Credit Opinion: PGE Polska Grupa Energetyczna S.A.
|
|
- Milton Foster
- 8 years ago
- Views:
Transcription
1 Credit Opinion: PGE Polska Grupa Energetyczna S.A. Global Credit Research - 02 Jun 2015 Warsaw, Poland Ratings Category Outlook Issuer Rating PGE Sweden AB (publ) Outlook Bkd Senior Unsecured Moody's Rating Stable Baa1 Stable Baa1 Contacts Analyst Phone Joanna Fic/London Raffaella Altamura/London Andrew Blease/London Key Indicators [1]PGE Polska Grupa Energetyczna S.A. (CFO Pre-W/C + Interest) / Interest Expense 12/31/ x 12/31/ x 12/31/ x (CFO Pre-WC) / Net Debt % % % RCF / Net Debt % % % [1] All ratios are calculated using Moody's standard accounting adjustments. Source: Moody's Financial MetricsTM Note: For definitions of Moody's most common ratio terms please see the accompanying User's Guide. Opinion Rating Drivers - Leading Polish vertically integrated energy group with a long position in generation based mainly on lignite and coal - Low power prices and increasing costs of CO2 allowances impacting profitability of the generation portfolio - Modest contribution of lower risk regulated distribution activities - Large capex programme will result in a deterioration in the financial profile from the current strong position - Uncertainty regarding future set up of the energy market Corporate Profile
2 PGE Polska Grupa Energetyczna S.A. (PGE) is a holding company for a vertically-integrated energy group, which is the largest utility in Poland. The group's businesses are (1) power generation, mainly in lignite and coal power plants, which have a total installed generation capacity of 12.6 gigawatts (GW); (2) electricity distribution, which accounts for around 28% of the group's EBITDA; and (3) supply of electricity to around 5 million customers. The company has about 35% market share of the generation segment in Poland and its activities are supported by the ownership of Poland's lignite mines, which provide 71% of PGE's fuel needs. PGE is currently approximately 58.4% owned by the Government of Poland (A2 stable). The remainder of shares are listed on the Warsaw stock exchange. SUMMARY RATING RATIONALE PGE's rating assessment reflects the company's strong position as a dominant generator of electricity in Poland, and as an integrated energy group. The company benefits from a low cost lignite-fueled generation fleet. However, these positives are offset by the exposure to power markets in the weak price environment and high exposure to carbon, albeit reduced due to the free carbon dioxide emission allowances. The assigned rating further takes into account an expected increase in leverage due to negative free cash flows arising from a significant capital expenditure programme. PGE's rating incorporates one notch of uplift for potential support from its owner, the Government of Poland (A2, stable outlook). DETAILED RATING CONSIDERATIONS LEADING POLISH VERTICALLY INTEGRATED ENERGY GROUP WITH A LONG POSITION IN GENERATION BASED MAINLY ON LIGNITE AND COAL PGE's is the largest energy group in Poland with installed capacity of some 12.6 GW as of end-2014, which accounts for some 33% of the installed capacity in the country. The share of electricity production is also very high. PGE's electricity generation amounted to 54.8 TWh in 2014, which accounts for about 35% of the market. PGE's generation capacity is based predominantly on lignite (sourced internally) and coal (sourced under longterm contracts). The group owns the two largest lignite mines in Poland, making it significantly independent from fuel suppliers. In 2014, around 71% of electricity generated by PGE group was fuelled by its own lignite resources with the remainder coming mainly from coal (22% of the total). Other generation is fairly limited, although is increasing with commissioning of new wind farm developments. Although PGE's generation mix is in line with the average in the Polish market and large reserves of relatively cheap lignite and coal are readily available, such a high dependence on coal will require the purchase of additional CO2 permissions, exposing the company to a significant cost disadvantage. Whilst we consider that access to own fuel sources is beneficial and PGE's lignite plants are well positioned in Poland's merit order, the group lacks diversification of generation sources compared with large Western European utilities. The group also lacks geographic diversification, which leaves it exposed to developments in the domestic market. As an integrated utility, PGE is able to capture value across the energy chain. However, the group lacks a balanced integrated position with sales to end users of 39.6 TWh compared with 54.8 TWh of electricity generated in The group sells the energy on the exchange as well as under bilateral contracts. We note that margins in the supply segment have come under significant pressure and have been further affected by the higher costs of certificates of origin. We expect pressure on margins to continue. More generally, we also consider that the lack of transparency regarding the company's hedged position is a constraining rating factor. LOW POWER PRICES AND INCREASING COSTS OF CO2 ALLOWANCES IMPACT PROFITABILITY OF THE GENERATION PORTFOLIO Earnings in the conventional power generation segment have come under significant pressure as power prices collapsed. The key drivers have been falling coal and low CO2 prices, coupled with sluggish demand and expansion of renewable capacity. Polish power prices have recovered since their lows in 2013 and have started to trade at premium to the German market. Current base load forward contracts for 2016 are at around PLN165/MWh, which is equivalent to EUR40/MWh and compares with approximately EUR31/MWh in Germany. One of the drivers for this premium was an introduction of the operational reserve mechanism (ORM) in Poland, which impacted especially peak prices. Whilst the impact of ORM will be lower this year, we consider that the premium may be sustainable over the short to medium term due to lack of interconnection capacity with Germany, but we also do not expect any major recovery in the wholesale power prices in the near to medium term, which
3 but we also do not expect any major recovery in the wholesale power prices in the near to medium term, which together with CO2 costs will drive PGE's generation segment profitability. PGE's generation portfolio has a high exposure to carbon with emissions of some 1 tonne per MWh, which is a high ratio compared with the large Western European utilities. The current prices of CO2 are at some EUR7.4/tonne and we do not expect any significant increase over the medium term due to oversupply of emission rights on the market and decreased demand from the industry sector due to the economic slowdown. Whilst the exposure to carbon is high and will continue to affect PGE's profitability in the generation segment, the negative impact will be somewhat reduced due to the free CO2 emission allowances that the group is entitled to receive until MODEST CONTRIBUTION OF LOWER RISK REGULATED DISTRIBUTION ACTIVITIES PGE's share of lower risk regulated distribution activities has increased as the earnings in the conventional generation segment were pressured, but remains below that of its Polish peers. We expect these activities to account for some 30% of the group's EBITDA in the medium term. Electricity distribution tariffs in Poland are set by the Energy Regulatory Office (ERO) using a price cap model. As a general rule, the distribution companies' revenues are determined in order to cover the so-called justified costs: operating costs, capital depreciation charges, tax charges, cost of purchase of electricity to cover balancing differences, in