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.Ennis, Inc. Assigned Short-Term B2 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for Ennis, Inc.: We estimate the credit risk parameters by Modified (Smoothed) Moving Average and Ridge Regression Credit Ratings for Ennis, Inc. as of 02 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba3 Semantic Signals 31 85 Financial Signals 88 49 Risk Signals 61 40 Substantial Risks 36 77 Speculative Signals 68 66 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine

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.Polaris Bay Group Co Ltd Assigned Short-Term B1 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Polaris Bay Group Co Ltd: We estimate the credit risk parameters by Stochastic Oscillator and Simple Regression Credit Ratings for Polaris Bay Group Co Ltd as of 02 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 B1 Semantic Signals 5

We do not include potential future debt issuances as a source of liquidity because of the uncertainty of a company's ability to access debt markets in times of financial stress, even for investment-grade issuers. For instance, in the case of a proposed financing, with the intended use of proceeds to repay existing debt, we will assess a company's liquidity excluding the proposed financing until it's obtained or fully underwritten.INEZ DEPOSIT BANK Assigned Short-Term B2 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for INEZ DEPOSIT BANK: We estimate the credit risk parameters by Bollinger Bands %B and Spearman Correlation Credit Ratings for INEZ DEPOSIT BANK as of 02 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B1 Semantic Signals 74 60 Financial Signals 50 68 Risk Signals 53 70 Substantial Risks 63 58 Speculative Signals 42 44 *Machine Learning utilizes multiple learning algorithms to

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.America Movil, S.A.B. de C.V. Assigned Short-Term Baa2 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for America Movil, S.A.B. de C.V.: We estimate the credit risk parameters by Volume + Moving Average and Independent T-Test Credit Ratings for America Movil, S.A.B. de C.V. as of 02 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Baa2 B1 Semantic Signals 84 51 Financial Signals 88 55 Risk Signals 84 72 Substantial Risks 68 77 Speculative Signals 38 42 *Machine Learning utilizes multiple learning algorithms to

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.Leyard Optoelectronic Co Ltd Assigned Short-Term B2 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Leyard Optoelectronic Co Ltd: We estimate the credit risk parameters by Stochastic Oscillator and Linear Regression Credit Ratings for Leyard Optoelectronic Co Ltd as of 02 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B2 Semantic Signals 79 36 Financial Signals 38 47 Risk Signals 34 74 Substantial Risks 58 73 Speculative Signals 62 34 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our rese

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.ZhuZhou QianJin Pharmaceutical Co., Ltd Assigned Short-Term Ba2 & Long-Term Baa2 Credit Rating. How Does Credit Rating Model Work? Rating Model for ZhuZhou QianJin Pharmaceutical Co., Ltd: We estimate the credit risk parameters by Sustainability and Simple Regression Credit Ratings for ZhuZhou QianJin Pharmaceutical Co., Ltd as of 02 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba2 Baa2 Semantic Signals 88 71 Financial Signals 46 44 Risk Signals 74 87 Substantial Risks 67 87 Speculative Signals 68 72 *Machine Learning utilizes multiple learning algorithms to obtain bette

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).TeleTech Holdings, Inc. Assigned Short-Term B2 & Long-Term Ba2 Credit Rating. How Does Credit Rating Model Work? Rating Model for TeleTech Holdings, Inc.: We estimate the credit risk parameters by Royer Oscillators and Linear Regression Credit Ratings for TeleTech Holdings, Inc. as of 02 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba2 Semantic Signals 74 81 Financial Signals 36 76 Risk Signals 43 63 Substantial Risks 65 72 Speculative Signals 42 43 *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

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.Mikros Systems Corporation Assigned Short-Term B2 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for Mikros Systems Corporation: We estimate the credit risk parameters by Chaikin Oscillator and ElasticNet Regression Credit Ratings for Mikros Systems Corporation as of 02 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba3 Semantic Signals 45 87 Financial Signals 64 32 Risk Signals 55 51 Substantial Risks 65 65 Speculative Signals 32 85 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powe

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.CHARLES RIVER BANK Assigned Short-Term B2 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for CHARLES RIVER BANK: We estimate the credit risk parameters by Price Channels and Polynomial Regression Credit Ratings for CHARLES RIVER BANK as of 02 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba3 Semantic Signals 41 58 Financial Signals 41 81 Risk Signals 40 70 Substantial Risks 55 35 Specul

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.TCW Strategic Income Fund, Inc. Common Stock Assigned Short-Term Ba3 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for TCW Strategic Income Fund, Inc. Common Stock: We estimate the credit risk parameters by Colpitts Oscillator and Wilcoxon Rank-Sum Test Credit Ratings for TCW Strategic Income Fund, Inc. Common Stock as of 02 Apr 2022

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.Entergy Corporation Assigned Short-Term B2 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for Entergy Corporation: We estimate the credit risk parameters by Bollinger Bands %B and Factor Credit Ratings for Entergy Corporation as of 01 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba3 Semantic Signals 49 50 Financial Signals 65 89 Risk Signals 41 79 Substantial Risks 78 67 Speculative Signals 50 40 *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?

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.Uchiyama Holdings Co Ltd Assigned Short-Term B1 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for Uchiyama Holdings Co Ltd: We estimate the credit risk parameters by Bollinger Bands %B and Factor Credit Ratings for Uchiyama Holdings Co Ltd as of 01 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 Ba3 Semantic Signals 32 74 Financial Signals 75 83 Risk Signals 33 58 Substantial Risks 87 52 Speculative Signals 74 47 *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 Ratin

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 between these descriptors based on analytical judgment and mainly consider the diversity of funding sources available to an entity.REGAL BANK Assigned Short-Term Ba2 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for REGAL BANK: We estimate the credit risk parameters by Price and Independent T-Test Credit Ratings for REGAL BANK as of 01 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba2 B1 Semantic Signals 90 50 Financial Signals 33 57 Risk Signals 74 31 Substantial Risks 78 64 Speculative Signals 72 80 *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