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. We estimate XENT Intersect ENT stock forecast parameters by: Psychological Line (PSY) with Lasso Regression XENT Intersect ENT Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+15) 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 with Psychological Line (PSY) and Lasso Regression. Machine Learning based stock forecast (n+15) for XENT Intersect ENT as below: Time series to forecast n: 30 May 2022 for (n+15) How Does Forecast Model Work? x axis:Likelihood % y axis:Potential Impact % z axis:Color (yellow to green) Technical Anal

In addition, a speculative-grade company's access to the credit markets during times of stress, such as the financial crisis, is often a function of the capital market's appetite for risk. Accordingly, it would be rare that we would characterize a speculative-grade company as having a generally high standing in the credit markets, and even low-investment-grade companies may not have access to a diversity of funding sources required for this assessment. We estimate AGO Assured Guaranty Ltd. stock forecast parameters by: FS with Lasso Regression AGO Assured Guaranty Ltd. Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+1y) 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 with FS and Lasso Regression. Machine Learning based stock forecast (n+1y) for AGO Assured Guaranty Ltd. as below: Time series to forecast n: 30 May 2022 for (n+1y) How Doe

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. We estimate ISDS Invesco RAFI Strategic Developed ex stock forecast parameters by: Psychological Line (PSY) with Chi-Square ISDS Invesco RAFI Strategic Developed ex Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+30) Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the result

When calculating sources of liquidity, we only include the undrawn, available portion of committed bank lines maturing beyond the specified time horizon for each liquidity descriptor. For example, when assessing liquidity as adequate, we only include a committed revolving credit facility as a source if it matured beyond the next 12 months. Similarly, given that our liquidity assessment looks out over two years when assessing liquidity as strong or exceptional, we only include a facility maturing beyond 24 months as a source of liquidity. We estimate ICE Intercontinental Exchange Inc. stock forecast parameters by: Ichimoku Cloud (IKH) with Stepwise Regression ICE Intercontinental Exchange Inc. Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+6m) 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 with Ichimoku Cloud (IKH) and Stepwise Regression. Mac

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. We estimate SWAV ShockWave Medical stock forecast parameters by: Relative Strength Index (RSI) with Stepwise Regression SWAV ShockWave Medical Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+15) Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results from t

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). We estimate BLS BLS International Services Limited stock forecast parameters by: Delay-Line Oscillators with Wilcoxon Sign-Rank Test BLS BLS International Services Limited Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+7) 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 with Delay-Line Oscillators and Wilcoxon Sign-Rank Test. Machine Learning based stock forecast (n+7) for BLS BLS International Services Limited as below: Time series to forecast n: 30 May 2022 for (n+7) How Does Forecast Model Work? x axis:Likelihood % y axis:Pote

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). We estimate UTLH UIL FINANCE LIMITED stock forecast parameters by: Momentum with Ridge Regression UTLH UIL FINANCE LIMITED Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+1y) 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 with Momentum and Ridge Regression. Machine Learning based stock forecast (n+1y) for UTLH UIL FINANCE LIMITED as below: Time series to forecast n: 30 May 2022 for (n+1y) How Does Forecast Model Work? x

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. We estimate NBAC Newborn Acquisition Corp. stock forecast parameters by: Delay-Line Oscillators with Stepwise Regression NBAC Newborn Acquisition Corp. Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+6m) 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 with Delay-Line Oscillators and Stepwise Regression. Machine Learning based stock forecast (n+6m) for NBAC Newborn Acquisition Corp. as below: Time series to forecast n: 30 May 2022 for (n+6m) How Does Forecast Model Work? x axis:Likelihood % y axis:Potential Impact % z axis:

To assess forecasted working capital outflows for companies with material intra-year working capital requirements (for example, companies in seasonal businesses), we use forecasted peak working capital outflows, per paragraph 32 of the liquidity criteria. For seasonal businesses, in many cases the annual projection might indicate a working capital inflow or neutral working capital, even though there could be material intra-quarter or inter-quarter outflows throughout the year. We estimate CMRX Chimerix stock forecast parameters by: Williams %R with Simple Regression CMRX Chimerix Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+30) 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 with Williams %R and Simple Regression. Machine Learning based stock forecast (n+30) for CMRX Chimerix as below: Time series to forecast n: 30 May 2022 for (n+30) How Do

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. We estimate TI Tilaknagar Industries Limited stock forecast parameters by: EMR with Linear Regression TI Tilaknagar Industries Limited Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+6m) 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 with EMR and Linear Regression. Machine Learning based stock forecast (n+6m) for TI Tilaknagar Industries Limited as below: Time series to forecast n: 30 May 2022 for (n+6m) How Does Forecast Model Work? x axis:Likelihood % y axis:Potential Impact % z axis:Color (yellow to green) Technical

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. We estimate AXISCADES AXISCADES Engineering Technologies Limited stock forecast parameters by: Parabolic SAR (PSAR) with Multiple Regression AXISCADES AXISCADES Engineering Technologies Limited Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+1y) Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combin

Given the earnings volatility companies experience, we have specified for these issuers a more stringent decline in EBITDA percentage for each liquidity category to the extent our cash flow forecasts are not already assuming a downside scenario. We estimate PIH 1347 Property Insurance Holdings stock forecast parameters by: SMoothed Moving Average (SMMA) with Logistic Regression PIH 1347 Property Insurance Holdings Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+30) 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 with SMoothed Moving Average (SMMA) and Logistic Regression. Machine Learning based stock forecast (n+30) for PIH 1347 Property Insurance Holdings as below: Time series to forecast n: 30 May 2022 for (n+30) How Does Forecast Model Work? x axis:Likelihood % y axis:Potential Impact % z axis:Color (yellow to green) Technical Analys

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. We estimate RH Restoration Hardware Holdings Inc. stock forecast parameters by: Price with Logistic Regression RH Restoration Hardware Holdings Inc. Stock Forecast (Buy or Sell) as of 30 May 2022 for (n+3m) 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 with Price and Logi