addition to providing a return based on a weighted average cost of capital (WACC) on the companies' RAB. The nominal WACC set by the regulator is adjusted on an annual basis to take account of predefined parameters and the average yield on Polish treasury bonds. The current pre-tax WACC is set at 7.2%. The Polish regulatory framework has improved over the past years, although its transparency is below the levels seen in more developed Western European jurisdictions. Whilst historically it appeared to be spared from political interference, the recent decision regarding a cut on return of 5%, which we understand is a one-off, is negatively weighing on our assessment. We currently do not expect any major impact of changes to the regulatory framework starting from 2016, when the ERO is expected to put more focus on qualitative assessment with a penalty/ reward regime for under-/over-performance. Overall, the presence of regulated cash flows is supportive of PGE's credit profile, although it is fairly modest in comparison with other Polish energy groups, such as for example, ENERGA S.A. (Baa1 stable). It also lacks transparency and predictability of the more developed Western European jurisdictions. LARGE CAPEX PROGRAMME WILL RESULT IN A DETERIORATION IN THE FINANCIAL PROFILE FROM THE CURRENT STRONG POSITION PGE's investment plans in the total amount of PLN50 billion in the period are sizeable in absolute terms and compared with the historical amounts. The majority of investments will be targeted mainly in conventional generation. In particular, PGE plans to spend some PLN16 billion on existing plants and PLN15 billion on development of new capacity including Opole power plants based on hard coal. The two units with 900 MW of installed capacity each are expected to be commissioned in 2018 and Total investments are PLN11.6 billion. Other projects include Turow power plant based on lignite and with an installed capacity of 496 MW (gross). We note the cautious approach to investment in nuclear plant, which would be Poland's first. This is positive considering the risks involved in development of new nuclear plants given the long construction lead times, possible budget overruns and substantial upfront capital costs. The current plans assume continuation of preparatory works on this project with some PLN400 million to be spent in Future spending will be dependent on the result of the tender for a consortium responsible for choice of technology, construction and its financing, expected to be completed by end of PGE's low leverage and strong liquidity mitigate some of the risks associated with the implementation of its sizeable investment programme. Execution risk, however, remains and there is uncertainty around the new projects' profitability considering the new entrant capacity costs. We expect PGE's leverage to increase, although we also note that building up of debt will depend on the pace of the investment programme as well as other demands on cash flow, including M&A activity and dividend distribution. At present, we expect financial metrics to be well positioned against the guidance set for the current ratings, namely funds from operations (FFO)/net debt in the thirties in percentage terms and FFO interest cover above 5.0x. We note that these levels are commensurate with management's stated leverage target of a maximum net debt/ebitda of 2.5x. ONE NOTCH UPLIFT FOR GOVERNMENT SUPPORT PGE is currently 58.4% owned by the Government of Poland (A2 stable) and the remaining shares are publicly
4 held. Despite a gradual reduction in the state's share in PGE, we believe that the Polish government expects to retain its controlling stake in the company over the long term. We view PGE as having a strategic role for the Polish government as a provider of essential services and a key player in the implementation of the state energy policies. PGE generates around 35% of total domestic electricity production and it is the largest vertically integrated electric utility. Its strategic importance to the overall Polish economy and also reflects the fact that it represents one of the largest employers and contributors to the state budget. Although no direct state guarantees are currently provided, we believe that the Polish government recognises the strategic importance of PGE, which is reflected by the nomination of the company as a main partner for building nuclear-based generation capacity in Poland. In light of the above considerations, PGE's Baa1 rating factors in one notch of uplift to the company's standalone credit quality expressed by us as a baseline credit assessment (BCA) of baa2. UNCERTAINTY REGARDING FUTURE SET UP OF THE ENERGY MARKETS We understand that the Polish government is considering a number of different options for the energy sector, in which it holds majority stakes and/or controls the four largest energy groups including PGE, Tauron, ENEA and ENERGA. The contemplated scenarios include consolidation in the sector, which seems to be driven by considerations regarding security of power supply in Poland and delivery of the broader investment objectives for the country. No details regarding possible consolidation scenarios have been revealed yet. Whist PGE management stated that they could see a rationale in its merger with ENERGA, we note that such a transaction was rejected by the Antimonopoly Office in In addition to potential mergers or acquisitions between the large state-owned utility groups, the government is also working on a rescue plan for the Polish mining sector, which faces both liquidity and structural problems. The government proposed solution for Kompania Weglowa S.A., the largest mining group in Poland, included spin-off of the profitable mines with the potential equity investment from the utility groups. The plan is still, however, a work in progress. Since PGE, as well as other Polish utility groups, are reliant on hard coal deliveries for their power generation, the future of the mining sector and any measures to be undertaken to improve its competitiveness and/ or preserve its status as one of the largest employers in the country, are important considerations for our assessment of PGE. Overall, the uncertainty regarding future evolution of the market and role of PGE in that process weighs negatively on our assessment of the group. Liquidity Profile As of end-march 2015, PGE had unrestricted cash of PLN4.4 billion and availability under bank facilities of PLN3.4 billion. PGE does not face any material debt maturities in the near term. The current biggest single debt maturity is a domestic bond in the amount of PLN1 billion due in We note, however, that the group's sizeable capex programme will result in negative free cash flow and will result in increased funding needs over the medium term. We expect PGE to continue to use both domestic and international bond markets to finance its operations. Rating Outlook The stable outlook assumes that PGE will manage its capital structure such as to ensure a financial profile aligned with our guidance for the Baa1 rating which includes funds from operations (FFO) interest coverage of at least 5.0x and FFO/net debt above 30%. What Could Change the Rating - Up Upward rating pressure is unlikely in the short to medium term given the challenges that PGE faces in terms of carrying out its capital investment programme and the anticipated decline in its credit metrics. Over the medium to long term, we would consider an upgrade in the event of improved clarity around the future shape of the energy market in Poland coupled with a successful implementation of the investment projects and a strong financial profile of the group. What Could Change the Rating - Down Negative pressure on PGE's rating would develop if (1) power prices and spreads declined further so that rating
