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Showing posts from February, 2022

XL Specialty Insurance Company Assigned Short-Term B3 & Long-Term B2 Credit Rating

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.XL Specialty Insurance Company Assigned Short-Term B3 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for XL Specialty Insurance Company: We estimate the credit risk parameters by Demand and ANOVA Credit Ratings for XL Specialty Insurance Company as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 B2 Semantic Signals 67 80 Financial Signals 31 52 Risk Signals 31 51 Substantial Risks 33 44 Speculative Signals 85 32 *Machine Learning utiliz

Enshu Ltd Assigned Short-Term Ba2 & Long-Term B2 Credit Rating

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.Enshu Ltd Assigned Short-Term Ba2 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Enshu Ltd: We estimate the credit risk parameters by Royer Oscillators and Multiple Regression Credit Ratings for Enshu Ltd as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba2 B2 Semantic Signals 63 76 Financial Signals 70 53 Risk Signals 71 41 Substantial Risks 73 35 Speculative Signals 67 37 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results from the Neural Network and Support Vector Mach

CEDAR FINANCIAL HOLDING, INC. Assigned Short-Term B1 & Long-Term B1 Credit Rating

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.CEDAR FINANCIAL HOLDING, INC. Assigned Short-Term B1 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for CEDAR FINANCIAL HOLDING, INC.: We estimate the credit risk parameters by Tuned Collector Oscillator and Logistic Regression Credit Ratings for CEDAR FINANCIAL HOLDING, INC. as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 B1 Semantic Signals 74 62 Financial Signals 45 38 Risk Signals 46 74 Substantial Risks 89 64 Speculative Signals 49 53 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In ou

The Western and Southern Life Insurance Company Assigned Short-Term B3 & Long-Term Ba3 Credit Rating

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.The Western and Southern Life Insurance Company Assigned Short-Term B3 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for The Western and Southern Life Insurance Company: We estimate the credit risk parameters by Clapp Oscillators and ElasticNet Regression Credit Ratings for The Western and Southern Life Insurance Company as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 Ba3 Semantic Signals 64 77 Financial Signals 49 71 Risk Signals 45 54 Substantial Risks 42 58 Speculative Signals 47 48 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. I

MIROKU JYOHO SERVICE CO., LTD. Assigned Short-Term Ba3 & Long-Term Ba1 Credit Rating

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).MIROKU JYOHO SERVICE CO., LTD. Assigned Short-Term Ba3 & Long-Term Ba1 Credit Rating. How Does Credit Rating Model Work? Rating Model for MIROKU JYOHO SERVICE CO., LTD.: We estimate the credit risk parameters by Meissner Oscillators and Linear Regression Credit Ratings for MIROKU JYOHO SERVICE CO., LTD. as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba1 Semantic Signals 63 79 Financial Signals 70 71 Risk Signals 64 88 Substantial Risks 67 45 Speculative Signals 55 64 *Machine Learning utilizes multiple l

GILMER NATIONAL BANCSHARES, INC. Assigned Short-Term Ba3 & Long-Term B2 Credit Rating

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.GILMER NATIONAL BANCSHARES, INC. Assigned Short-Term Ba3 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for GILMER NATIONAL BANCSHARES, INC.: We estimate the credit risk parameters by Penetration and Multiple Regression Credit Ratings for GILMER NATIONAL BANCSHARES, INC. as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 B2 Semantic Signals 68 52 Financial Signal

American Dental Partners, Inc. Assigned Short-Term Ba3 & Long-Term Ba3 Credit Rating

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.American Dental Partners, Inc. Assigned Short-Term Ba3 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for American Dental Partners, Inc.: We estimate the credit risk parameters by Price Channels and Stepwise Regression Credit Ratings for American Dental Partners, Inc. as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba3 Semantic Signals 31 57 Financial Signals 78 69 Risk Signals 87 80 Substantial Risks 56 74 Speculative Signals 74 42

Toyota Motor Manufacturing, Indiana, Inc. Assigned Short-Term B2 & Long-Term B2 Credit Rating

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.Toyota Motor Manufacturing, Indiana, Inc. Assigned Short-Term B2 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Toyota Motor Manufacturing, Indiana, Inc.: We estimate the credit risk parameters by Volume + Moving Average and Sign Test Credit Ratings for Toyota Motor Manufacturing, Indiana, Inc. as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B2 Semantic Signals 62 37 Financial Signals 32 56 Risk Signals 78 64 Substantial Risks 59 47 Speculative Signals 37 43 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize

Borderfree, Inc. Assigned Short-Term B2 & Long-Term B2 Credit Rating

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).Borderfree, Inc. Assigned Short-Term B2 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Borderfree, Inc.: We estimate the credit risk parameters by Meissner Oscillators and Spearman Correlation Credit Ratings for Borderfree, Inc. as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B2 Semantic Signals 73 56 Financial Signals 43 59 Risk Signals 38 37 Substantial Risks 31 63 Speculative Signals 89 60 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results from the Neural Network and Supp

BMO PRIVATE EQUITY TRUST PLC Assigned Short-Term Ba2 & Long-Term B1 Credit Rating

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 a lower estimate of dividends and shareholder repurchases than in our base-case forecast based on our views of management and the company's track record in terms of shareholder returns and maintaining a certain minimum level of liquidity.BMO PRIVATE EQUITY TRUST PLC Assigned Short-Term Ba2 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for BMO PRIVATE EQUITY TRUST PLC: We estimate the credit risk parameters by Bollinger Bands and Wilcoxon Sign-Rank Test Credit Ratings for BMO PRIVATE EQUITY TRUST PLC as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior

China International Marine Cntnrs Gp Ltd Assigned Short-Term Ba3 & Long-Term Ba3 Credit Rating

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.China International Marine Cntnrs Gp Ltd Assigned Short-Term Ba3 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for China International Marine Cntnrs Gp Ltd: We estimate the credit risk parameters by RC Phase Shift Oscillator and Beta Credit Ratings for China International Marine Cntnrs Gp Ltd as of 01 Mar 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba3 Semantic Signals 59 60 Financial Signals 54 72 Risk Signals 88 78 Substantial Risks 41 62 Speculative Signals 75 42 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results from the Neural Network and Supp

SINO-GERMAN UTD AG O.N. Assigned Short-Term B3 & Long-Term Ba3 Credit Rating

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.SINO-GERMAN UTD AG O.N. Assigned Short-Term B3 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for SINO-GERMAN UTD AG O.N.: We estimate the credit risk parameters by Hartley Oscillator and Simple Regression Credit Ratings for SINO-GERMAN UTD AG O.N. as of 28 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 Ba3 Semantic Signals 73 82 Financial Signals 45 33 Risk Signals 68 87 Substantial Risks 31 78 Speculative Signals 37 46 *Machine Learning

Neenah Inc Assigned Short-Term Ba1 & Long-Term B2 Credit Rating

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.Neenah Inc Assigned Short-Term Ba1 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Neenah Inc: We estimate the credit risk parameters by Pierce Oscillators and Chi-Square Credit Ratings for Neenah Inc as of 28 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba1 B2 Semantic Signals 32 88 Financial Signals 80 43 Risk Signals 72 31 Substantial Risks 89 38 Speculative Signals 86 72 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results from the Neural Network and Support Vector Machi

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