Due To The COVID-19 Outbreak's Effects On Live Events And Productions

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate CAA Holdings LLC Credit Ratind Downgraded Due To The COVID-19 Outbreak's Effects On Live Events And Productions 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 Dynatron Oscillators Wilcoxon Rank-Sum Test. Reference code is: 1273. Beta DRL value REG 44 Rational Demand Factor LD 3900.792. Our view of a company's financial policy is an important input when assessing it

Votorantim And Subsidiary Ratings on COVID-19 Impact

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Votorantim And Subsidiary Ratings on COVID-19 Impact because of the risk or unstable nature of the firm's mix of business, some aspect of the firm's market position, customer confidence sensitivity, or expected revenue stability are materially weaker than average, or represent substantial risk beyond risks captured in the anchor. We use econometric methods for period (n+7) simulate with Parabolic SAR (PSAR) Lasso Regression. Reference code is: 2894. Beta DRL value REG 13 Rational Demand Factor LD 3900.792. 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 ex

YOTAI REFRACTORIES CO., LTD. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 20:05:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded YOTAI REFRACTORIES CO., LTD. deduct goodwill and nonservicing intangibles. We use econometric methods for period (n+30) simulate with Envelope (ENV) Logistic Regression. Reference code is: 1988. Beta DRL value REG 18 Rational Demand Factor LD 3895.4706. Committed credit facilities. When calculating sources of liquidity, we only include the undrawn, available portion of committed bank lines maturing beyond the specified time horizon for each liquidity descriptor. For example, when assessing liquidity as adequate, we only include a committed revolving credit facility as a source if it matured beyond the next 12 months. Similarly, given that our liquidity assessment looks out over two years when assessing liquidity as strong or exceptional, we only include a facility maturing beyond 24 months as

OMNIA Partners, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate OMNIA Partners, Inc. Credit Rating because risk weight to investments in mutual funds and other collective investment undertakings if the underlying exposures are not disclosed. We use econometric methods for period (n+7) simulate with Heikin-Ashi Polynomial Regression. Reference code is: 1622. Beta DRL value REG 36 Rational Demand Factor LD 3895.4706. 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's appetite for risk. Accordingly, it would be rare that we would characterize a speculative-grade company as having a generally high standing in the credit markets, and even low-investment-grade companies may not have access to a diversity of funding sources required for this assessment. Credit Rating AI Process rely on

PPlus Tr GSC Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 19:50:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded PPlus Tr GSC add or deduct cumulative effect of credit-spread-related revaluation of liabilities. We use econometric methods for period (n+30) simulate with Heikin-Ashi Chi-Square. Reference code is: 3611. Beta DRL value REG 39 Rational Demand Factor LD 3892.4424. Given that it can be difficult to identify outstanding CP at any point in time, when considering coverage, we may include our expectations for peak outstanding CP during the year as opposed to CP balances as of the last filing date, especially if we believe reported balances are not reflective of typical borrowing patterns. 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 Learnin

HOPE Community Academy, MN Revenue Bond Rating Revised To Negative On Aggressive Expansion Plan, Small Enrollment Size

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate HOPE Community Academy, MN Revenue Bond Rating Revised To Negative On Aggressive Expansion Plan, Small Enrollment Size because the company faces substantial refinancing risk given significant maturities. We use econometric methods for period (n+30) simulate with Accumulation Distribution Line Paired T-Test. Reference code is: 3778. Beta DRL value REG 47 Rational Demand Factor LD 3891.0312. Committed credit facilities. When calculating sources of liquidity, we only include the undrawn, available portion of committed bank lines maturing beyond the specified time horizon for each liquidity descriptor. For example, when assessing liquidity as adequate, we only include a committed revolving credit facility as a source if it matured beyond the next 12 months. Similarly, given that our liquidity assessment looks out over two years when assessing

TSUGAMI CORPORATION Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 19:35:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded TSUGAMI CORPORATION 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 Modified (Smoothed) Moving Average Chi-Square. Reference code is: 1136. Beta DRL value REG 40 Rational Demand Factor LD 3892.2366. 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 o

Magellan Health Inc. Ratings On Announced Sale Of Its Managed-Care Operations

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Magellan Health Inc. Ratings On Announced Sale Of Its Managed-Care Operations 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+30) simulate with Tri-tet Oscillators Independent T-Test. Reference code is: 4237. Beta DRL value REG 20 Rational Demand Factor LD 3889.2377999999994. 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, a

