Turkish Finance Companies: New legislation on Financial Leasing, Factoring and Financing Institutions Is Credit Positive

Size: px
Start display at page:

Download "Turkish Finance Companies: New legislation on Financial Leasing, Factoring and Financing Institutions Is Credit Positive"

Transcription

1 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 OF THE LEGISLATION 2 OVERVIEW OF THE TURKISH NON- BANK FINANCING SECTOR 3 APPENDIX 1 5 MOODY S RELATED RESEARCH 5 Analyst Contacts: FRANKFURT Arif Bekiroglu Assistant Vice President Analyst Carola Schuler Managing Director Banking Summary Opinion On 13 December, Turkey s Banking Regulation and Supervision Agency (BRSA) passed legislation affecting financial leasing, factoring and financing institutions. In our view, this legislation is credit positive for the Turkish financial sector because it builds on existing legislation 1 to provide a stronger legal framework and as it increases the effectiveness of the sector s surveillance and supervision. This should result in the healthy development of a sector at the early stages of its evolution and should support growth in the Turkish economy as demand for financial services intermediation evolves. Specifically, the legislation is credit positive because it:» Provides revenue diversification and growth opportunities for leasing companies and small and medium-sized enterprises (SMEs) in Turkey;» Enhances international cooperation and clarifies the legal framework under which these companies will be coordinated. This should lead to new, longer-term capital flowing into the system;» Introduces minimum capital limits and transparent shareholding structures, which improves the sector s institutionalisation;» Clarifies the legal framework for disputes and delinquencies and introduces fines for non-compliance with regulation. We note that the current ratings of Turkish finance companies currently incorporate the trends and expectations we present in this report. 1 The law follows the existing Financial Leasing Act from 1985 and the Decree Law on borrowing money from 1983.

2 Overview of the legislation Legislation should diversify revenue and provide growth opportunities to the economy Foremost, the BRSA s legislation now permits financial leasing companies to finance operating leases, but also sanctions the financing of sub-leases, software leases, sales and lease-backs. Moreover, provisions have been included to facilitate the financing of air and sea vehicles, though these are costly assets that require specialised management skills and strong balance sheets; as a result, developments on this front are only likely to be gradual. Overall, these changes should improve leasing companies revenue diversification and growth, and should provide new financing opportunities for domestic companies, especially SMEs that are a major (and growing) part of the Turkish economy. Since, the economy has grown by 22%, with an estimated GDP of $786.5 billion. We project further growth of 3.8% in 2013 and 4% in Regulation now aligned with international standards The new legislation has also aligned the definition of financial leasing, factoring and financing transactions with international standards. It also clarifies the legal framework under which these financing companies will operate in a coordinated and consistent fashion, while the scope of factoring transactions is to be re-regulated in line with international practices. We believe that this will increase the sector s attractiveness to foreign investors that are looking for diversification opportunities in the Turkish financial sector. This should result in new, longer-term capital and product expertise inflows into the system. Minimum capital levels, transparent shareholding and a centralised billing system improve institutionalisation and operational transparency Additional highlights include a requirement for financing firms to have minimum paid-in capital of TRY20 million ($11.4 million), which aims to ensure a certain level of institutionalisation. It also requires shareholding structures to be transparent and easily understood for supervisory purposes and outlines the minimum recruitments for shareholders and managers in relation to their professional and credit track records. The legislation also outlines limits on related-party credits and guarantees given to individual shareholders, which are restricted to the firm s core operational activities and cannot exceed 10% of paid-in capital. Total related-party credits and guarantees cannot exceed 20% of capital, although the BRSA has the right to reduce this limit to 5% and increase it to 25%. The centralised billing system 2 aims to ensure that receivables are based only on the sale of goods and services in factoring transactions financed by companies and to prevent the usage of multiple billing. In addition, we believe that it will provide further insight to the evolution of the indebtedness of the SME sector, as their funding needs are more readily assessed. Legal and regulatory framework has been strengthened The legislation provides additional clarity with regard to the legal framework followed in disputes and procedure to be followed in recovery collection from delinquencies. This includes fines in cases of noncompliance with regulation, which should contribute to the transparency of the system and improve its institutionalisation. 2 The information on the receivables (including the details of the receipts they are in possession of) from factoring firms and banks will be collected centrally. 2 FEBRUARY 14, 2013 SECTOR COMMENT: TURKISH FINANCE COMPANIES: NEW LEGISLATION ON FINANCIAL LEASING,