5 guidance was not met; (2) the group's FFO interest coverage ratio were to fall below 5.0x, FFO/net debt were to decline below 30% on a sustainable basis; (3) there was a material adverse change in the regulatory framework in Poland; or (4) the group were to embark on the nuclear investment without adequate financial and contractual risk protections. In addition, a deterioration in the credit quality of the Government of Poland and/or reduction in the support assumptions currently incorporated into our assessment would likely put a negative pressure on PGE's ratings. Other Considerations METHODOLOGY GRID: PGE's rating reflects our assessment of the company's business profile and financial performance in line with our rating methodology for Unregulated Utilities and Unregulated Power Companies, published in October The current rating is below the grid indicated rating as PGE is yet to implement its capex programme, which we expect to result in an increase in leverage. Other considerations include uncertainty around the future shape of the Polish energy markets and PGE's role in that process. Rating Factors PGE Polska Grupa Energetyczna S.A. Unregulated Utilities Current [1]Moody's months forward viewas of June 2015 Factor 1 : Scale (10%) Measure Score Measure Score a) Scale Baa Baa Factor 2 : Business Profile (40%) a) Market Diversification Ba Ba b) Hedging and Integration Impact on Cash Ba Ba Flow Predictability c) Market Framework and Positioning Baa Baa d) Capital Requirements and Operational B B Performance e) Business Mix Impact on Cash Flow Predictability A A Factor 3 : Financial Policy (10%) a) Financial Policy Baa Baa Factor 4 : Leverage and Coverage (40%) [2][3] a) (CFO Pre-W/C + Interest) / Interest Expense (3-yr avg.) 68.7x Aaa 28-35x Aaa b) (CFO Pre-WC) / Net Debt (3-yr avg.) % Aaa 70-80% Aa c) RCF / Net Debt (3-yr avg.) % Aaa 50-60% Aaa Rating: a) Indicated BCA from Grid a2 a3 b) Actual BCA Assigned baa2 baa2 Government-Related Issuer Factor a) Baseline Credit Assessment baa2 b) Government Local Currency Rating A2 c) Default Dependence Very High d) Support Strong e) Final Rating Outcome Baa1
6 [1] This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures [2] As of 12/31/2014 [3] All ratios are calculated using Moody's Standard Adjustments; Source: Moody's Financial Metrics This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history Moody s Corporation, Moody s Investors Service, Inc., Moody s Analytics, Inc. and/or their licensors and affiliates (collectively, MOODY S ). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES ( MIS ) ARE MOODY S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY S ( MOODY S PUBLICATIONS ) MAY INCLUDE MOODY S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY S OPINIONS INCLUDED IN MOODY S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY S ANALYTICS, INC. CREDIT RATINGS AND MOODY S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY S CREDIT RATINGS AND MOODY S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY S CREDIT RATINGS OR MOODY S PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody s Publications. To the extent permitted by law, MOODY S and its directors, officers, employees, agents, representatives, licensors
7 and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY S. To the extent permitted by law, MOODY S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY S IN ANY FORM OR MANNER WHATSOEVER. Moody s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody s Corporation ( MCO ), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy. For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY S affiliate, Moody s Investors Service Pty Limited ABN AFSL and/or Moody s Analytics Australia Pty Ltd ABN AFSL (as applicable). This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act By continuing to access this document from within Australia, you represent to MOODY S that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act MOODY S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for retail clients to make any investment decision based on MOODY S credit rating. If in doubt you should contact your financial or other professional adviser. For Japan only: MOODY'S Japan K.K. ( MJKK ) is a wholly-owned credit rating agency subsidiary of MOODY'S Group Japan G.K., which is wholly-owned by Moody s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody s SF Japan K.K. ( MSFJ ) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ( NRSRO ). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
Credit Opinion: PGE Polska Grupa Energetyczna S.A.
Credit Opinion: PGE Polska Grupa Energetyczna S.A. Global Credit Research - 03 Jun 2014 Warsaw, Poland Ratings Category Outlook Issuer Rating PGE Sweden AB (publ) Outlook Bkd Sr Unsec MTN Moody's Rating
More informationRating Action: Moody's affirms ISAGEN's Baa3 Issuer rating and changed the outlook stable Global Credit Research - 15 May 2015
Rating Action: Moody's affirms ISAGEN's Baa3 Issuer rating and changed the outlook stable Global Credit Research - 15 May 2015 New York, May 15, 2015 -- Moody's Investors Service changed today the rating
More informationRating Action: Moody's changes Nexteer's Ba1 ratings outlook to positive Global Credit Research - 24 Nov 2015
Rating Action: Moody's changes Nexteer's Ba1 ratings outlook to positive Global Credit Research - 24 Nov 2015 Hong Kong, November 24, 2015 -- Moody's Investors Service has changed to positive from stable
More informationCredit Opinion: GDF SUEZ SA
Credit Opinion: GDF SUEZ SA Global Credit Research - 16 Jun 2015 Paris, France Ratings Category Moody's Rating Issuer Rating Senior Unsecured Subordinate MTN -Dom Curr (P)A2 Commercial Paper P-1 Other
More informationCredit Opinion: Latvenergo AS
Credit Opinion: Latvenergo AS Global Credit Research - 17 Feb 2015 Riga, Latvia Ratings Category Outlook Issuer Rating Moody's Rating Stable 2 Contacts Analyst Phone Raffaella Altamura/London 44.20.7772.5454
More informationRating Action: Moody's assigns first-time Ba1 CFR to Turkish Airlines; stable outlook Global Credit Research - 06 Mar 2015
Rating Action: Moody's assigns first-time Ba1 CFR to Turkish Airlines; stable outlook Global Credit Research - 06 Mar 2015 DIFC - Dubai, March 06, 2015 -- Moody's Investors Service has today assigned a
More informationD Duke Energy Carolinas coal Spill - A1 Rating
Credit Opinion: Duke Energy Carolinas, LLC Global Credit Research - 25 Sep 2015 Charlotte, North Carolina, United States Ratings Category Moody's Rating Outlook Stable Issuer Rating A1 First Mortgage Bonds
More informationRating Action: Moody's assigns A2 to Los Angeles County Capital Asset Leasing Corporation CA's equipment lease revenue bonds
Rating Action: Moody's assigns A2 to Los Angeles County Capital Asset Leasing Corporation CA's equipment lease revenue bonds Global Credit Research - 03 Jun 2014 Outlook is stable; $30 million in debt
More informationRating Action: Moody's assigns Aaa.br rating to Duke's BRL479 million debentures; outlook stable
Rating Action: Moody's assigns Aaa.br rating to Duke's BRL479 million debentures; outlook stable Global Credit Research - 11 Apr 2014 Approximately BRL1.1 billion of debt instruments affected Sao Paulo,
More informationRating Action: Moody's upgrades Scottish Widows' and Clerical Medical's subordinated debt ratings to Baa1(hyb); outlook stable
Rating Action: Moody's upgrades Scottish Widows' and Clerical Medical's subordinated debt ratings to Baa1(hyb); outlook stable Global Credit Research - 06 May 2014 Upgrade follows rating action on Lloyds
More informationCredit Opinion: Akzo Nobel N.V.
