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.First Citizens BncshrsInc Assigned Short-Term Ba3 & Long-Term Ba2 Credit Rating. How Does Credit Rating Model Work? Rating Model for First Citizens BncshrsInc: We estimate the credit risk parameters by Momentum and Stepwise Regression Credit Ratings for First Citizens BncshrsInc as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 Ba2 Semantic Signals 76 70 Financial Signals 81 63 Risk Signals 53 43 Substantial Risks 73 75 Speculative Signals 41 85 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to com

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.FFBW Inc Assigned Short-Term B3 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for FFBW Inc: We estimate the credit risk parameters by Rank Correlation Index (RCI) and Sign Test Credit Ratings for FFBW Inc as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 B1 Semantic Signals 55 67 Financial Signals 45 46 Risk Signals 45 53 Substantial Risks 47 42 Speculative Signals 41 81 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the

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.Ken Bancorporation Assigned Short-Term Caa2 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Ken Bancorporation: We estimate the credit risk parameters by Dynatron Oscillators and Beta Credit Ratings for Ken Bancorporation as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Caa2 B1 Semantic Signals

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.BAYWA AG NA. Assigned Short-Term B3 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for BAYWA AG NA.: We estimate the credit risk parameters by Chaikin Oscillator and Spearman Correlation Credit Ratings for BAYWA AG NA. as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 B2 Semantic Signals 78 50 Financial Signals 38 71 Risk Signals 30 31 Substantial Risks 50 32 Speculative Signals 47 79 *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 Ve

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.First Trust NASDAQ Global Auto Index Fund Assigned Short-Term Ba3 & Long-Term B3 Credit Rating. How Does Credit Rating Model Work? Rating Model for First Trust NASDAQ Global Auto Index Fund: We estimate the credit risk parameters by Chaikin Oscillator and Wilcoxon Sign-Rank Test Credit Ratings for First Trust NASDAQ Global Auto Index Fund as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 B3 Semantic Signals 68 61 Financial Signals 71 30 Risk Signals 82 48 Substantial Risks 34 59 Speculative Signals 70 37 *Machine Learning utilizes multiple learning algorithms to obtain better predictive

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.KITA KOUDENSHA Corporation Assigned Short-Term Ba3 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for KITA KOUDENSHA Corporation: We estimate the credit risk parameters by Adaptive Moving Average and Pearson Correlation Credit Ratings for KITA KOUDENSHA Corporation as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 B2 Semantic Signals 64 31 Financial Signals 76 61 Risk Signals 38 90 Substantial Risks 50 41 Speculative Signals 88 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 Network and Support Vector Machines.Take a look a

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.Euroseas Ltd. Assigned Short-Term Ba1 & Long-Term Ba1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Euroseas Ltd.: We estimate the credit risk parameters by Bollinger Bands %B and Polynomial Regression Credit Ratings for Euroseas Ltd. as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba1 Ba1 Semantic Signals 34 60 Financial Signals 85 76 Risk Signals 74

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.Escalera Resources Co. Assigned Short-Term B2 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Escalera Resources Co.: We estimate the credit risk parameters by Demand and Sign Test Credit Ratings for Escalera Resources Co. as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B2 Semantic Signals 37 37 Financial Signals 66 38 Risk Signals 61 60 Substantial Risks 60 72 Speculative Signals 62 41 *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? Financial Analysis for Escalera Resources Co. Financials: PREMIUM Incom

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.BP Capital Markets America Inc. Assigned Short-Term B1 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for BP Capital Markets America Inc.: We estimate the credit risk parameters by Multi-Wave Oscillators and Stepwise Regression Credit Ratings for BP Capital Markets America Inc. as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 B2 Semantic Signals 65 57 Financial Signals 75 65 Risk Signals 79 61 Substantial Risks 32 32 Speculative Signals

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.Guangzhou Restaurant Group Co Ltd Assigned Short-Term B2 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Guangzhou Restaurant Group Co Ltd: We estimate the credit risk parameters by Money Flow Index (MFI) and Ridge Regression Credit Ratings for Guangzhou Restaurant Group Co Ltd as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B2 Semantic Signals 81 37 Financial Signals 64 44 Risk Signals 37 71 Substantial Risks 39 38 Speculative Signals 68

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.Synthesis Energy Systems, Inc. Assigned Short-Term B2 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Synthesis Energy Systems, Inc.: We estimate the credit risk parameters by Sustainability and Ridge Regression Credit Ratings for Synthesis Energy Systems, Inc. as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B1 Semantic Signals 31 38 Financial Signals 84 83 Risk Signals 57 74 Substantial Risks 39 52 Speculative Signals 64 45 *Machine Learning utilizes multiple learning algorithms to obt

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.CPI Buyer, LLC Assigned Short-Term Ba3 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for CPI Buyer, LLC: We estimate the credit risk parameters by Adaptive Moving Average and Chi-Square Credit Ratings for CPI Buyer, LLC as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba3 B1 Semantic Signals 50 47 Financial Signals 84 90 Risk Signals 51 52 Substantial Risks 87 69 Speculative Signals 45 32 *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? Financial Analysis for CPI Buye

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.SWEDISH-AMERICAN BANCSHARES, INC. Assigned Short-Term B2 & Long-Term Ba1 Credit Rating. How Does Credit Rating Model Work? Rating Model for SWEDISH-AMERICAN BANCSHARES, INC.: We estimate the credit risk parameters by Rating and ElasticNet Regression Credit Ratings for SWEDISH-AMERICAN BANCSHARES, INC. as of 24 Feb 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba1 Semantic Signals 37 82 Financial Signals 73 54 Risk Signals 76 80 Substantial Risks 58 64 Speculative Signals 42 73 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to