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Showing posts from January 26, 2022

Crown Crafts, Inc. Assigned Short-Term B2 & Long-Term Caa1 Credit Rating

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.Crown Crafts, Inc. Assigned Short-Term B2 & Long-Term Caa1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Crown Crafts, Inc.: We estimate the credit risk parameters by Electron Coupled Oscillators and Polynomial Regression Credit Ratings for Crown Crafts, Inc. as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Caa1 Semantic Signals 46 56 Financial Signa

Envigo Laboratories Inc. Assigned Short-Term B1 & Long-Term B1 Credit Rating

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.Envigo Laboratories Inc. Assigned Short-Term B1 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Envigo Laboratories Inc.: We estimate the credit risk parameters by Rank Correlation Index (RCI) and Logistic Regression Credit Ratings for Envigo Laboratories Inc. as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senio

Colonial Federal Savings Bank Assigned Short-Term B1 & Long-Term Ba2 Credit Rating

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.Colonial Federal Savings Bank Assigned Short-Term B1 & Long-Term Ba2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Colonial Federal Savings Bank: We estimate the credit risk parameters by Adaptive Moving Average and Factor Credit Ratings for Colonial Federal Savings Bank as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 Ba2 Semantic Signals 49 88 Financial Signals 57 33 Risk Signals 30 75 Substantial Risks 69 79 Speculative Signals 90 63 *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 Machines.Take a look at: How Does Credit Rating Model Work?

MAX BANCORP, LLC Assigned Short-Term B1 & Long-Term B1 Credit Rating

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.MAX BANCORP, LLC Assigned Short-Term B1 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for MAX BANCORP, LLC: We estimate the credit risk parameters by Meissner Oscillators and Linear Regression Credit Ratings for MAX BANCORP, LLC as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 B1 Semantic Signals 66 67 Financial Signals 39 35 Risk Signals 85 59 Substantial Risks 55 56 Speculative Signals 67 82 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results

JiangSu Suyan Jingshen Co Ltd Assigned Short-Term Baa2 & Long-Term Baa2 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.JiangSu Suyan Jingshen Co Ltd Assigned Short-Term Baa2 & Long-Term Baa2 Credit Rating. How Does Credit Rating Model Work? Rating Model for JiangSu Suyan Jingshen Co Ltd: We estimate the credit risk parameters by Accumulation Distribution Line and Multiple Regression Credit Ratings for JiangSu Suyan Jingshen Co Ltd as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 Baa2 Semantic Signals 89 85 Financial Signals 87 67 Risk Signals 64 80 Substantial Risks 84 68 Speculat

Sino-Agri Leading Biosciences Co Ltd Assigned Short-Term Baa2 & Long-Term Caa1 Credit Rating

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.Sino-Agri Leading Biosciences Co Ltd Assigned Short-Term Baa2 & Long-Term Caa1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Sino-Agri Leading Biosciences Co Ltd: We estimate the credit risk parameters by Running Moving Average (RMA) and Sign Test Credit Ratings for Sino-Agri Leading Biosciences Co Ltd as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 Caa1 Semantic Signals 86 42 Financial Signals 67 51 Risk Signals 90 38 Substantial Risks 69 35 Speculative Signals 59 38 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In o

Eternal Asia Supply Chain Management LTD Assigned Short-Term Baa2 & Long-Term Ba2 Credit Rating

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.Eternal Asia Supply Chain Management LTD Assigned Short-Term Baa2 & Long-Term Ba2 Credit Rating. Rating Model for Eternal Asia Supply Chain Management LTD: We estimate the credit risk parameters by Cross-Coupled Oscillators and Pearson Correlation Credit Ratings for Eternal Asia Supply Chain Management LTD as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 Ba2 Semantic Signals 84 57 Financial Signals 63 88 Risk Signals 78 45 Substantial Risks 67 84 Speculative Signals 71 60 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research,

EATON FEDERAL SAVINGS BANK Assigned Caa2 Credit Rating

The EBITDA declines companies would have to withstand and still have defined sources cover defined uses are as follows for each liquidity descriptor: Adequate: Positive A-B, even if forecasted EBITDA declines by 30%.Weak: A/B or A-B reflecting a material deficit over the next 12 months.EATON FEDERAL SAVINGS BANK Assigned Caa2 Credit Rating. Rating Model for EATON FEDERAL SAVINGS BANK: We estimate the credit risk parameters by Adaptive Moving Average and Multiple Regression Credit Ratings for EATON FEDERAL SAVINGS BANK as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Caa2 Ba3 Semantic Signals 64 71 Financial Signals 32 76 Risk Signals 30 64 Substantial Risks 30 45 Speculative Signals 49 56 *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 Machines.