3 The BRSA remains the main supervisory body of the sector and already receives quarterly reports from finance companies in standard format. Overall, the regulatory framework is not as advanced as it is for banks, due to its small share of overall financial intermediation which is only at the early stages of its development. However, the market-leading finance companies are typically bank-owned captives and are therefore together with their parents subject to the Basel II regulatory, capital and supervisory framework. In our view, such bank-owned and bank-managed finance companies bring a level of discipline and stability in risk taking and risk management during the sector s evolution from infancy. Overview of the Turkish non-bank financing sector As of September, the Turkish banking system s total assets were TRY1.4 billion ($754 million), with total credits of TRY775 million ($437 million). 3 The total assets and receivable portfolios outstanding were TRY20 million and TRY17 million for financial leasing companies, TRY16 million and TRY15 million for factoring companies and TRY11 million and TRY10 million for consumer financing firms, respectively (see Figure 1). The sector is still in its infancy with total outstanding receivables equivalent to just 3% of Turkey s GDP. FIGURE 1 Evolution of Total Assets of Financing Companies in Turkey Financial Leasing Factoring Consumer Finance Million TRY Source: BRSA Currently, the system s non-bank financing sectors are highly fragmented (31 financial leasing companies, 78 factoring companies and 13 financing firms), whereby the leading companies are typically captive subsidiaries of larger domestic banks. According to BRSA data, as of, the system average leverage was sound at 4.4x for leasing companies, and 4.5x for factoring firms, and high at 12.4x for consumer finance companies. 3 BRSA data 3 FEBRUARY 14, 2013 SECTOR COMMENT: TURKISH FINANCE COMPANIES: NEW LEGISLATION ON FINANCIAL LEASING,

4 FIGURE 2 Leverage of Leasing, Factoring and Consumer Finance Companies Financial Leasing Factoring Consumer Finance Source: BRSA In terms of asset quality, leasing companies showed a relatively high non-performing receivables to gross receivables ratio of 8%, while factoring firms performed better with a moderate non-performing receivables ratio of 5%, and consumer finance firms displayed the lowest such ratio at 3% (see Figure 3). In our opinion, the currently strong asset-quality indicators of consumer finance assets are underpinned by the high growth in the segment and the benign credit environment since the recession, although it could experience volatility in a downturn. FIGURE 3 Asset Quality Trends of Leasing, Factoring and Consumer Finance Companies 16% 14% 12% 10% 8% 6% 4% 2% 0% Financial Leasing Factoring Consumer Finance Source: BRSA Overall, the recent regulatory developments on the finance firms should support the continued and healthy expansion of the segment in the fast growing financial and banking sector in Turkey. 4 FEBRUARY 14, 2013 SECTOR COMMENT: TURKISH FINANCE COMPANIES: NEW LEGISLATION ON FINANCIAL LEASING,

