BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 10:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Shoko 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+30) simulate with Electron Coupled Oscillators Polynomial Regression). 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, Cre

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 10:19:10 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Switchback Energy Acquisition Corp 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 Heikin-Ashi Independent T-Test). 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. Credi

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 09:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Goldman Sachs Capital VI 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 Chaikin Oscillator Paired T-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 Le

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 08:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Boai NKY Medical Holdings Ltd 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 Anomaly Logistic Regression). 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: Sec Filings, Financial Statements, Credit Ratings, Seman

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 08:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Hangzhou Silan Microelectronics Co., Ltd because of deduct goodwill and nonservicing intangibles. (We use econometric methods for period (n+1) simulate with Ratiocator (RAT) Independent T-Test). 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 section for Financial

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 07:49:21 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated WALTERS BANK&TRUST CO 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 Bollinger Bands %B Beta). 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 correla

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 07:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Orthopediatrics Corp because of deduct interest-only strips. (We use econometric methods for period (n+7) simulate with Relative Strength Index (RSI) Paired T-Test). 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 Learning. Oscillators are used for generating credit risk signals by using the semantic and financial signals

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 06:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Hunan Chendian Int'l Dev. Share-Holding because of trading gains and other market-sensitive income to total revenues. (We use econometric methods for period (n+7) simulate with Royer Oscillators ElasticNet Regression). 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 Reinforcement Learning. Oscillators are us

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 06:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated VALE S.A. American Depositary Shares Each Representing one common share 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 Chaikin Money Flow Wilcoxon Sign-Rank 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 whe

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 05:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Salin Bank & Trust Company 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 Dynatron Oscillators Wilcoxon Sign-Rank Test). 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, Semanti

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 05:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated CORNHUSKER BANK 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 On Balance Volume (OBV) Independent T-Test). 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 generati

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 04:49:21 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Lifeloc Technologies Inc because of vulnerability of the two metrics to changes in operating conditions. (We use econometric methods for period (n+7) simulate with Volume + Moving Average 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 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 correlation matrices, the credit

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 04:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Flyke International Holdings Limited because business model transition. (We use econometric methods for period (n+30) simulate with Hartley Oscillator Linear Regression). 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 date. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning s

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 03:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated BUSEY BANK 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 Relative Strength Index (RSI) Factor). 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 correlation matrices, the credit rating risk

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 03:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Millville Savings Bank because of add or deduct postretirement benefit adjustment. (We use econometric methods for period (n+30) simulate with Meissner Oscillators Factor). 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. 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 correlation matrices, th

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 02:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated W.P. Carey Inc. REIT 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 Delay-Line Oscillators Independent T-Test). 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 betwe

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 02:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated ASKA CORPORATION because market volatility after the COVID-19 outbreak makes it highly uncertain. (We use econometric methods for period (n+30) simulate with Clapp Oscillators ANOVA). 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: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learn

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 01:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated J.Crew Group, Inc. because of deduct goodwill and nonservicing intangibles. (We use econometric methods for period (n+30) simulate with Triple Exponential Moving Average (TRIX) Sign Test). 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 matu

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 01:19:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Silver Standard Resources Inc. because of adding 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 Directional Movement Indicator Pearson Correlation). 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 th

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 00:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Franklin Universal Trust Common Stock because of emergence of unexpected operational risks regularly affects earnings or cash flow. (We use econometric methods for period (n+30) simulate with Price Factor). 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 sources of information: Sec Filings, Financial Statements, Credit Ratings, Sem

BOSTON (AI Credit Rating Terminal) Mon Feb 22 2021 00:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Hilton Worldwide Holdings Inc because Internal models approach when no breakdown by component is available. (We use econometric methods for period (n+30) simulate with Commodity Channel Index 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 indica

BOSTON (AI Credit Rating Terminal) Sun Feb 21 2021 23:49:01 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Country Bancorp Inc 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 Ratiocator (RAT) Linear Regression). 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.

BOSTON (AI Credit Rating Terminal) Sun Feb 21 2021 23:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Xiabuxiabu Catering Mgt Chn Hldgs Co Ltd because of vulnerability of the two metrics to changes in operating conditions. (We use econometric methods for period (n+30) simulate with Chaikin Money Flow Beta). 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 o

BOSTON (AI Credit Rating Terminal) Sun Feb 21 2021 22:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated FARMERS STATE BANK because of management is often unable to convert strategic decisions into constructive action; often fails to achieve its financial/operational goals. (We use econometric methods for period (n+30) simulate with Price Stepwise 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 are use

BOSTON (AI Credit Rating Terminal) Sun Feb 21 2021 22:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Brooks Automation, Inc because of trading gains and other market-sensitive income to total revenues. (We use econometric methods for period (n+7) simulate with Electron Coupled Oscillators Factor). 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 correlation matrices, the credit rating risk map for

BOSTON (AI Credit Rating Terminal) Sun Feb 21 2021 21:49:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Astec Industries, Inc. 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+1) simulate with Trend ANOVA). While the existence of a commercial paper (CP) program can provide companies with alternative sources of short-term funding, such a program would not be considered a committed source of liquidity. Additionally, we do not require the presence of a committed facility to back up the full size of the CP program. For liquidity to be at least adequate, an issuer would need sources of liquidity (for example, committed facility and/or cash balances) to cover at least 100% of exp

BOSTON (AI Credit Rating Terminal) Sun Feb 21 2021 21:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated First Trust NASDAQ because market volatility after the COVID-19 outbreak makes it highly uncertain. (We use econometric methods for period (n+1) simulate with Robinson Oscillators Linear 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 the presence of a committed facility to back up the full size of the CP program. For liquidity to be at least adequate, an issuer would need sources of liquidity (for example, committed facility and/or cash balances) to cover at least 100% of expected intra-year debt maturities, including CP, over the next 12 months. Credit Rating AI Process rely on primary sources of informat

BOSTON (AI Credit Rating Terminal) Sun Feb 21 2021 20:49:03 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Legacy Trust Company because market volatility after the COVID-19 outbreak makes it highly uncertain. (We use econometric methods for period (n+7) simulate with Expectation Multiple Regression). 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 assessing upcoming maturities. Credit Rating AI Process rely on primary so

BOSTON (AI Credit Rating Terminal) Sun Feb 21 2021 20:19:02 GMT+0000 (Coordinated Universal Time) AI Credit Ratings today took the rating actions below: Rating Action Overview We rerated Hibiya Engineering Ltd because business model transition. (We use econometric methods for period (n+1) simulate with Rating Paired T-Test). 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 assessing upcoming maturities. Credit Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements