Moody s Short-Term Insurance Financial Strength Ratings
|
|
- Kathryn Gilmore
- 8 years ago
- Views:
Transcription
1 November 1999 Special Comment Summary Contact New York Phone Robert Riegel Moody s Short-Term Insurance Financial Strength Ratings Moody s is introducing short-term insurance financial strength ratings to provide institutional investors and financial intermediaries with opinions about an insurance company s ability to meet its senior short-term policy claims. These ratings provide investors and contract holders with a simple system to measure an insurer s ability to repay punctually its senior short-term policy claims. The ratings apply to senior policyholder obligations that mature or are payable in one year or less. The tremendous growth of short-term funding agreements issued by life insurers and the recent liquidity problems at General American Life Insurance Company highlight the growing need for opinions on the short-term creditworthiness of insurers. These funding agreements are sold as an alternative to commercial paper to money market funds as well as to bank short-term investment funds and securities lending programs. SEC rule 2a-7 mandates that money market funds have their short-term investments rated, further driving demand for a way to gauge the relative risk of these investments. Moody s will use the same Prime ratings symbols for these ratings as it uses for other shortterm instruments and obligations. To date, Moody s has assigned short-term insurance financial strength ratings to 16 insurers, all of which are rated. Combined they have about $20 billion of putable funding agreements outstanding. Moody s Short-Term Insurance Financial Strength Ratings Special Comment continued on page 3
2 Moody's Insurance Research Internet Address: Author Robert Riegel Sr. Production Associate Ruth Manso-Rivera Copyright 1999 by Moody s Investors Service, Inc., 99 Church Street, New York, New York All rights reserved. ALL INFORMATION CONTAINED HEREIN IS COPYRIGHTED IN THE NAME OF MOODY S INVESTORS SERVICE, INC. ( MOODY S ), 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, such information is provided as is without warranty of any kind and MOODY S, in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such information. 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 credit ratings, 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. 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. Each rating or other opinion must be weighed solely as one factor in any investment decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding or selling. Pursuant to Section 17(b) of the Securities Act of 1933, MOODY S 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 have, prior to assignment of any rating, agreed to pay to MOODY S for appraisal and rating services rendered by it fees ranging from $1,000 to $1,500,000. PRINTED IN U.S.A. 2 Moody s Special Comment
3 SO FAR, 16 SHORT-TERM INSURANCE FINANCIAL STRENGTH RATINGS ASSIGNED To date, Moody s has assigned 16 shortterm insurance financial strength ratings. (See Table 1) Moody s uses the same symbols for short-term insurance financial strength ratings as for Moody s short-term debt ratings. Moody s employs three designations, all judged to be investmentgrade, to indicate the relative repayment ability of the rated companies. (See Table 2) INSURANCE FINANCIAL STRENGTH RATINGS VS. DEBT RATINGS PRIORITY OF CLAIMS IS CRITICAL Moody s insurance financial strength ratings apply to the insurer s senior policyholder claims and obligations, unlike debt ratings on securities issued by insurance companies or, more likely, their parent or affiliate. This is an important distinction for a U.S. insurance company Table 1 Assigned Short-Term Insurance Financial Strength Rating Insurance Company Allstate Life Insurance Company Anchor National Life Insurance Company AUSA Life Insurance Company Combined Insurance Company of America First Allmerica Financial Life Insurance Company First SunAmerica Life Insurance Company GE Life and Annuity Assurance Company Jackson National Life Insurance Company Mitsui Marine & Fire Insurance Company Monumental Life Insurance Company Peoples Benefit Life Insurance Company Safeco Life Insurance Company SunAmerica Life Insurance Company Transamerica Life Insurance & Annuity Company Transamerica Occidental Life Insurance Company Travelers Insurance Company Rating Table 2 Short-Term Insurance Financial Strength Ratings Rating Prime-2 Prime-3 Not-Prime Repayment Ability Superior Strong Acceptable Not-Prime because there is a clear priority of claims structure favoring policyholders over other senior unsecured creditors in the event of an insurer insolvency or regulatory action. Moody s research indicates that in an insolvency, policyholder obligations typically suffer a much lower level of loss than even the most senior debt obligation. 1 However, in assigning this insurance financial strength rating, Moody s does not imply that any specific insurance company obligation is either legally enforceable or a valid senior obligation of a rated insurer. Although insurance holding companies or financing conduits are typically the issuers of debt securities, some insurance companies issue debt directly (e.g., surplus notes issued by several mutual insurers). Therefore, an insurance company can have both an insurance financial strength rating and debt ratings on securities. An insurer can also have two short-term ratings a short-term insurance financial strength rating covering its senior short-term policyholder obligations and a short-term debt rating covering its commercial paper obligations or other senior short-term financial obligations. In contrast to long-term ratings, Moody s short-term ratings primarily address the likelihood of timely payment. Nevertheless, the issue of priority of claims is also important for short-term investors, as the expected loss for commercial paper of an insurer is greater than the expected loss on its senior short-term policy obligations. Priority of claims is especially important for those investing in funding agreements, as the rules governing these contracts are not uniform across the various states. Some states accord the same level of security for funding agreements as they do policyholder obligations, while others regard funding agreements as subordinate to policyholder liabilities. SHORT-TERM VS. LONG-TERM INSURANCE FINANCIAL STRENGTH RATINGS Whereas Moody s long-term insurance financial strength ratings are opinions of the insurance company s ability to repay punctually all senior policyholder claims and obligations, the short-term insurance financial strength rating specifically addresses the insurer s ability to pay short-term policy obligations those that mature or are payable within one year or less. In contrast to long-term ratings, Moody s shortterm ratings primarily address the likelihood of timely payment. 