5 Appendix 1 Moody s rates three Turkish finance companies, Issuer Rating Total Assets* US$ (thousands) Foreign Currency Local Currency National Scale Ratings ** Finans Finansal Kiralama A.S. 689,691 Ba3(NEG) - - Ekspo Faktoring A.S. 127,512 Ba3 (STA) Ba3 (STA) Baa1.tr (STA) C Faktoring A.S. 127, Baa1.tr (STA) Source: Moody s Investor Service, ratings are as of publication date Note: * as of year-end ** National Scale Ratings (NSR): National scale ratings are intended primarily for use by domestic investors and are not comparable to Moody's globally applicable ratings; rather they address relative credit risk within a given country. A Aaa rating on Moody's National Scale indicates an issuer or issue with the strongest creditworthiness and the lowest likelihood of credit loss relative to other domestic issuers. National Scale Ratings, therefore, rank domestic issuers relative to each other and not relative to absolute default risks. National ratings isolate systemic risks; they do not address loss expectation associated with systemic events that could affect all issuers, even those that receive the highest ratings on the National Scale. Moody s Related Research Credit Opinions:» Finans Finansal Kiralama A.S.» Ekpso Factoring A.S.» C Factoring A.S. To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available. All research may not be available to all clients. 5 FEBRUARY 14, 2013 SECTOR COMMENT: TURKISH FINANCE COMPANIES: NEW LEGISLATION ON FINANCIAL LEASING,

6 Report Number: Author Arif Bekiroglu Production Specialist Wendy Kroeker 2013 Moody s Investors Service, Inc. and/or its licensors and affiliates (collectively, MOODY S ). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ( MIS ) AND ITS AFFILIATES 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. 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 MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. 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. Under no circumstances shall MOODY S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. 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. MIS, 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 MIS have, prior to assignment of any rating, agreed to pay to MIS 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 Shareholder 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. 6 FEBRUARY 14, 2013 SECTOR COMMENT: TURKISH FINANCE COMPANIES: NEW LEGISLATION ON FINANCIAL LEASING,

Rating 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 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 information

Rating 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 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 information

Announcement: 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 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 information

Policy for Withdrawal of Credit Ratings

Policy 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 information

New 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 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 information

Rating 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 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 information

Impact of Hurricane Sandy on. and Reinsurance Industry

Impact 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 information

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

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 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 information

Rating 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 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 information

Rating 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 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 information

Rating 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 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 information

Rating 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 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 information

Rating 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 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 information

Rating 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 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 information

Rating 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) 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 information

Rating 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 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 information

AFFIRMS A1 RATING ON $9 MILLION GENERAL OBLIGATION UNLIMITED TAX DEBT OUTSTANDING

AFFIRMS 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 information

Rating 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 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 information

Rating 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 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 information

Rating Action: Moody's takes actions on 4 Norwegian regional banks

Rating 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 information

Policy for Record Retention for Rating Services

Policy 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 information

Rating 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 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 information

Rating Action: Moody's assigns Aaa to KLP Boligkreditt AS's mortgage covered bonds

Rating Action: Moody's assigns Aaa to KLP Boligkreditt AS's mortgage covered bonds Rating Action: Moody's assigns Aaa to KLP Boligkreditt AS's mortgage covered bonds Global Credit Research - 17 Sep 2014 NOK 500 million of debt affected London, 17 September 2014 -- Moody's Investors Service

More information

Third Quarter 2014 Earnings Call

Third 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 information

Student Housing Revenue Bonds MJH Education Assistance Illinois IV LLC (Fullerton Village Project)

Student 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 information

Credit Opinion: Akzo Nobel N.V.

Credit 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 information

Rating 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 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 information

AnaCredit Gives Banks an Opportunity to Improve Data Management, but Challenges Remain

AnaCredit Gives Banks an Opportunity to Improve Data Management, but Challenges Remain June 2015 Enterprise Risk Solutions RESEARCH / WHITEPAPER Author Dr. Christian Thun Senior Director Strategic Business Development Contact Us Alternatively, you may contact our customer service team: Americas

More information

Credit Opinion: BH Securities, a.s.