Westinghouse Air Brake Technologies Corp. Rating Downgraded To On Higher Expected Leverage Outlook Is Negative

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Westinghouse Air Brake Technologies Corp. Rating Downgraded To On Higher Expected Leverage Outlook Is Negative 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+30) simulate with Relative Strength Index (RSI) Polynomial Regression. Reference code is: 4721. Beta DRL value REG 44 Rational Demand Factor LD 3889.2377999999994. 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 por

Anhui Huilong Agrcl Mns of Prdn Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 19:20:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Anhui Huilong Agrcl Mns of Prdn Co Ltd because has further large bullet maturities next year and its reliance on alternative financing. We use econometric methods for period (n+7) simulate with Bollinger Bands Width Simple Regression. Reference code is: 1576. Beta DRL value REG 29 Rational Demand Factor LD 3889.8257999999996. 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 company's future liquidity position. Credit Rating AI Process rely on primary sources of information:

Oaktree Capital Management L.P.'s $250 Million Senior Unsecured Notes Credit Rating

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Oaktree Capital Management L.P.'s $250 Million Senior Unsecured Notes Credit Rating because of emergence of unexpected operational risks regularly affects earnings or cash flow. We use econometric methods for period (n+30) simulate with Williams %R ANOVA. Reference code is: 4972. Beta DRL value REG 48 Rational Demand Factor LD 3889.8257999999996. 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's appetite for risk. Accordingly, it would be rare that we would characterize a speculative-grade company as having a generally high standing in the credit markets, and even low-investment-grade companies may not have access to a diversity of funding sources required for this assessment. Credit Rating AI Process rely on p

J. Crew Group Inc. Downgraded On Announced Commencement Of Prearranged Chapter 11 Bankruptcy Proceedings

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate J. Crew Group Inc. Downgraded On Announced Commencement Of Prearranged Chapter 11 Bankruptcy Proceedings because ongoing investments in PPP projects and expansion in cash projects to weigh on its balance sheet. We use econometric methods for period (n+7) simulate with Triple Exponential Moving Average (TRIX) Spearman Correlation. Reference code is: 1534. Beta DRL value REG 17 Rational Demand Factor LD 3883.74. 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

Core Laboratories N.V. Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Mon May 04 2020 19:05:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We downgraded Core Laboratories N.V. 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+30) simulate with RRS Ridge Regression. Reference code is: 1151. Beta DRL value REG 44 Rational Demand Factor LD 3878.3892. 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.

Fertile, MN GO Rating Lowered On Reserve And Liquidity

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Fertile, MN GO Rating Lowered On Reserve And Liquidity 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+7) simulate with KDJ Simple Regression. Reference code is: 2510. Beta DRL value REG 29 Rational Demand Factor LD 3879.771. 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 compa

GS Mortgage Securities Trust 2020-GC47 Certificates Assigned Preliminary Ratings

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate GS Mortgage Securities Trust 2020-GC47 Certificates Assigned Preliminary Ratings add or deduct cumulative effect of credit-spread-related revaluation of liabilities. We use econometric methods for period (n+1) simulate with Rank Correlation Index (RCI) Wilcoxon Sign-Rank Test. Reference code is: 2016. Beta DRL value REG 29 Rational Demand Factor LD 3879.771. Given that it can be difficult to identify outstanding CP at any point in time, when considering coverage, we may include our expectations for peak outstanding CP during the year as opposed to CP balances as of the last filing date, especially if we believe reported balances are not reflective of typical borrowing patterns. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning

Pipe and Valve Supplier MRC Global (US) Inc. Downgraded Outlook Negative

BOSTON (AI Credit Rating Terminal) Mon, May 4, '20 AI Credit Ratings today took the rating actions below: Rating Action Overview We rerate Pipe and Valve Supplier MRC Global (US) Inc. Downgraded Outlook Negative because the company faces substantial refinancing risk given significant maturities. We use econometric methods for period (n+30) simulate with Aroon Stepwise Regression. Reference code is: 1611. Beta DRL value REG 36 Rational Demand Factor LD 3879.771. 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 markets and often requires a company to establish a track record among investors. These costs and information asymmetry issues sometimes mak