Oklahoma Bancorp Assigned Ba3 Credit Rating

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 rare and Few companies to qualify for the exceptional category, and these entities to typically have issuer credit ratings of 'BBB-' or above.Oklahoma Bancorp Assigned Ba3 Credit Rating Rating Model for Oklahoma Bancorp: We estimate the credit risk parameters by Cross-Coupled Oscillators and Chi-Square Credit Ratings for Oklahoma Bancorp as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba3 Semantic Signals 70 73 Financial Signals 63 41 Risk Signals 57 63 Substantial Risks 77 67 Speculative Signals 53 61 *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 Ma

Xinhu Zhongbao Co Ltd Credit Rating & Financial Statements Analysis

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. Rating Model for Xinhu Zhongbao Co Ltd: We estimate the credit risk parameters by Expectation and Simple Regression Credit Ratings for Xinhu Zhongbao Co Ltd as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 B1 Semantic Signals 76 84 Financial Signals 84 48 Risk Signals 77 55 Substantial Risks 87 31 Speculative Signals 58 63 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize

Wornick Co Credit Rating & Financial Statements Analysis

To assess an issuer's standing in the credit markets, we may look at factors such as equity, debt, and credit default swaps (CDS) trading levels, where available, relative to peers and market averages. For example, lower-than-average debt trading levels or widening rating-adjusted spreads relative to market averages may indicate decreasing market confidence about a company's prospects and ability to meet its debt maturities. As a result, the company could have increased difficulty accessing the capital markets. Rating Model for Wornick Co: We estimate the credit risk parameters by OCL and Stepwise Regression Credit Ratings for Wornick Co as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 Ba3 Semantic Signals 61 82 Financial Signals 62 63 Risk Signals 54 42 Substantial Risks 70 53 Speculative Signals 49 74 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utiliz

Hunan Tianrun Digital Entnmtt &Cltrl Mda Credit Rating & Financial Statements Analysis

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. Rating Model for Hunan Tianrun Digital Entnmtt &Cltrl Mda: We estimate the credit risk parameters by Royer Oscillators and Ridge Regression Credit Ratings for Hunan Tianrun Digital Entnmtt &Cltrl Mda as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 Ba3 Semantic Signals 30 54 Financial Signals 79 62 Risk Signals 61 76 Substantial Risks 78 51 Speculative Signals 65 64 *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 Machines.

SYNTHOMER PLC Credit Rating & Financial Statements Analysis

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. Rating Model for SYNTHOMER PLC: We estimate the credit risk parameters by Relative Strength Index (RSI) and Chi-Square Credit Ratings for SYNTHOMER PLC as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba1 Semantic Signals 89 67 Financial Signals 64 82 Risk Signals 57 74 Substantial Risks 35 42 Speculative Signals 86 84 *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 Machines.

Dealer Tire, LLC Credit Rating & Financial Statements Analysis

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. Rating Model for Dealer Tire, LLC: We estimate the credit risk parameters by Tuned Collector Oscillator and Factor Credit Ratings for Dealer Tire, LLC as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Caa2 Ba3 Semantic Signals 46 40 Financial Signals 52 90 Risk Signals 44 65 Substantial Risks 30 58 Speculative Signals 52 70 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to com

Stewart Information Services Corporation Common Stock Credit Rating & Financial Statements Analysis

To assess an issuer's standing in the credit markets, we may look at factors such as equity, debt, and credit default swaps (CDS) trading levels, where available, relative to peers and market averages. For example, lower-than-average debt trading levels or widening rating-adjusted spreads relative to market averages may indicate decreasing market confidence about a company's prospects and ability to meet its debt maturities. As a result, the company could have increased difficulty accessing the capital markets. Rating Model for Stewart Information Services Corporation Common Stock: We estimate the credit risk parameters by Robinson Oscillators and ElasticNet Regression Credit Ratings for Stewart Information Services Corporation Common Stock as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 B1 Semantic Signals 50 86 Financial Signals 59 72 Risk Signals 40 50 Substantial Risks 59 31 Speculative Signals 39 49 *Machine Learn