Credit 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 information

Kyobo Life Insurance Co., Ltd

Kyobo Life Insurance Co., Ltd MARCH 2010 GLOBAL INSURANCE COMPANY PROFILE Kyobo Life Insurance Co., Ltd Seoul, Korea Table of Contents: COMPANY OVERVIEW 1 FINANCIAL HIGHLIGHTS (AS REPORTED)2 BUSINESS ACTIVITIES 2 DISTRIBUTION CHANNELS

More information

Self-Storage Industry Is Poised for More Growth

Self-Storage Industry Is Poised for More Growth JULY 12, 2013 REAL ESTATE FINANCE SPECIAL COMMENT Self-Storage Industry Is Poised for More Growth Table of Contents: SUMMARY 1 DISTINCTIVE CHARACTERISTICS HELP MAINTAIN SECTOR STABILITY 1 STRENGTHS OF

More information

Rating 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 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 information

Moody's: Increasing demand prompts rapid growth of cyber insurance market

Moody'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 information

Credit Opinion: Ekspo Faktoring A.S.

Credit Opinion: Ekspo Faktoring A.S. Credit Opinion: Ekspo Faktoring A.S. Global Credit Research - 20 Jan 2014 Istanbul, Turkey Ratings Category Outlook Corporate Family Rating Issuer Rating NSR Issuer Rating -Dom Curr Moody's Rating Stable

More information

Credit Opinion: SkandiaBanken AB

Credit 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 information

General Obligation Limited Tax

General 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 information

Credit Opinion: Ekspo Faktoring A.S.

Credit 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 information

Page 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. 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 information

Update: Rating Triggers in the U.S. Life Insurance Industry In 2004

Update: Rating Triggers in the U.S. Life Insurance Industry In 2004 Special Comment July 2004 Contact Phone New York Laura Bazer 1.212.553.1653 Marc Abusch Robert Riegel Update: Rating Triggers in the U.S. Life Insurance Industry In 2004 Overview Rating triggers, their

More information

Rating 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 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 information

ESG and Fixed Income Investing

ESG and Fixed Income Investing and Fixed Income Investing 2 nd Annual CSR Investing Summit: and Fixed Income Investing US SRI Fixed Income Mutual Funds July 22, 2014 Henry Shilling, Senior Vice President July 22, 2014 Sustainable and

More information

Rating 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 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 information

Rising Consumer Debt Is Increasing Risk in UK Credit Card Pools

Rising Consumer Debt Is Increasing Risk in UK Credit Card Pools 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 information

Credit Opinion: Guardian Life Insurance Company of America

Credit 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 information

Credit Opinion: China Life Insurance Co Ltd

Credit 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 information

New Issue: MOODY'S ASSIGNS Aa3 RATING TO SAN FRANCISCO PUBLIC UTILITIES COMMISSION'S WATER REVENUE BONDS

New Issue: MOODY'S ASSIGNS Aa3 RATING TO SAN FRANCISCO PUBLIC UTILITIES COMMISSION'S WATER REVENUE BONDS New Issue: MOODY'S ASSIGNS RATING TO SAN FRANCISCO PUBLIC UTILITIES COMMISSION'S WATER REVENUE BONDS Global Credit Research - 08 May 2012 APPROXIMATELY $4.7 BILLION IN DEBT AFFECTED SAN FRANCISCO PUBLIC

More information

Rating 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 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 information

Moody s Rates Rabobank Nederland s Senior Contingent Notes issued in 2010 at Baa2(hyb)

Moody 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 information

Rating Action: Moody's downgrades hybrid securities ratings in Denmark. Global Credit Research - 26 Feb 2010

Rating Action: Moody's downgrades hybrid securities ratings in Denmark. Global Credit Research - 26 Feb 2010 Rating Action: Moody's downgrades hybrid securities ratings in Denmark Global Credit Research - 26 Feb 2010 London, 26 February 2010 -- Moody's Investors Service downgraded its ratings on certain Danish

More information

Credit Opinion: Duke Energy Carolinas, LLC

Credit Opinion: Duke Energy Carolinas, LLC 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 information

Rating 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 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 information