Credit Opinion: Akzo Nobel N.V. Global Credit Research - 25 Oct 2012 Amsterdam, Netherlands Ratings Category Outlook Senior Unsecured -Dom Curr Commercial Paper Bkd Other Short Term -Dom Curr Akzo Nobel
More informationRating Action: Moody's upgrades LEAF Receivables Funding equipment backed ABS from 2011 and 2012
Rating Action: Moody's upgrades LEAF Receivables Funding equipment backed ABS from 2011 and 2012 Global Credit Research - 28 Feb 2014 Approximately $168 million of asset-backed securities affected New
More informationRating Action: Moody's places MBIA Insurance Corporation's B3 IFS rating on review for upgrade Global Credit Research - 14 Feb 2014
Rating Action: Moody's places MBIA Insurance Corporation's B3 IFS rating on review for upgrade Global Credit Research - 14 Feb 2014 New York, February 14, 2014 -- Moody's Investors Service has placed the
More informationPolicy for Record Retention for Rating Services
Policy for Record Retention for Rating Services Issued by: Moody s Compliance Department Applicable to: All MIS Employees and select Moody s Shared Services Employees Effective Date: December 14, 2015
More informationRating Action: Moody's downgrades Hypo Alpe Adria's guaranteed debt ratings to non-investment grade, ratings remain on review for downgrade
Rating Action: Moody's downgrades Hypo Alpe Adria's guaranteed debt ratings to non-investment grade, ratings remain on review for downgrade Global Credit Research - 23 May 2014 New rating levels reflect
More informationHow To Rate Poland'S Power Generator Power Plant (Pge)
Credit Opinion: PGE Polska Grupa Energetyczna S.A. Global Credit Research - 02 May 2012 Warsaw, Poland Ratings Category Outlook Issuer Rating Moody's Rating Stable A3 Contacts Analyst Phone Richard Miratsky/Prague
More informationRating Action: Moody's changes outlook to negative from stable on Argentine Banks' deposit ratings; affirms deposit ratings
Rating Action: Moody's changes outlook to negative from stable on Argentine Banks' deposit ratings; affirms deposit ratings Global Credit Research - 05 Aug 2014 The rating action follows Moody's decision
More informationRating Action: Moody's rates Lincoln Finance Limited's Senior Secured Notes at B1 with a stable outlook
Rating Action: Moody's rates Lincoln Finance Limited's Senior Secured Notes at B1 with a stable outlook Global Credit Research - 04 Feb 2016 LeasePlan Corporation's long-term ratings downgraded to Baa1
More informationRating Action: Moody's assigns B3 CFR to Outokumpu Oyj.; positive outlook Global Credit Research - 29 Mar 2016
Rating Action: Moody's assigns B3 CFR to Outokumpu Oyj.; positive outlook Global Credit Research - 29 Mar 2016 London, 29 March 2016 -- Moody's Investors Service, (Moody's) has today assigned a first time
More informationMoody's: Increasing demand prompts rapid growth of cyber insurance market
Moody's Investors Services 11/19/2015 Rating Action Moody's: Increasing demand prompts rapid growth of cyber insurance market New York, November 19, 2015 -- As data breaches increase in severity and frequency,
More informationRating Action: Moody's assigns A2 Insurance Financial Strength Rating to Tryg Forsikring; positive outlook
Rating Action: Moody's assigns A2 Insurance Financial Strength Rating to Tryg Forsikring; positive outlook Global Credit Research - 29 Apr 2016 Baa1(hyb) ratings assigned to Tryg's outstanding subordinated
More informationCredit Opinion: Coface Seguro de Credito Mexico, S.A. de C.V.
Credit Opinion: Coface Seguro de Credito Mexico, S.A. de C.V. Global Credit Research - 13 May 2015 Mexico Ratings Category Moody's Rating Rating Outlook STA Insurance Financial Strength Baa1 Insurance
More informationRating Action: Moody's downgrades Puerto Rico GO and related bonds to Ba2, notched bonds to Ba3 and COFINA bonds to Baa1, Baa2; outlook negative
Rating Action: Moody's downgrades Puerto Rico GO and related bonds to Ba2, notched bonds to Ba3 and COFINA bonds to Baa1, Baa2; outlook negative Global Credit Research - 07 Feb 2014 Approximately $55B
More informationRating Action: Moody's reviews Royal Bank of Scotland's ratings for downgrade
Rating Action: Moody's reviews Royal Bank of Scotland's ratings for downgrade Global Credit Research - 12 Feb 2014 Review follows announcement of weaker-than-expected capital position at end-2013 London,
More informationRating Action: Moody's changes outlook on Erste Group Bank's Baa2 senior ratings to positive
Rating Action: Moody's changes outlook on Erste Group Bank's Baa2 senior ratings to positive Global Credit Research - 01 Sep 2015 Outlook change reflects expected improvement in the bank's sustained credit
More informationCredit Opinion: Al-Ain Ahlia Insurance Co.
Credit Opinion: Al-Ain Ahlia Insurance Co. Global Credit Research - 28 May 2015 Abu Dhabi, United Arab Emirates Ratings Category Rating Outlook Insurance Financial Strength Moody's Rating STA A3 Contacts
More informationNew Issue: MOODY'S: CITY OF SAN DIEGO'S SUBORDINATED WATER REVENUE REFUNDING BONDS RATED Aa3
New Issue: MOODY'S: CITY OF SAN DIEGO'S SUBORDINATED WATER REVENUE REFUNDING BONDS RATED Aa3 Global Credit Research - 27 Mar 2012 SENIOR LIEN BONDS' Aa2 RATING AFFIRMED SAN DIEGO PUBLIC FACILITIES FINANCING
More informationRating Action: Moody's reviews for downgrade the ratings of MBIA Inc. and of its lead insurance subsidiaries Global Credit Research - 21 Mar 2013
Rating Action: Moody's reviews for downgrade the ratings of MBIA Inc. and of its lead insurance subsidiaries Global Credit Research - 21 Mar 2013 New York, March 21, 2013 -- Moody's Investors Service has
More informationEarnings And Cash Flow Improvements Expected in the next 12-18 Months, But Planned Deleveraging Remains Critical
Bertelsmann SE & Co. KGaA - Diversified Media ISSUER IN-DEPTH Earnings And Cash Flow Improvements Expected in the next 12-18 Months, But Planned Deleveraging Remains Critical RATINGS Bertelsmann SE & Co.
More informationCredit Opinion: AG Insurance
Credit Opinion: AG Insurance Global Credit Research - 27 Nov 2015 Belgium Ratings Category Rating Outlook Insurance Financial Strength Moody's Rating STA A2 Contacts Analyst Phone Antonello Aquino/London
More informationCredit Opinion: Penn Mutual Life Insurance Company
Credit Opinion: Penn Mutual Life Insurance Company Global Credit Research - 19 Oct 2015 Philadelphia, Pennsylvania, United States Ratings Category Rating Outlook Insurance Financial Strength Surplus Notes
More informationCredit Opinion: Hapag-Lloyd AG
Credit Opinion: Hapag-Lloyd AG Global Credit Research - 29 Sep 2015 Hamburg, Germany Ratings Category Outlook Corporate Family Rating Senior Unsecured -Dom Curr Moody's Rating Positive B2 Caa1/LGD5 Contacts
More informationCash Flow Settling into Low Level of Growth Amid Negative Outlook
2015 Outlook - US Not-for-Profit Healthcare OUTLOOK Cash Flow Settling into Low Level of Growth Amid Negative Outlook Summary ANALYST CONTACTS Daniel J Steingart 949-429-5355 VP-Senior Analyst kimberly.tuby@moodys.com
More informationRating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3)
Rating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3) Global Credit Research - 13 Sep 2012 New York, September 13, 2012 -- Moody's Investors Service assigned first
More informationAnnouncement: Moody's assigns Aaa/MR1 bond fund and market risk ratings to IMET 1-3 Year Fund Global Credit Research - 13 Jan 2012
Announcement: Moody's assigns Aaa/MR1 bond fund and market risk ratings to IMET 1-3 Year Fund Global Credit Research - 13 Jan 2012 New York, January 13, 2012 -- Moody's Investors Service has assigned a
More informationAFFIRMS A1 RATING ON $9 MILLION GENERAL OBLIGATION UNLIMITED TAX DEBT OUTSTANDING
Rating Update: MOODY'S DOWNGRADES TO A2 FROM A1 THE CITY OF YPSILANTI'S (MI) RATING ON $16 MILLION OUTSTANDING RATED GO LIMITED TAX DEBT; ASSIGNS NEGATIVE OUTLOOK Global Credit Research - 22 Sep 2011 AFFIRMS
More informationRating Action: Moody's assigns Aaa to mortgage covered bonds of Raiffeisen- Landesbank Steiermark
Rating Action: Moody's assigns Aaa to mortgage covered bonds of Raiffeisen- Landesbank Steiermark Global Credit Research - 11 Oct 2012 EUR8 million of debt affected London, 11 October 2012 -- Moody's Investors
More informationCredit Opinion: Ekspo Faktoring A.S.
Credit Opinion: Ekspo Faktoring A.S. Global Credit Research - 19 Mar 2015 Istanbul, Turkey Ratings Category Outlook Corporate Family Rating Issuer Rating NSR Issuer Rating -Dom Curr Moody's Rating Negative
More informationPage 1 of 5. Sao Paulo, Brazil. Ratings. Contacts. Key Indicators. Opinion 3/23/2015. Credit Opinion: Banco Industrial do Brasil S.A.