Sony Corporation Common Stock Credit Rating & Financial Statements Analysis

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. Rating Model for Sony Corporation Common Stock: We estimate the credit risk parameters by Crystal Oscillators and Lasso Regression Credit Ratings for Sony Corporation Common Stock as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B1 Semantic Signals 54 71 Financial Signals 57 69 Risk Signals 34 49 Substantial Risks 64 69 Speculative Signals 55 45 *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 Machines

Kyowa Leather Cloth Co Ltd Credit Rating & Financial Statements Analysis

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. Rating Model for Kyowa Leather Cloth Co Ltd: We estimate the credit risk parameters by Simple Moving Average (SMA) and Factor Credit Ratings for Kyowa Leather Cloth Co Ltd as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba3 Semantic Signals 47 60 Financial Signals 65 33 Risk Signals 73 90 Substantial Risks 79 72 Speculative Signals 61 55 *Machine Learning utilizes multiple learning algori

PEOPLES BANK Credit Rating & Financial Statements Analysis

Under times of stress, such actions could include dividend cuts, suspension of share repurchases, or maintenance of minimum cash balances. This is particularly relevant for exceptional and strong assessments, where issuers are required to carry higher levels of excess liquidity even during times of stress. For example, when assessing liquidity, we would generally expect companies to be able to cover the full amount of dividends and share repurchases included in our base-case forecast, while still maintaining excess liquidity and achieving the required A/B and A-B measures under a stress case. Rating Model for PEOPLES BANK: We estimate the credit risk parameters by Clapp Oscillators and ElasticNet Regression Credit Ratings for PEOPLES BANK as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 B1 Semantic Signals 37 64 Financial Signals 57 82 Risk Signals 65 56 Substantial Risks 44 46 Speculative Signals 34 40 *Machine Learning utiliz

Emergent Biosolutions, Inc. Common Stock Credit Rating & Financial Statements Analysis

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. Rating Model for Emergent Biosolutions, Inc. Common Stock: We estimate the credit risk parameters by Heikin-Ashi and ANOVA Credit Ratings for Emergent Biosolutions, Inc. Common Stock as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 B2 Semantic Signals 50 37 Financial Signals 58 69 Risk Signals 76 43 Substantial Risks 88 38 Speculative Signals 52 66 *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 Machines.

CARLISLE BANCORP, INC. Credit Rating & Financial Statements Analysis

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. Rating Model for CARLISLE BANCORP, INC.: We estimate the credit risk parameters by EMR and Simple Regression Credit Ratings for CARLISLE BANCORP, INC. as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 Ba3 Semantic Signals 79 73 Financial Signals 51 32 Risk Signals 66 53 Substantial Risks 90 70 Speculative Signals 90 85 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine th

Southern National Banks, Inc Credit Rating & Financial Statements Analysis

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). Rating Model for Southern National Banks, Inc: We estimate the credit risk parameters by Rank Correlation Index (RCI) and Linear Regression Credit Ratings for Southern National Banks, Inc as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 B2 Semantic Signals 72 46 Financial Signals 41 51 Risk Signals 67 58 Substantial Risks 76 63 Speculative Signals 41 35 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results

FIRST NEIGHBOR BANK NA Credit Rating & Financial Statements Analysis

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. Rating Model for FIRST NEIGHBOR BANK NA: We estimate the credit risk parameters by Hartley Oscillator and Wilcoxon Rank-Sum Test Credit Ratings for FIRST NEIGHBOR BANK NA as of 27 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 Ba3 Semantic Signals 77 62 Financial Signals 54 48 Risk Signals 47 85 Substantial Risks 88 49 Speculative Signals 42 71 *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 Machines.

