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.YOUR FAMILY ENTER.AG NA Assigned Short-Term Caa2 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for YOUR FAMILY ENTER.AG NA: We estimate the credit risk parameters by Demand and Lasso Regression Credit Ratings for YOUR FAMILY ENTER.AG NA as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Caa2 Ba3 Semantic Signals 35 79 Financial Signals 36 31 Risk Signals 50 54 Substantial Risks 58 70 Speculative Signals 33 72 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine

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.Syntel, Inc. Assigned Short-Term B3 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for Syntel, Inc.: We estimate the credit risk parameters by Parabolic SAR (PSAR) and Sign Test Credit Ratings for Syntel, Inc. as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 Ba3 Semantic Signals 46 78 Financial Signals 52 81 Risk Signals 52 46 Substantial Risks 33 38 Speculative Signals 55 63 *Machine Learning utilizes multiple learning algori

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.Jinling Pharmaceutical Co., Ltd. Assigned Short-Term B2 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for Jinling Pharmaceutical Co., Ltd.: We estimate the credit risk parameters by Bollinger Bands and Linear Regression Credit Ratings for Jinling Pharmaceutical Co., Ltd. as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba3 Semantic Signals 55 56 Financial Signals 34 71 Risk Signals 35 69 Substantial Risks 84 51 Speculative Signals 60 64 *Machine Learning utilizes multiple learning algorithms to obtain better pred

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.Frost Bank Assigned Short-Term Ba3 & Long-Term Ba2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Frost Bank: We estimate the credit risk parameters by Adaptive Moving Average and Independent T-Test Credit Ratings for Frost Bank as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba2 Semantic Signals 37 73 Financial Signals 65 48 Risk Signals 78 77 Substantial Risks 65 85 Speculative Signals 74 54 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results from the Neura

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.TSUKAMOTO CORPORATION CO., LTD. Assigned Short-Term B3 & Long-Term Ba1 Credit Rating. How Does Credit Rating Model Work? Rating Model for TSUKAMOTO CORPORATION CO., LTD.: We estimate the credit risk parameters by Moving Average Convergence Divergence (MACD) and Factor Credit Ratings for TSUKAMOTO CORPORATION CO., LTD. as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senio

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.Fusion Telecommunications International, Inc. Assigned Short-Term Baa2 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Fusion Telecommunications International, Inc.: We estimate the credit risk parameters by EMR and Independent T-Test Credit Ratings for Fusion Telecommunications International, Inc. as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 B2 Semantic Signals 53 53 Financial Signals 77 32 Risk Signals 60 33 Substantial Risks 90 71 Speculative Signals 88 86 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to co

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.Diversified Restaurant Holdings, Inc. Assigned Short-Term Baa2 & Long-Term Ba2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Diversified Restaurant Holdings, Inc.: We estimate the credit risk parameters by EMR and ElasticNet Regression Credit Ratings for Diversified Restaurant Holdings, Inc. as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 Ba2 Semantic Signals 48 72 Financial Signals 75 87 Risk Signals 89 39 Substantial Risks 79 78 Speculative Signals 83 63 *Machine Learning utilizes multiple learning algorithms to obtain

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.Iridium Communications Inc Assigned Short-Term Baa2 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for Iridium Communications Inc: We estimate the credit risk parameters by Cross-Coupled Oscillators and Simple Regression Credit Ratings for Iridium Communications Inc as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 Ba3 Semantic Signals 87 45 Financial Signals 68 59 Risk Signals 79 81 Substantial Risks 89 87 Speculative Signals 69 52 *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

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.DSB Co Ltd Assigned Short-Term B3 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for DSB Co Ltd: We estimate the credit risk parameters by Cross-Coupled Oscillators and Sign Test Credit Ratings for DSB Co Ltd as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 Ba3 Semantic Signals 75 48 Financial Signals 31 71 Risk Signals 47 88 Substantial Risks 36 56 Speculat

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.AUDUBON STATE BANK Assigned Short-Term B2 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for AUDUBON STATE BANK: We estimate the credit risk parameters by Opto-Electronic Oscillators and Ridge Regression Credit Ratings for AUDUBON STATE BANK as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B1 Semantic Signals 43 51 Financial Signals 31 62 Risk Signals 78 43 Substantial Risks 69 67 Speculative Signals 53 63 *Machine Learning uti

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.Mannington Mills, Inc. Assigned Short-Term Ba1 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Mannington Mills, Inc.: We estimate the credit risk parameters by Colpitts Oscillator and Factor Credit Ratings for Mannington Mills, Inc. as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba1 B1 Semantic Signals 87 40 Financial Signals 42 75 Risk Signals 85 62 Substantial Risks 63 38 Speculative Signals 84 62 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine lear

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.Morgan Stanley Capital Group Inc. Assigned Short-Term B1 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Morgan Stanley Capital Group Inc.: We estimate the credit risk parameters by Envelope (ENV) and Polynomial Regression Credit Ratings for Morgan Stanley Capital Group Inc. as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 B1 Semantic Signals 45 38 Financial Signals 34 65 Risk Signals 56 40 Substantial Risks 81 85 Speculative Signals 90 71 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we uti

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.ALMENA STATE BANK Assigned Short-Term Ba3 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for ALMENA STATE BANK: We estimate the credit risk parameters by Money Flow Index (MFI) and Spearman Correlation Credit Ratings for ALMENA STATE BANK as of 16 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba3 Semantic Signals 65 90 Financial Signals 80 61 Risk Signals 55 45 Substantial Risks 78 56 Speculative Signals 37 66 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, w