Page 1 of 5 3/23/215 Credit Opinion: Banco Industrial do Brasil S.A. Global Credit Research - 2 Mar 215 Sao Paulo, Brazil Ratings Category Outlook Bank Deposits NSR Bank Deposits -Dom Curr Baseline Credit
More informationRating Action: Moody's affirms Belfius Bank's senior unsecured rating at Baa1/P- 2; outlook stable
Rating Action: Moody's affirms Belfius Bank's senior unsecured rating at Baa1/P- 2; outlook stable Global Credit Research - 14 May 2014 Belfius Bank's BFSR upgraded to D+/ba1; outlook stable Paris, May
More informationCredit Opinion: Guardian Life Insurance Company of America
Credit Opinion: Guardian Life Insurance Company of America Global Credit Research - 28 Jan 2015 New York City, New York, United States Ratings Category Rating Outlook Insurance Financial Strength Surplus
More informationRevenue: Government Enterprise
New Issue: Moody's assigns Aa1 to Energy Northwest's (WA) Columbia Generating Station, Project 1 and Project 3 2015-C revenue bonds. Rating outlooks are stable. Global Credit Research - 23 Sep 2015 Approximately
More informationCredit Opinion: Munich Reinsurance Company
Credit Opinion: Munich Reinsurance Company Global Credit Research - 11 Jun 2015 Munich, Germany Ratings Category Rating Outlook Insurance Financial Strength Subordinate Junior Subordinate Moody's Rating
More informationRating Action: Moody's downgrades CDC, OSEO and AFD to Aa1, negative; outlook changed to negative on Credit Mutuel group entities
Rating Action: Moody's downgrades CDC, OSEO and AFD to Aa1, negative; outlook changed to negative on Credit Mutuel group entities Global Credit Research - 20 Nov 2012 Actions follow sovereign downgrade
More informationPolicy for Withdrawal of Credit Ratings
Policy for Withdrawal of Credit Ratings Issued by: MIS Compliance Department Applicable to: All MIS Employees and Moody's Shared Services Employees involved in the Ratings Process Effective Date: October
More informationImpact of Hurricane Sandy on. and Reinsurance Industry
Impact of Hurricane Sandy on Property & Casualty Insurance and Reinsurance Industry November 2, 2012 Assessing the Credit Impact on Insurers Positive Factors for the Industry» Good risk-adjusted capitalization»
More informationMoody s Rates Rabobank Nederland s Senior Contingent Notes issued in 2010 at Baa2(hyb)
JULY 13, 2015 BANKING NEW ISSUER REPORT Rabobank Nederland Moody s Rates Rabobank Nederland s Senior Contingent Notes issued in 2010 at Baa2(hyb) Key Ratings Rabobank Nederland Deposit Rating Senior unsecured
More informationCredit Opinion: SkandiaBanken AB
Credit Opinion: SkandiaBanken AB Global Credit Research - 30 Jan 2015 Sweden Ratings Category Moody's Rating Outlook Stable Bank Deposits A3/P-2 Bank Financial Strength C- Baseline Credit Assessment baa1
More informationRating Action: Moody's takes actions on 4 Norwegian regional banks
Rating Action: Moody's takes actions on 4 Norwegian regional banks Global Credit Research - 04 Mar 2013 Actions conclude the review for downgrade London, 04 March 2013 -- Moody's Investors Service has
More informationCredit Card Pool Performance Forecast 2010-2011
SECTOR IN-DEPTH ABS - UK Rising Consumer Debt Is Increasing Risk in UK Credit Card Pools Executive Summary ANALYST CONTACTS Greg O'Reilly 4420-7772-8673 AVP-Analyst greg.oreilly@moodys.com Aishwarya Dahanukar
More informationCredit Opinion: AXA. Global Credit Research - 09 Jul 2015. Ratings. Contacts. Key Indicators. Opinion SUMMARY RATING RATIONALE.
Credit Opinion: AXA Global Credit Research - 09 Jul 2015 Paris, France Ratings Category Moody's Rating Rating Outlook STA Senior Unsecured MTN (P)A2 Subordinate A3 (hyb) Junior Subordinate A3 (hyb) Junior
More informationRating Action: Moody's affirms five Tunisian banks' ratings; changes outlooks to stable for four of the banks
Rating Action: Moody's affirms five Tunisian banks' ratings; changes outlooks to stable for four of the banks Global Credit Research - 28 May 2015 Actions follow outlook change on Ba3 government bond rating
More informationNew Issue: Moody's assigns Aa2 to the City of Arlington, TX's Water and Wastewater Revenue Bonds, Series 2015A&B; outlook is stable
New Issue: Moody's assigns Aa2 to the City of Arlington, TX's Water and Wastewater Revenue Bonds, Series 2015A&B; outlook is stable Global Credit Research - 11 May 2015 Aa2 rating affects $149 million
More informationCredit Opinion: Landwirtschaftliche Rentenbank
Credit Opinion: Landwirtschaftliche Rentenbank Global Credit Research - 21 Aug 2015 Frankfurt am Main, Germany Ratings Category Moody's Rating Outlook Stable Bank Deposits Aaa/P-1 Senior Unsecured Aaa
More informationCredit Opinion: Growthpoint Properties Limited
Credit Opinion: Growthpoint Properties Limited Global Credit Research - 30 Dec 2015 Johannesburg, South Africa Ratings Category Moody's Rating Outlook Negative Issuer Rating -Dom Curr Baa2 Senior Unsecured
More informationThird Quarter 2014 Earnings Call
Third Quarter 2014 Earnings Call October 24, 2014 Overview SALLI SCHWARTZ GLOBAL HEAD OF INVESTOR RELATIONS Third Quarter 2014 Earnings Call, October 24, 2014 2 Agenda 1. Third Quarter 2014 Results Ray
More informationHow To Understand And Understand The Financial Sector In Turkish Finance Companies
FEBRUARY 14, 2013 BANKING SECTOR COMMENT Turkish Finance Companies: New legislation on Financial Leasing, Factoring and Financing Institutions Is Credit Positive Table of Contents: SUMMARY OPINION 1 OVERVIEW
More informationRating Update: Moody's upgrades Liberty University's (VA) bonds to Aa3; outlook stable
Rating Update: Moody's upgrades Liberty University's (VA) bonds to Aa3; outlook stable Global Credit Research - 09 Sep 2013 $99M of rated debt affected LIBERTY UNIVERSITY, VA Private Colleges & Universities
More informationCredit Opinion: Banco Cooperativo Español, S.A.