How Analytically-Driven Insurers Improve Ratings & Financial Projections

How Analytically-Driven Insurers Improve Ratings & Financial Projections How Analytically-Driven Insurers Improve Ratings & Financial Projections Matthew C. Mosher, FCAS, MAAA, CERA Senior Vice President Rating Services Disclaimer AM Best Company (AMB) and/or its licensors

More information

Cash Flow Settling into Low Level of Growth Amid Negative Outlook

Cash 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 information

Credit Europe Bank NV

Credit Europe Bank NV MAY 19, 2014 BANKING COMPANY PROFILE Credit Europe Bank NV Amsterdam, Netherlands Table of Contents: COMPANY OVERVIEW 1 FINANCIAL HIGHLIGHTS (AS REPORTED) 2 BUSINESS ACTIVITIES 2 DISTRIBUTION CAPACITY

More information

A. M. Best Company & The Rating Process

A. M. Best Company & The Rating Process A. M. Best Company & The Rating Process Raymond J. Thomson, ARe, ARM Senior Financial Analyst, Property/Casualty Ratings Oldwick NJ Disclaimer AM Best Company (AMB) and/or its licensors and affiliates.

More information

Credit Opinion: Coface Seguro de Credito Mexico, S.A. de C.V.

Credit 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 information

Relationships between Speculative-Grade Liquidity Ratings and Credit Default Swap Spreads

Relationships between Speculative-Grade Liquidity Ratings and Credit Default Swap Spreads Special Comment July 2005 Contact Phone New York Richard Cantor 1.212.553.1653 Christopher Mann Relationships between Speculative-Grade Liquidity Ratings and Credit Default Swap Spreads Contents: Summary

More information

Rating 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 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 information

Global Credit Research Credit Opinion 10 APR 2008. Credit Opinion: Meritz Fire & Marine Insurance Co Ltd. Meritz Fire & Marine Insurance Co Ltd

Global Credit Research Credit Opinion 10 APR 2008. Credit Opinion: Meritz Fire & Marine Insurance Co Ltd. Meritz Fire & Marine Insurance Co Ltd Global Credit Research Credit Opinion 10 APR 2008 Credit Opinion: Meritz Fire & Marine Insurance Co Ltd Meritz Fire & Marine Insurance Co Ltd Seoul, Korea Ratings Category Outlook Insurance Financial Strength

More information

Rating Action: Moody's upgrades BFCM and CIC's long-term deposit and senior unsecured ratings to Aa2

Rating Action: Moody's upgrades BFCM and CIC's long-term deposit and senior unsecured ratings to Aa2 Rating Action: Moody's upgrades BFCM and CIC's long-term deposit and senior unsecured ratings to Aa2 Global Credit Research - 30 Jun 2015 Rating action concludes methodology-related review London, 30 June

More information

Global Credit Research Credit Opinion 16 JUN 2015. Credit Opinion: Pacific Mutual Holding Company. Pacific Mutual Holding Company

Global Credit Research Credit Opinion 16 JUN 2015. Credit Opinion: Pacific Mutual Holding Company. Pacific Mutual Holding Company Global Credit Research Credit Opinion 16 JUN 2015 Credit Opinion: Pacific Mutual Holding Company Pacific Mutual Holding Company Newport Beach, California, United States Ratings Category Moody's Rating

More information

Credit Opinion: Bolzano, Autonomous Province of

Credit Opinion: Bolzano, Autonomous Province of Credit Opinion: Bolzano, Autonomous Province of Global Credit Research - 23 Jan 2015 Italy Ratings Category Outlook Issuer Rating -Dom Curr Moody's Rating Stable A3 Contacts Analyst Phone Massimo Visconti/Milan

More information

Credit Opinion: Latvenergo AS

Credit 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 information

Belo Horizonte, Brazil. Ratings. Contacts. Key Indicators. Opinion 4/14/2015. Credit Opinion: Banco Bonsucesso S.A.

