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Showing posts from February 7, 2021

CNOOC Finance Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 10:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated CNOOC Finance because of add or deduct cumulative effect of credit-spread-related revaluation of liabilities. (We use econometric methods for period (n+1) simulate with Parabolic SAR (PSAR) Linear Regression). We believe that when a company is viewed as being on the cusp between two liquidity descriptors and has higher-than-average cash plus inventory/unadjusted debt compared with similarly constituted peers, that helps support the better liquidity assessment. However, in the case of a nonresidential developer, given that its inventory is typically less liquid (and the greater potential for inventory to suffer value erosion in a downturn), we do not consider this measure as pertinent. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings

Anhui Genuine New Materials Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 10:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Anhui Genuine New Materials Co Ltd 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 Adaptive Moving Average Beta). 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 Learni

First Savings Financial Group Inc Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 09:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated First Savings Financial Group 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 Expectation Paired T-Test). 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. Oscillators are used for generating credit risk signals by using the semantic and financial signals

Hyperion Therapeutics, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 09:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Hyperion Therapeutics, Inc. 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 On Balance Volume (OBV) ANOVA). 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 look at Machine Learning section for Financial Deep Reinforcement Learning. Oscillators are used for generating credi

Novitex Enterprise Solutions, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 08:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Novitex Enterprise Solutions, Inc. 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 Armstrong Oscillator Ridge Regression). 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 a

Jiangxi Fuxiang Pharmaceutical Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 08:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Jiangxi Fuxiang Pharmaceutical Co Ltd 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 Multi-Wave Oscillators Stepwise Regression). 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 Reinforcem

INVISTA Finance LLC Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 07:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated INVISTA Finance LLC because market volatility after the COVID-19 outbreak makes it highly uncertain. (We use econometric methods for period (n+7) simulate with Price Oscillator (PPO) Chi-Square). 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 Financial Deep Reinforcement Learning. Oscillators are used for gener

Consolidated Communications Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 07:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Consolidated Communications 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 Chaikin Money Flow ElasticNet Regression). For these reasons, although the criteria establish no rating threshold for liquidity, we typically expect: Instances of 'B+' and below rated issuers achieving liquidity descriptors higher than adequate to be

Sonat, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 06:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Sonat, Inc. because of 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 Bollinger Bands Logistic Regression). 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 Filings, Financial Statements, Credit Ratings

Subversive Capital Acquisition Corp Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 06:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Subversive Capital Acquisition Corp because of 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 Stochastic Oscillator ElasticNet Regression). 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 Reinforcement Learning. Oscillators a

Nippon Koei Co., Ltd. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 05:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Nippon Koei Co., Ltd. because liquidity position will remain exceptionally weak over the next 12 months. (We use econometric methods for period (n+1) simulate with Pearson-Anson Oscillators Multiple Regression). 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 make it impractical for smaller, speculative-grade issuers to raise small

Highpoint Community Bank Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 05:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Highpoint Community Bank because of 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 Wien Bridge Oscillator Lasso Regression). 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. Oscillators are used for generating credit risk signals by using the semantic and financial signals. The value of the oscillators indicate the strength of trend. Using the c

NuVasive, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 04:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated NuVasive, Inc. 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 Commodity Channel Index Paired T-Test). 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

DynCorp International Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 04:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated DynCorp International Inc. because liquidity position will remain exceptionally weak over the next 12 months. (We use econometric methods for period (n+1) simulate with Chaikin Money Flow Factor). Asset divestitures. We do not include asset sales as a source of liquidity unless they are contracted and proceeds will be received in the time period being measured under the liquidity descriptor (even when the disposed assets are reported under discontinued operations in a company's financial statements). 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. Oscillators are used for generating credit risk signals by using the semantic an

Nationwide Life And Annuity Insurance Co Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 03:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Nationwide Life And Annuity Insurance Co because of add or deduct postretirement benefit adjustment. (We use econometric methods for period (n+7) simulate with Pierce Oscillators Multiple Regression). 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 Deep Reinforcement Learning. Oscillators are used for generating credit

Zhongmin Energy Co Ltd Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 03:19:04 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Zhongmin Energy Co Ltd because of 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 Triple Exponential Moving Average (TRIX) Linear Regression). 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, Credit Ratings, Semantic Signals. Tak