Credit Opinion: Banco Cooperativo Español, S.A. Global Credit Research - 22 Jun 2015 Madrid, Spain Ratings Category Moody's Rating Outlook Stable Bank Deposits Ba1/NP Baseline Credit Assessment ba2 Adjusted
More informationCredit Opinion: Old Mutual Plc
Credit Opinion: Old Mutual Plc Global Credit Research - 06 Nov 2015 London, United Kingdom Ratings Category Moody's Rating Rating Outlook STA Senior Unsecured Baa3 Senior Unsecured MTN (P)Baa3 Commercial
More informationCredit Opinion: OeBB-Infrastruktur AG
Credit Opinion: OeBB-Infrastruktur AG Global Credit Research - 27 Oct 2015 Austria Ratings Category Outlook Issuer Rating Senior Unsecured -Dom Curr Moody's Rating Negative Aaa Aaa Contacts Analyst Phone
More informationSURA Asset Management Lifted By Rising Wave of Retirement Savings in Latin America
ISSUER IN-DEPTH ANALYST CONTACTS Jose Angel Montano 52-55-1253-5722 VP-Senior Analyst joseangel.montano@moodys.com Rocio Nunez 52-55-1555-5308 Associate Analyst rocio.nunez@moodys.com Robert M. Callagy
More informationCredit Opinion: TDC A/S
Credit Opinion: TDC A/S Global Credit Research - 13 Oct 2015 Copenhagen, Denmark Ratings Category Outlook Issuer Rating Senior Unsecured Jr Subordinate Moody's Rating Stable Baa3 Baa3 Ba2 Contacts Analyst
More informationCredit Opinion: China Life Insurance Co Ltd
Credit Opinion: China Life Insurance Co Ltd Global Credit Research - 19 Apr 2013 Beijing, China Ratings Category Rating Outlook Insurance Financial Strength Moody's Rating STA A1 Contacts Analyst Phone
More informationUniversity of Ottawa, Canada
CREDIT OPINION University of Ottawa, Canada Update to Discussion of Key Credit Factors Update Summary Rating Rationale RATINGS University of Ottawa, Canada Domicile Ontario, Canada Long Term Rating Aa2
More informationCredit Opinion: Siemens Aktiengesellschaft
Credit Opinion: Siemens Aktiengesellschaft Global Credit Research - 03 Jul 2015 Munich, Germany Ratings Category Moody's Rating Issuer Rating Senior Unsecured MTN (P) Commercial Paper P-1 Other Short Term
More informationCredit Opinion: Letshego Holdings Limited
Credit Opinion: Letshego Holdings Limited Global Credit Research - 19 Nov 2015 Gaborone, Botswana Ratings Category Outlook Issuer Rating ST Issuer Rating Moody's Rating Stable Ba3 NP Contacts Analyst Phone
More informationRating Action: Moody's takes rating actions on six Hungarian banks Global Credit Research - 11 Nov 2015
Rating Action: Moody's takes rating actions on six Hungarian banks Global Credit Research - 11 Nov 2015 London, 11 November 2015 -- Moody's Investors Service has today taken rating actions on six Hungarian
More informationCredit Opinion: Duke Energy Int'l Geracão Paranapanema S.A.
Credit Opinion: Duke Energy Int'l Geracão Paranapanema S.A. Global Credit Research - 28 Apr 2015 Brazil Ratings Category Moody's Rating Outlook Stable Issuer Rating -Dom Curr Baa3 Senior Unsecured -Dom
More informationCredit Opinion: Co-Operative Bank Plc
Credit Opinion: Co-Operative Bank Plc Global Credit Research - 24 Mar 2015 Manchester, United Kingdom Ratings Category Outlook Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment
More informationBelo Horizonte, Brazil. Ratings. Contacts. Key Indicators. Opinion 4/14/2015. Credit Opinion: Banco Bonsucesso S.A.
Page 1 of 6 4/14/2015 Credit Opinion: Banco Bonsucesso S.A. Global Credit Research - 23 Mar 2015 Belo Horizonte, Brazil Ratings Category Outlook Bank Deposits NSR Bank Deposits -Dom Curr Baseline Credit
More informationCredit Opinion: Bank Zachodni WBK S.A.
Credit Opinion: Bank Zachodni WBK S.A. Global Credit Research - 03 Jun 2015 Warsaw, Poland Ratings Category Moody's Rating Outlook Stable Bank Deposits A3/P-2 Baseline Credit Assessment baa3 Adjusted Baseline
More informationCredit Opinion: BH Securities, a.s.
Credit Opinion: BH Securities, a.s. Global Credit Research - 19 Jul 2012 Prague, Czech Republic Ratings Category Outlook NSR Issuer Rating -Dom Curr Moody's Rating Stable Baa3.cz Contacts Analyst Phone
More informationCredit Opinion: TDC A/S
Credit Opinion: TDC A/S Global Credit Research - 30 Apr 2014 Copenhagen, Denmark Ratings Category Outlook Issuer Rating Sr Sec Bank Credit Facility Senior Unsecured Moody's Rating Stable Baa2 Baa2 Baa2
More informationGrowthpoint Properties Limited
CREDIT OPINION Growthpoint Properties Limited Update to Discussion of Key Credit Factors Update Summary Rating Rationale RATINGS Growthpoint Properties Limited Domicile Johannesburg, South Africa Long
More informationMOODY S UPGRADES TO Baa2 WITH POSITIVE OUTLOOK AEROPORTI DI ROMA S RATING
Press Release MOODY S UPGRADES TO Baa2 WITH POSITIVE OUTLOOK AEROPORTI DI ROMA S RATING Rome, 4 December 2014 Atlantia announces that Moody's Investors Service has today upgraded to Baa2 from Baa3, with
More informationCredit Opinion: Deutsche Bahn AG
Credit Opinion: Deutsche Bahn AG Global Credit Research - 01 Oct 2014 Berlin, Germany Ratings Category Moody's Rating Outlook Stable Issuer Rating -Dom Curr Aa1 Senior Unsecured MTN -Dom Curr (P)Aa1 Commercial
More informationNew Issue: Moody's assigns A1 to Villanova University, PA's $139M Ser. 2015; outlook stable
New Issue: Moody's assigns A1 to Villanova University, PA's $139M Ser. 2015; outlook stable Global Credit Research - 09 Sep 2015 $295M pro-forma rated debt DELAWARE COUNTY AUTHORITY, PA Private Colleges
More informationRating Action: Rating action: Moody's concludes review on six Dutch banks' ratings
Rating Action: Rating action: Moody's concludes review on six Dutch banks' ratings Global Credit Research - 28 May 2015 Actions conclude methodology and support-related review; CR Assessments assigned
More informationCredit Opinion: Sibur Holding, OJSC