Belo 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 information

New 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 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 information

Credit Opinion: Penn Mutual Life Insurance Company

Credit 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 information

Rating Update: Moody's revises Rush University Medical Center Obligated Group's (IL) outlook to positive; A2 rating affirmed

Rating Update: Moody's revises Rush University Medical Center Obligated Group's (IL) outlook to positive; A2 rating affirmed Rating Update: Moody's revises Rush University Medical Center Obligated Group's (IL) outlook to positive; A2 rating affirmed Global Credit Research - 26 Aug 2013 Approximately $558M of rated debt outstanding

More information

Credit Opinion: AG Insurance

Credit 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 information

Ændring i rating outlook

Ændring 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 information

Liberty Funding Pty Limited Series 2001-1 Floating Rate Mortgage-Backed Notes

Liberty Funding Pty Limited Series 2001-1 Floating Rate Mortgage-Backed Notes INTERNATIONAL STRUCTURED FINANCE PRE SALE REPORT Liberty Funding Pty Limited Series 2001-1 Floating Rate Mortgage-Backed Notes CLOSING DATE: September 12, 2001 AUTHOR: Australia-RMBS This pre-sale report

More information

Moody s Short-Term Insurance Financial Strength Ratings

Moody s Short-Term Insurance Financial Strength Ratings November 1999 Special Comment Summary Contact New York Phone Robert Riegel 1.212.553.1653 Moody s Short-Term Insurance Financial Strength Ratings Moody s is introducing short-term insurance financial strength

More information

Credit Opinion: Guardian Life Insurance Company of America

Credit 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 information

Credit Opinion: ING Verzekeringen N.V.

Credit Opinion: ING Verzekeringen N.V. Credit Opinion: ING Verzekeringen N.V. Global Credit Research - 18 Jul 2013 Amsterdam, Netherlands Ratings Category Senior Unsecured Senior Unsecured MTN Subordinate ING Groep N.V. Senior Unsecured Senior

More information

Revenue: Government Enterprise

Revenue: 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 information

CREDIT FOCUS. Summary

CREDIT FOCUS. Summary AUGUST 1, 2013 BANKING CREDIT FOCUS Federal Home Loan Bank System: Frequently Asked Questions Credit risks balanced by System s strategic importance, strong asset quality along with adequate profitability

More information

Credit Opinion: PGE Polska Grupa Energetyczna S.A.

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 information

Rating 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 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 information

Credit Opinion: TDC A/S

Credit 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 information

The Financial & Strategic Outlook for Private Colleges. January 5, 2015

The Financial & Strategic Outlook for Private Colleges. January 5, 2015 The Financial & Strategic Outlook for Private Colleges January 5, 2015 Agenda 1. Moody s Higher Education Ratings 2. Methodology 3. 2015 Outlook for Higher Education 4. Rating Activity 5. Q&A 2 Moody s

More information

SURA Asset Management Lifted By Rising Wave of Retirement Savings in Latin America

SURA 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 information

Earnings And Cash Flow Improvements Expected in the next 12-18 Months, But Planned Deleveraging Remains Critical

Earnings 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 information

Tuition Challenges Continue for Many U.S. Universities, but Majority Forecast Growth Results of 2010 Survey of US Higher Education

Tuition Challenges Continue for Many U.S. Universities, but Majority Forecast Growth Results of 2010 Survey of US Higher Education DECEMBER 16, 2010 U.S. PUBLIC FINANCE SPECIAL COMMENT Tuition Challenges Continue for Many U.S. Universities, but Majority Forecast Growth Results of 2010 Survey of US Higher Education Table of Contents:

More information

http://v3.moodys.com/viewresearchdoc.aspx?docid=nir_16674250

http://v3.moodys.com/viewresearchdoc.aspx?docid=nir_16674250 Page 1 of 6 New Issue: MOODY'S ASSIGNS Aa2 RATING AND STABLE OUTLOOK TO HONOLULU WASTEWATER SYSTEM'S SENIOR LIEN REVENUE BONDS Global Credit Research - 15 Oct 2010 Aa3 JUNIOR LIEN RATING ALSO ASSIGNED