1 See Moody s Special Comment "Life after Death Moody s Examines Life Insurance Insolvency," May Moody s Special Comment 3
4 LIQUIDITY ANALYSIS IS CRITICAL FOR DETERMINING SHORT-TERM ABILITY TO PAY CLAIMS Liquidity analysis, important in the credit analysis of our long-term ratings, is even more important in assigning short-term ratings. For example, the case study of General American Life (on which Moody s never maintained a short-term rating) demonstrated that an insurer s liquidity must be analyzed separately from its solvency to determine its ability to fund short-term liabilities. Over the past decade, experience (e.g., General American Life Insurance Company, Mutual Benefit Life Insurance Company, Executive Life Insurance Company) has demonstrated that life insurance company failures are usually caused by liquidity problems. In such cases, state insurance regulators intervene with regulatory actions designed to benefit policyholders. In assigning short-term insurance financial strength ratings, our analysis focuses on liquidity and asset/liability management, in addition to the industry and company fundamental analysis that is incorporated into the evaluation of an insurer s long-term creditworthiness. The key analytic areas evaluated in determining the level of short-term risk are: Risk Analysis Concentration in short-dated liabilities Put option commitments Contractholder/distributor profile Low asset quality Less-liquid assets Highly interest rate sensitive assets Reinsurance % of liabilities due in a year or less % of liabilities containing put options granted to contractholders. Term of put option is important the shorter the put, the less time the issuer has to maneuver. Concentration of liabilities that have put options or near- term maturities with specific investors and /or distributors. Also assesses likely behavior of investor/distributor in a stress situation. % of low credit quality securities with greater potential for credit and market losses % of less-liquid assets with greater potential for market losses upon disposition % of assets that are sensitive to interest rate changes with greater potential for market losses and prepayment/extension % of liabilities reinsured to less-creditworthy insurers with higher potential for recoverability losses 4 Moody s Special Comment
5 Appendix: Definition of Short-Term Insurance Financial Strength Ratings Short-Term Insurance Financial Strength Ratings are Moody s opinion of the ability of the insurance company to repay punctually its short-term senior policyholder claims and obligations. These ratings apply to senior policyholder obligations that mature or are payable within one year or less. Specific obligations are considered unrated unless they are individually rated because a particular insurance obligation s standing would depend on its relative standing under the laws governing both the obligation and the insurance company. It is important to note that Moody s makes no representation that rated insurance company obligations are exempt from registration under the U.S. Securities Act of 1933 or are issued in conformity with any other applicable law or regulation. Nor does Moody s represent that any specific insurance company obligation is legally enforceable as a valid senior obligation of a rated insurer. Moody s rating symbols for Short-Term Insurance Financial Strength Ratings are identical to those used for Short-Term Debt Ratings. Moody s employs the following three designations, all judged to be investment grade, to indicate the relative repayment ability of rated insurers: Insurers rated (or supporting institutions) have a superior ability for repayment of senior short-term policyholder claims and obligations. repayment ability will often be evidenced by many of the following characteristics: Leading market positions with highly valuable and defensible business franchises, strong financial fundamentals, and a very stable operating environment Conservative capitalization structure with moderate reliance on debt and ample asset protection High internal cash generation and broad margins in earnings coverage of fixed financial charges Assured sources of alternate liquidity and well-established access to a range of financial markets Insurers rated Prime-2 (or supporting institutions) have a strong ability for repayment of senior shortterm policyholder claims and obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Market positions are somewhat weaker, and earnings trends and coverage ratios, while sound, may be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained. Insurers rated Prime-3 (or supporting institutions) have an acceptable ability for repayment of senior short-term policyholder claims and obligations. The effect of industry characteristics and market compositions may be more pronounced. Variability in earnings and profitability and weaker capitalization with greater reliance on debt may provide less protection. Adequate alternate liquidity is maintained. Insurers rated Not Prime do not fall within any of the Prime rating categories. Moody s Special Comment 5
6
7
8 Special Comment Moody s Short-Term Insurance Financial Strength Ratings To order reprints of this report (100 copies minimum), please call toll free in the USA. Outside the US, please call Report Number: 50431
