BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 10:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Wellesley Bancorp Inc 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 Rating Polynomial Regression). 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 th

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 10:19:04 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated FARMERS BANK because of emergence of unexpected operational risks regularly affects earnings or cash flow. (We use econometric methods for period (n+1) simulate with Keltner Channels Sign Test). 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 amounts of debt i

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 09:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Harbin Churin Group Jointstock Co.,Ltd. because of derivatives receivables represent more than 5% of total assets for entities reporting under IFRS (or under local GAAP similar to IFRS for the accounting of derivatives) and are domiciled in countries for which our BICRA group is '5' and above.. (We use econometric methods for period (n+1) simulate with Speculation Beta). 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

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 09:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Sorl Auto Parts, Inc. because of strategic positioning, operational performance, organizational effectiveness, risk and financial management, and governance. (We use econometric methods for period (n+7) simulate with Ichimoku Cloud (IKH) 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 financia

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 08:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated EP Energy LLC because of the firm's business is modestly more concentrated than average for peers, and the concentration represents modest incremental risk above what is captured in the anchor, but it is not a key credit weakness. (We use econometric methods for period (n+1) simulate with Williams %R Spearman Correlation). Given the earnings volatility 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 for Financial Deep Reinforcement Learning. Oscillators are

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 08:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Hudson City Bancorp, Inc. because of trading gains and other market-sensitive income to total revenues. (We use econometric methods for period (n+7) simulate with OCL Spearman Correlation). 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

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 07:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Alkem Laboratories Limited 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+30) simulate with Sustainability ANOVA). 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

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 07:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Sichuan Haowu Electromechanical 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+30) simulate with Stochastic Oscillator Chi-Square). 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 access availability. For companies with an anchor of at least 'bbb-' that meet certain characteristics, as outlined in paragraphs 38 and 39 of the criteria, we may use a shorter three- to six-month time horizon when asse

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 06:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated FARMERS & MERCHANTS because of no indications exist that private equity, management, or shareholders may reduce or prevent the maintenance of capital. (We use econometric methods for period (n+30) simulate with Aroon 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 a

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 06:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Yangzhou Guangling District Taihe RrMcfn because of deduct revaluation reserves. (We use econometric methods for period (n+1) simulate with Cross-Coupled Oscillators Independent T-Test). 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 Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning. Oscillators are u

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 05:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated COLEFAX GROUP PLC 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 Voltage Controlled Oscillator Independent T-Test). 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 Learni

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 05:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Royal Bank of Scotland Group Plc (The) ADR representing Preferred Shares Series P because of 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 Crystal Oscillators ANOVA). 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 this reason, when evaluating a company's liquidity position, we may use

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 04:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Kotobukiya Co., Ltd. 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 Volume Stepwise Regression). 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. 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

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 04:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Guaranty Bancorp because business model transition. (We use econometric methods for period (n+30) simulate with Exponential Moving Average (EMA) Chi-Square). 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 is speculative grade or investment grade, we do not assume bank lines will be extended beyond the current stated maturity. Credit Rating AI Process

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 03:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated OEConnection LLC because of deduct revaluation reserves. (We use econometric methods for period (n+30) simulate with EMR ElasticNet 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 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, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning se

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 03:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Sumitomo Mitsui Trust Bank Limited 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 Multi-Wave 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

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 02:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Express, 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 Money Flow Index (MFI) Chi-Square). 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-avera

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 02:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated E.SUN Bank China Co., Ltd. because free cash flow negative and leverage high. (We use econometric methods for period (n+30) simulate with Stochastic Oscillator Beta). 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, Financial Statements, Credit Ratings, Semantic Signals. Take a look

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 01:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated CBT BANCORP, INC. 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 Opto-Electronic Oscillators Spearman Correlation). 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

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 01:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Enterprise Bank because of 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+7) simulate with Voltage Controlled Oscillator Factor). 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. T

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 00:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Mabrey Bancorporation, Inc. because that the performance of that type of liability is critical for the resolved entity to continue operating. (We use econometric methods for period (n+7) simulate with Chaikin Oscillator ANOVA). 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. Oscillators are used for generating credit risk signals by using the semantic and financial signals. The value of

BOSTON (AI Credit Rating Terminal) Wed Feb 17 2021 00:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Mexico Fund, Inc. (The) Common Stock because of add or deduct postretirement benefit adjustment. (We use econometric methods for period (n+30) simulate with Ratiocator (RAT) Wilcoxon Sign-Rank Test). 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

BOSTON (AI Credit Rating Terminal) Tue Feb 16 2021 23:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Tianjin TEDA Biomedical Engineering Co. because If a breakdown of revenues by business line is not available, we apply a 188% risk weight to the highest annual revenue of the past three years. (We use econometric methods for period (n+7) simulate with Anomaly Independent T-Test). 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. Credit Rating AI Process rely on primary sou

BOSTON (AI Credit Rating Terminal) Tue Feb 16 2021 23:19:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated FORT MADISON FINANCIAL COMPANY 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 Psychological Line (PSY) Polynomial Regression). 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 mark

BOSTON (AI Credit Rating Terminal) Tue Feb 16 2021 22:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Forest City Enterprises, Inc. Common Stock because of derivatives receivables represent more than 5% of total assets for entities reporting under IFRS (or under local GAAP similar to IFRS for the accounting of derivatives) and are domiciled in countries for which our BICRA group is '5' and above.. (We use econometric methods for period (n+1) simulate with Moving Average Convergence Divergence (MACD) Linear 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 meas

BOSTON (AI Credit Rating Terminal) Tue Feb 16 2021 22:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Guizhou Salvage Pharmaceutical Co Ltd because of strategic positioning, operational performance, organizational effectiveness, risk and financial management, and governance. (We use econometric methods for period (n+7) simulate with Sustainability Polynomial Regression). 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 Dee

BOSTON (AI Credit Rating Terminal) Tue Feb 16 2021 21:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated PATASKALA BANKING COMPANY 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 Clapp Oscillators Multiple Regression). 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. 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

BOSTON (AI Credit Rating Terminal) Tue Feb 16 2021 21:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated ANPARIO PLC 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 Simple Moving Average (SMA) ANOVA). 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 usi

BOSTON (AI Credit Rating Terminal) Tue Feb 16 2021 20:49:04 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated RAWLINS BANCSHARES, INC. because market risk charges capture the risk of loss on trading portfolio at a one-year horizon and a 99.9% confidence level. (We use econometric methods for period (n+1) simulate with RRS Stepwise Regression). 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 Statements, Credit Ratings, Semantic