MYANMAR STRATEGIC HOLDINGS LIMITED Credit Rating & Financial Statements Analysis

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. Rating Model for MYANMAR STRATEGIC HOLDINGS LIMITED: We estimate the credit risk parameters by Moving Average Convergence Divergence (MACD) and Simple Regression Credit Ratings for MYANMAR STRATEGIC HOLDINGS LIMITED as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B1 Semantic Signals 59 74 Financial Signals 63 39 Risk Signals 79 64 Substantial Risks 42 41 Speculative Signals 38 85 *Machine Learning utilizes multiple learning algorithms to obtain better predictive pow

SEILING STATE BANK Credit Rating & Financial Statements Analysis

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. Rating Model for SEILING STATE BANK: We estimate the credit risk parameters by Clapp Oscillators and Factor Credit Ratings for SEILING STATE BANK as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 Ba3 Semantic Signals 81 86 Financial Signals 65 53 Risk Signals 88 39 Substantial Risks 54 54 Speculative Signals 77 75 *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 Machines.

PRIME PEOPLE PLC Credit Rating & Financial Statements Analysis

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. Rating Model for PRIME PEOPLE PLC: We estimate the credit risk parameters by Meissner Oscillators and Beta Credit Ratings for PRIME PEOPLE PLC as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba3 Semantic Signals 30 47 Financial Signals 76 44 Risk Signals 84 69 Substantial Risks 87 79 Speculative Signals 38 82 *Machine Learning utilizes multiple learning algorithms to

GRANDVIEW BANKSHARES, INC. Credit Rating & Financial Statements Analysis

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. Rating Model for GRANDVIEW BANKSHARES, INC.: We estimate the credit risk parameters by Momentum and Wilcoxon Rank-Sum Test Credit Ratings for GRANDVIEW BANKSHARES, INC. as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba1 Ba3 Semantic Signals 78 58 Financial Signals 81 83 Risk Signals 59 76 Substantial Risks 74 50 Speculative Signals 68 44 *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 Machines.

InsCorp, Inc. Credit Rating & Financial Statements Analysis

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 weakening from the peak of an economic cycle. Rating Model for InsCorp, Inc.: We estimate the credit risk parameters by Price Oscillator (PPO) and Factor Credit Ratings for InsCorp, Inc. as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba1 Ba2 Semantic Signals 78 77 Financial Signals 71 90 Risk Signals 78 49 Substantial Risks 80 40 Speculative Signals 51 90 *Machine Learning utilizes multiple learni

Webster Financial Corporation Credit Rating & Financial Statements Analysis

When assessing strong or exceptional liquidity, we include all forecasted capital expenditures over the next 24 months, including discretionary growth capital spending. Rating Model for Webster Financial Corporation: We estimate the credit risk parameters by KDJ and Simple Regression Credit Ratings for Webster Financial Corporation as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba2 Ba2 Semantic Signals 81 41 Financial Signals 81 59 Risk Signals 69 64 Substantial Risks 82 88 Speculative Signals 32 81 *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 Machines.

CITIZENS FIRST BANK Credit Rating & Financial Statements Analysis

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 rare and Few companies to qualify for the exceptional category, and these entities to typically have issuer credit ratings of 'BBB-' or above. Rating Model for CITIZENS FIRST BANK: We estimate the credit risk parameters by Bollinger Bands %B and Linear Regression Credit Ratings for CITIZENS FIRST BANK as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba2 Semantic Signals 49 77 Financial Signals 86 85 Risk Signals 57 70 Substantial Risks 34 49 Speculative Signals 42 53 *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 Machines.

BANK OF PERRY COUNTY Credit Rating & Financial Statements Analysis

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. Rating Model for BANK OF PERRY COUNTY: We estimate the credit risk parameters by Ring Oscillators and Independent T-Test Credit Ratings for BANK OF PERRY COUNTY as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 Ba1 Semantic Signals 43 59 Financial Signals 81 60 Risk Signals 34 83 Substantial Risks 49 69 Speculative Signals 84 76 *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

Beijing Hotgen Biotech Co Ltd Credit Rating & Financial Statements Analysis

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. Rating Model for Beijing Hotgen Biotech Co Ltd: We estimate the credit risk parameters by Tri-tet Oscillators and Linear Regression Credit Ratings for Beijing Hotgen Biotech Co Ltd as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 Ba1 Semantic Signals 59 86 Financial Signals 87 82 Risk Signals 73 70 Substantial Risks