EBOOK INITIATIVE JAPAN CO LTD Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 02:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated EBOOK INITIATIVE JAPAN 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+7) simulate with Delay-Line Oscillators Ridge Regression). Asset divestitures. We do not include asset sales as a source of liquidity unless they are contracted and proceeds will be received in the time period being measured under the liquidity descriptor (even when the disposed assets are reported under discontinued operations in a company's financial statements). 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. Oscillators ar

TATA STEEL LIMITED Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 02:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated TATA STEEL LIMITED because of deduct goodwill and nonservicing intangibles. (We use econometric methods for period (n+7) simulate with Tuned Collector Oscillator ElasticNet Regression). 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 for Financial Deep Reinforcement Learning. O

Nordea Bank Abp, New York Branch Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 01:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Nordea Bank Abp, New York Branch because of strategic positioning, operational performance, organizational effectiveness, risk and financial management, and governance. (We use econometric methods for period (n+30) simulate with Pearson-Anson Oscillators Stepwise Regression). 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

Nanosphere, Inc. Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 01:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Nanosphere, 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 Ichimoku Cloud (IKH) Multiple Regression). 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 S

Honyaku Center Inc Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 00:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Honyaku Center Inc because has further large bullet maturities next year and its reliance on alternative financing. (We use econometric methods for period (n+1) simulate with Rank Correlation Index (RCI) Ridge Regression). 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, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcem

COVINGTON CAPITAL CORPORATION Credit Rating

BOSTON (AI Credit Rating Terminal) Mon Feb 08 2021 00:19:04 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated COVINGTON CAPITAL CORPORATION 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+30) simulate with Armstrong Oscillator Simple Regression). Asset divestitures. We do not include asset sales as a source of liquidity unless they are contracted and proceeds will be received in the time period being measured under the liquidity descriptor (even when the disposed assets are reported under discontinued operations in a company's financial statements). Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statem

Fidelity National Information Services, Inc. Common Stock Credit Rating

BOSTON (AI Credit Rating Terminal) Sun Feb 07 2021 23:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Fidelity National Information Services, Inc. Common Stock because has further large bullet maturities next year and its reliance on alternative financing. (We use econometric methods for period (n+30) simulate with Commodity Channel Index Ridge Regression). 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 ratios weakenin

STATE BANK Credit Rating

BOSTON (AI Credit Rating Terminal) Sun Feb 07 2021 23:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated STATE BANK 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 Aroon Polynomial Regression). 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 requirement under uses of liquidity. This is because the criteria evaluate a company's liquidity position during times of stress, when potential downgrades are more likely. Credit Rating AI Process rely

Ladenburg Thalmann Financial Services Credit Rating

BOSTON (AI Credit Rating Terminal) Sun Feb 07 2021 22:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Ladenburg Thalmann Financial Services because of deduct goodwill and nonservicing intangibles. (We use econometric methods for period (n+7) simulate with Speculation Paired T-Test). 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. Oscillators are used for generating credit risk signals by using the semantic and financial signals. The value of the oscillators indicate the strength of trend.

DEEPMATTER GROUP PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sun Feb 07 2021 22:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated DEEPMATTER GROUP PLC because of 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 Price Oscillator (PPO) Pearson Correlation). 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 D

VectoIQ Acquisition Corp Credit Rating

BOSTON (AI Credit Rating Terminal) Sun Feb 07 2021 21:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated VectoIQ Acquisition Corp because of deduct revaluation reserves. (We use econometric methods for period (n+30) simulate with OCL Sign Test). 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 Learning. Oscillators are used for generating credit risk signals by using the semantic and financial signals. The

WILMINGTON SAVINGS BANK Credit Rating

BOSTON (AI Credit Rating Terminal) Sun Feb 07 2021 21:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated WILMINGTON SAVINGS BANK because of 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 Electron Coupled Oscillators Beta). 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, with the intended use of proceeds to repay existing debt, we will assess a company's liquidity excluding the proposed financing until it's obtained or fully underwritten. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statemen

CIVITAS SOCIAL HOUSING PLC Credit Rating

BOSTON (AI Credit Rating Terminal) Sun Feb 07 2021 20:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated CIVITAS SOCIAL HOUSING PLC because of add or deduct cumulative effect of credit-spread-related revaluation of liabilities. (We use econometric methods for period (n+1) simulate with Robinson Oscillators Wilcoxon Rank-Sum Test). 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 information: Sec Filings, Financi