How To Sell The Lily Funding Pty.Linconsistency 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 informationUpdate: 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 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 informationHow 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 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 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 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 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 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 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 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 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 informationCanadian Life Insurance Industry
A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September
More informationGlobal 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 informationA. 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 informationRating 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 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 informationMoody'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 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 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 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 informationESG 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 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 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 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 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 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 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 informationLessons 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 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 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 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 informationKyobo 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 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 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 informationThe Future of insurance sales to buy rather than to sell. Will Halley
The Future of insurance sales to buy rather than to sell Will Halley Abstract The future of insurance sales to buy rather than to sell Whereas it s now the norm for customers to research, compared, purchase
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: 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: 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 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 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 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 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 informationInterest Rate Sensitivity Analysis on European RMBS
JULY 2011 STRUCTURED THOUGHT Interest Rate Sensitivity Analysis on European RMBS Constantinos Tavlas Associate Director 44.207.772.1233 constantinos.tavlas@moodys.com Andrew Jacobs Director 212.553.7765
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 informationInvestors Public Access to Information in the US Life Insurance Industry
Special Comment March 2004 Contact Phone New York Jeff Berg 1.212.553.1653 Arthur Fliegelman Keith Pieck Weigang Bo Robert Riegel Investors Public Access to Information in the US Life Insurance Industry
More informationEvaluation on Hybrid Capital of Life Insurance Companies
06-D-417 September 1, 2006 Evaluation on Hybrid Capital of Life Insurance Companies Japan Credit Rating Agency (JCR) has summarized below the basic perspectives and standards for the evaluation of hybrid
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 informationMoody s Liquidity Model for U.S. Life Insurance Companies Model Revisions and Results: Year-end 2002 Data
Special Comment January 2004 Contact Phone New York Scott Robinson 1.212.553.1653 Robert Blanchard Robert Riegel Moody s Liquidity Model for U.S. Life Insurance Companies Model Revisions and Results: Year-end
More informationCorporate 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 informationGuarantees and Target Volatility Funds
SEPTEMBER 0 ENTERPRISE RISK SOLUTIONS B&H RESEARCH E SEPTEMBER 0 DOCUMENTATION PACK Steven Morrison PhD Laura Tadrowski PhD Moody's Analytics Research Contact Us Americas +..55.658 clientservices@moodys.com
More informationGlobal 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 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 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 informationMARE BALTIC PCC LIMITED 2006-1
International Structured Finance Europe, Middle East, Africa Pre-Sale Report MARE BALTIC PCC LIMITED 2006-1 Static Cash CLO / Europe This pre-sale report addresses the structure and characteristics of
More informationMoody's Views on Current Conditions in the US Life Insurance Industry
Special Comment December 2003 Contact Phone New York Robert Riegel 1.212.553.1653 Laura Levenstein Moody's Views on Current Conditions in the US Life Insurance Industry Summary Opinion Moody's has maintained
More informationNew 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 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 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 informationIntroduction to Convertible Debentures
Introduction to Convertible Debentures Intro to Convertible Debentures March, 2009 Convertible debentures are hybrid securities which offer advantages of both bonds and equities. Like ordinary bonds they
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 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 informationNew York Life Insurance Co. 'AA+/A-1+' Rating Affirmed On Criteria Review; Outlook Stable
Research Update: New York Life Insurance Co. 'AA+/A-1+' Rating Affirmed On Criteria Review; Outlook Stable Primary Credit Analyst: Michael E Gross, San Francisco (1) 415-371-5003; michael.gross@standardandpoors.com
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 informationPsst! Wanna Buy a Used Life Insurance Policy?