Credit Opinion: Sibur Holding, OJSC Global Credit Research - 20 Jan 2014 St. Petersburg, Russia Ratings Category Outlook Corporate Family Rating Sibur Securities Limited Outlook Bkd Senior Unsecured Moody's
More informationCredit Opinion: Alberta, Province of
Credit Opinion: Alberta, Province of Global Credit Research - 06 Aug 2015 Canada Ratings Category Moody's Rating Outlook Stable Senior Unsecured Aaa ST Issuer Rating -Dom Curr P-1 ATB Financial Outlook
More informationStructured FINANCE Die Kongressmesse für Unternehmensfinanzierung Moody s Rating Committee Simulation MATTHIAS HELLSTERN, MANAGING DIRECTOR
Structured FINANCE Die Kongressmesse für Unternehmensfinanzierung Moody s Rating Committee Simulation MATTHIAS HELLSTERN, MANAGING DIRECTOR STUTTGART, 25 NOVEMBER 2015 Agenda 1. Moody s Credit Rating Process:
More informationRating Action: Moody's concludes review on Lansforsakringar Bank AB (publ), Skandiabanken AB and Volvofinans Bank AB
Rating Action: Moody's concludes review on Lansforsakringar Bank AB (publ), Skandiabanken AB and Volvofinans Bank AB Global Credit Research - 28 May 2015 Actions conclude methodology-related review London,
More informationCredit Opinion: Landesbank Hessen-Thüringen GZ
Credit Opinion: Landesbank Hessen-Thüringen GZ Global Credit Research - 12 Jan 2016 Frankfurt am Main, Germany Ratings Category Moody's Rating Outlook Positive(m) Bank Deposits A1/P-1 Bkd Bank Deposits
More informationRating Action: Moody's concludes reviews of German co-operative banks' ratings
Rating Action: Moody's concludes reviews of German co-operative banks' ratings Global Credit Research - 19 Jun 2015 Actions follow conclusion of methodology-related reviews and revision of government support
More informationCredit Opinion: Sheridan Investment Partners I, LLC
Credit Opinion: Sheridan Investment Partners I, LLC Global Credit Research - 01 Oct 2015 Houston, Texas, United States Ratings Category Outlook Corporate Family Rating Sr Sec Bank Credit Facility Sheridan
More informationKLP Boligkreditt Mortgage Covered Bonds Programme Covered Bonds / Norway
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS KLP Boligkreditt Mortgage Covered Bonds Programme Covered Bonds / Norway Contacts Faure, Alix - +33 (1) 5330-1038 - Alix.Faure@moodys.com Grnac, Jan
More informationCredit Opinion: OAO Novatek
Credit Opinion: OAO Novatek Global Credit Research - 07 Nov 2014 Moscow, Russia Ratings Category Outlook Issuer Rating NSR LT Issuer Rating -Dom Curr Novatek Finance Limited Outlook Senior Unsecured Moody's
More informationCredit Opinion: Yes Bank Limited
Credit Opinion: Yes Bank Limited Global Credit Research - 17 Sep 2015 Mumbai, India Ratings Category Moody's Rating Outlook Stable Bank Deposits Baa3/P-3 Baseline Credit Assessment ba1 Adjusted Baseline
More informationRating Action: Moody's concludes review on four Belgian banks' ratings
Rating Action: Moody's concludes review on four Belgian banks' ratings Global Credit Research - 04 Jun 2015 Rating action concludes methodology and support-related reviews; CR Assessments assigned to five
More informationStudent Housing Revenue Bonds MJH Education Assistance Illinois IV LLC (Fullerton Village Project)
Corporate Trust Services 60 Livingston Ave. St. Paul, MN 55107 Notice to Holders of: Illinois Finance Authority Student Housing Revenue Bonds MJH Education Assistance Illinois IV LLC (Fullerton Village
More informationCredit Opinion: Landesbank Hessen-Thüringen GZ
Credit Opinion: Landesbank Hessen-Thüringen GZ Global Credit Research - 28 Jan 2016 Frankfurt am Main, Germany Ratings Category Moody's Rating Outlook Stable Bank Deposits Aa3/P-1 Baseline Credit Assessment
More informationGeneral Obligation Limited Tax
New Issue: Moody's assigns Baa1 rating to the City of Mansfield's (OH) $2.3 million Various Purpose Refunding Bonds (General Obligation - Limited Tax), Series 2013; negative outlook removed Global Credit
More informationNew Issue: Moody's assigns Aa2 to Rosemount, MN's Ser. 2015 GO Bonds
New Issue: Moody's assigns Aa2 to Rosemount, MN's Ser. 2015 GO Bonds Global Credit Research - 13 Oct 2015 Aa2 applies to $17.5M of outstanding GO debt ROSEMOUNT (CITY OF) MN Cities (including Towns, Villages
More informationÆndring i rating outlook
Nasdaq OMX Copenhagen Nikolaj Plads 6 Postbox 1040 1007 KøbenhavnK 10. december 2014 Meddelelse nr. 13/2014 Ændring i rating outlook Moody's Investor Services har i dag oplyst, at der er ændret outlook
More informationCredit Opinion: Danske Bank A/S
Credit Opinion: Danske Bank A/S Global Credit Research - 24 Jun 2015 Copenhagen, Denmark Ratings Category Moody's Rating Outlook Stable Bank Deposits A2/P-1 Baseline Credit Assessment baa1 Adjusted Baseline
More informationCredit Opinion: Guardian Life Insurance Company of America
Credit Opinion: Guardian Life Insurance Company of America Global Credit Research - 18 Oct 2013 New York City, New York, United States Ratings Category Rating Outlook Insurance Financial Strength Surplus
More informationISSUER COMMENT 30 APRIL 2015. Royal Bank of Scotland Group plc - United Kingdom. Summary Opinion
ISSUER COMMENT ANALYST CONTACTS Andrea Usai 4420-7772-1058 VP-Sr Credit Officer andrea.usai@moodys.com Maxwell Price 4420-7772-1778 Associate Analyst maxwell.price@moodys.com Royal Bank of Scotland Group
More informationHelgeland Boligkreditt AS - Mortgage Covered Bonds
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS Helgeland Boligkreditt AS - Mortgage Covered Bonds Covered Bonds / Norway Contacts Savoye, Elise - +33 (331) 533-01079 - Elise.Savoye@moodys.com Silenzio,
More informationCredit Opinion: Distribuidora Internacional de Alimentacion, S.A.
Credit Opinion: Distribuidora Internacional de Alimentacion, S.A. Global Credit Research - 06 Jul 2015 Madrid, Spain Ratings Category Outlook Issuer Rating -Dom Curr Senior Unsecured -Dom Curr Other Short
More information