Peerstream Inc Credit Rating & Financial Statements Analysis

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. Rating Model for Peerstream Inc: We estimate the credit risk parameters by Relative Strength Index (RSI) and Multiple Regression Credit Ratings for Peerstream Inc as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba1 B2 Semantic Signals 73 50 Financial Signals 76 63 Risk Signals 68 36 Substantial Risks 81 40 Speculative

Peoples State Bank Credit Rating & Financial Statements Analysis

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. Rating Model for Peoples State Bank: We estimate the credit risk parameters by KDJ and Stepwise Regression Credit Ratings for Peoples State Bank as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba1 Semantic Signals 56 88 Financial Signals 68 68 Risk Signals 35 41 Substantial Risks 87 84 Speculative Signals 36 76 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine lear

FIRST NATIONAL BANK OF LAYTON UT Credit Rating & Financial Statements Analysis

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 in public markets. Rating Model for FIRST NATIONAL BANK OF LAYTON UT: We estimate the credit risk parameters by Penetration and Paired T-Test Credit Ratings for FIRST NATIONAL BANK OF LAYTON UT as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B1 Semantic Signals 52 74 Financial Signals 58 54 Risk Signals 44 74 Substantial Risks 70

Qinghai Huzhu Barley Wine CoLtd Credit Rating & Financial Statements Analysis

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. Rating Model for Qinghai Huzhu Barley Wine CoLtd: We estimate the credit risk parameters by Envelope (ENV) and Simple Regression Credit Ratings for Qinghai Huzhu Barley Wine CoLtd as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 B2 Semantic Signals 64 48 Financial Signals 39 66 Risk Signals 83 34 Substantial Risks 66 45 Speculative Signals 53 74 *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 Mac

MaxLinear, Inc Class A Common Stock Credit Rating & Financial Statements Analysis

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. Rating Model for MaxLinear, Inc Class A Common Stock: We estimate the credit risk parameters by Cross-Coupled Oscillators and Pearson Correlation Credit Ratings for MaxLinear, Inc Class A Common Stock as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba2 B2 Semantic Signals 58 39 Financial Signals 83 78 Risk Signals 80 61 Substantial Risks 70 40 Speculative Signals 47 36 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results

PEPPER FOOD SERVICE CO.,LTD Credit Rating & Financial Statements Analysis

To assess an issuer's standing in the credit markets, we may look at factors such as equity, debt, and credit default swaps (CDS) trading levels, where available, relative to peers and market averages. For example, lower-than-average debt trading levels or widening rating-adjusted spreads relative to market averages may indicate decreasing market confidence about a company's prospects and ability to meet its debt maturities. As a result, the company could have increased difficulty accessing the capital markets. Rating Model for PEPPER FOOD SERVICE CO.,LTD: We estimate the credit risk parameters by Chaikin Oscillator and Beta Credit Ratings for PEPPER FOOD SERVICE CO.,LTD as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba3 Semantic Signals 44 82 Financial Signals 89 37 Risk Signals 36 80 Substantial Risks 76 46 Speculative Signals 79 67 *Machine Learning utilizes multiple learning algorithms to obtain better predictive

WOORI AMERICA BANK Credit Rating & Financial Statements Analysis

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. Rating Model for WOORI AMERICA BANK: We estimate the credit risk parameters by Anomaly and Wilcoxon Rank-Sum Test Credit Ratings for WOORI AMERICA BANK as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba3 Semantic Signals 54 56 Financial Signals 48 57 Risk Signals 83 64 Substantial Risks 46 90 Speculative Signals 85 58 *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 Machines.

WESTMINSTER GROUP PLC Credit Rating & Financial Statements Analysis

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. Rating Model for WESTMINSTER GROUP PLC: We estimate the credit risk parameters by Opto-Electronic Oscillators and Lasso Regression Credit Ratings for WESTMINSTER GROUP PLC as of 26 Jan 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 B2 Semantic Signals 38 51 Financial Signals 64 51 Risk Signals 86 61 Substantial Risks 62 66 Speculative Signals 40 34 *Machine Learning utilizes mult