Special Comment February 2006 Contact Phone New York Arthur Fliegelman 1.212.553.1653 Joel Levine Robert Riegel Psst! Wanna Buy a Used Life Insurance Policy? Life Settlements: Where Life Insurance Meets
More informationeconomic & COnsumer credit Analytics Merchandise Line Estimates, Forecasts and ZIP Code Potential Methodology
economic & COnsumer credit Analytics Merchandise Line Estimates, Forecasts and ZIP Code Potential Methodology Merchandise Line Estimates, Forecasts, and ZIP Code Potential Methodology Historical Merchandise
More informationCredit 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 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 informationDecomposing Mortgage Portfolio Risk: Default, Prepayment, and Severity YUFENG DING
Decomposing Mortgage Portfolio Risk: Default, Prepayment, and Severity YUFENG DING NOVEMBER 19, 2010 Overview» The loss on a mortgage portfolio is an aggregate of the losses of the loans in the portfolio»
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 informationResidential Mortgage Portfolio Risk Analytics ROGER M. STEIN, ASHISH DAS
Residential Mortgage Portfolio Risk Analytics ROGER M. STEIN, ASHISH DAS NOVEMBER 19, 2010 Agenda Why are mortgages complicated to model? Many (many) scenarios are required to capture the behavior of mortgages
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 informationAustralian Perspective on Developments in US Subprime Mortgage Market
International Structured Finance Australia Special Comment Australian Perspective on Developments in US Subprime Mortgage Market Author Nicola O Brien Vice President Senior Analyst +61 2 9270-8112 Nicola.Obrien@moodys.com
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 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 informationGlobal Credit Research Credit Opinion 25 MAY 2007. Credit Opinion: SpareBank 1 SR-Bank. Sparebanken Rogaland. Stavanger, Norway.
Global Credit Research Credit Opinion 25 MAY 2007 Credit Opinion: SpareBank 1 SR-Bank Sparebanken Rogaland Stavanger, Norway Ratings Category Moody's Rating Outlook Stable Bank Deposits Aa3/P-1 Bank Financial
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 informationAnaCredit 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 informationGuardian Life Insurance, Core Operating Subsidiaries 'AA+' Ratings Affirmed On Criteria Review, Outlook Negative
Research Update: Guardian Life Insurance, Core Operating Subsidiaries 'AA+' Ratings Affirmed On Criteria Review, Outlook Negative Primary Credit Analyst: Neal I Freedman, New York (1) 212-438-1274; neal.freedman@standardandpoors.com
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 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 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 informationRating Research Services
Rating Research Services Media Release: Ratings On Taiwan Mobile Co. Ltd. Affirmed On Sustainable Market Position; Outlook Stable Primary Credit Analyst: Anne Kuo, CFA; (886) 2 8722-5829; anne.kuo@taiwanratings.com.tw
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 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 informationSelf-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 informationOVERVIEW OF A DEBT FINANCING
hapter 1 OVERVIEW OF A DET FINANING REDIT RATING AGENIES redit rating agencies are firms that analyze the probability of the debt instrument returning all of the principal to the investor. Municipal credit
More informationJULY 2015 METHODOLOGY. Canadian Surveillance Methodology for CDOs of Large Corporate Credit
JULY 2015 METHODOLOGY Canadian Surveillance Methodology for CDOs of Large Corporate Credit PREVIOUS RELEASE: JULY 2014 Canadian Surveillance Methodology for CDOs of Large Corporate Credit DBRS.COM 2 Contact
More informationRating 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 informationEvaluating Insurers Enterprise Risk Management Practice
Evaluating Insurers Enterprise Risk Management Practice Li Cheng, CFA, FRM, FSA Director Financial Services Ratings October 3, 2013 Permission to reprint or distribute any content from this presentation
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 informationCREDIT 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 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 informationRising Default Rates Drive Growth in Debtor-in- Possession Lending. Larger Size and Broader Distribution Causing Greater Interest in Ratings for DIP s
www.moodys.com Special Comment Moody s Global Corporate Finance October 2008 Table of Contents: Overview 1 Rising Default Rates Drive Growth in Debtor-in- Possession Lending 2 Larger Size and Broader Distribution
More informationGuide to the Dow Jones Corporate Bond Index
Guide to the Dow Jones Corporate Bond Index Contents 01. Introduction...3 02. Key Features...3 2.1 Base Date and Base Value...3 2.2 Calculation...3 2.3 Methodology...3 2.4 Dissemination...4 2.5 Weighting...4
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 informationhttp://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 informationCredit 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