More information

Credit Opinion: GDF SUEZ SA

Credit 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 information

Credit Opinion: Sibur Holding, OJSC

Credit 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 information

Credit Opinion: SpareBank 1 Gruppen AS

Credit Opinion: SpareBank 1 Gruppen AS Credit Opinion: SpareBank 1 Gruppen AS Global Credit Research - 19 Mar 2013 Oslo, Norway Ratings Category Rating Outlook LT Issuer Rating Moody's Rating STA Baa2 Contacts Analyst Phone David Masters/London

More information

Credit Opinion: Letshego Holdings Limited

Credit Opinion: Letshego Holdings Limited Credit Opinion: Letshego Holdings Limited Global Credit Research - 03 Jun 2014 Gaborone, Botswana Ratings Category Outlook Issuer Rating ST Issuer Rating Moody's Rating Stable Ba3 NP Contacts Analyst Phone

More information

Credit Opinion: Landwirtschaftliche Rentenbank

Credit 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 information

Corporate Finance. Dogan Yayin Holding A.S. Credit Analysis. Moody s Global. Company Overview. January 2008. Table of Contents: Analyst Contacts:

Corporate Finance. Dogan Yayin Holding A.S. Credit Analysis. Moody s Global. Company Overview. January 2008. Table of Contents: Analyst Contacts: www.moodys.com Credit Analysis Moody s Global Corporate Finance January 2008 Table of Contents: Company Overview 1 Management Strategy 2 Key Rating Considerations 2 Liquidity 4 Analyst Contacts: London

More information

New 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 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 information

Credit 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. 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 information

Credit Opinion: Letshego Holdings Limited

Credit 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 information

Credit Opinion: Al-Ain Ahlia Insurance Co.

Credit 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 information

Moody's Ultimate Recovery Database

Moody's Ultimate Recovery Database Special Comment April 2007 Contact Phone New York Kenneth Emery 1.212.553.1653 Richard Cantor David Keisman Sharon Ou Moody's Ultimate Recovery Database Summary Moody's ultimate recovery database includes

More information

Credit Opinion: Alberta, Province of

Credit 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 information

Announcement: Moody's Places the Ratings of Five Norwegian Savings Banks on Review for Downgrade

Announcement: Moody's Places the Ratings of Five Norwegian Savings Banks on Review for Downgrade Announcement: Moody's Places the Ratings of Five Norwegian Savings Banks on Review for Downgrade Global Credit Research - 09 Mar 2012 The review includes the ratings of SpareBank 1 Gruppen London, 09 March

More information

Lessons Learned From Stress Testing Loan and Lease Portfolios TONY HUGHES, MANAGING DIRECTOR, HEAD OF SPECIALIZED MODELING

Lessons Learned From Stress Testing Loan and Lease Portfolios TONY HUGHES, MANAGING DIRECTOR, HEAD OF SPECIALIZED MODELING Lessons Learned From Stress Testing Loan and Lease Portfolios TONY HUGHES, MANAGING DIRECTOR, HEAD OF SPECIALIZED MODELING Speaker Tony Hughes, PhD Managing Director Specialized Modeling Dr. Hughes oversees

More information

Rating Action: Moody's concludes reviews of German co-operative banks' ratings

Rating 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 information

Unintended Negative Credit Implications of Argentina s New FX Measures

Unintended Negative Credit Implications of Argentina s New FX Measures NOVEMBER 8, 2011 SOVEREIGN & SUPRANATIONAL SPECIAL COMMENT Unintended Negative Credit Implications of Argentina s New FX Measures Table of Contents: NEW FX POLICIES SUPPORT FOREIGN RESERVES: CREDIT NEGATIVE

More information

Credit Opinion: Banco Cooperativo Español, S.A.

Credit 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 information