Internal Risk Ratings Approaches for Commercial Loans and Structured Securities. Chris Henkel, Sr. Director David Kurnov, Sr.
|
|
- Dina Hensley
- 5 years ago
- Views:
Transcription
1 Internal Risk Ratings Approaches for Commercial Loans and Structured Securities Chris Henkel, Sr. Director David Kurnov, Sr. Director October 2015
2 Introduction Chris Henkel, Senior Director» Leads the Risk Measurement Services team (Americas) within the Enterprise Risk Solutions group» Works directly with financial institutions to help them improve how they measure and manage credit risk» The RMS team delivers solutions related to risk modeling and rating, ALLL quantification, stress testing, portfolio management, credit administration, and regulatory compliance David Kurnov, Senior Director» Manages the US operations for the Structured Finance Valuations & Advisory team» Team develops and implements analytical models for valuing and stress testing securities across structured asset classes» Provides advisory support for risk analysis and regulatory submission. 2
3 Interactive Poll Question 1 Access the live polling page in the RPC app to participate Which asset class is your primary focus for internal risk ratings? 1) Commercial Loans 2) Securities 3) Both 3
4 Interactive Poll- Question 2 Access the live polling page in the RPC app to participate Does your firm use dual risk ratings for commercial loans? 1) Yes 2) No 4
5 Interactive Poll Question 3 Access the live polling page in the RPC app to participate How are internal ratings primarily used at your firm? 1) Pricing 2) ALLL 3) Credit decisions 4) Early warnings 5) Capital allocation 6) Buy and sell decisions 5
6 Agenda 1. Developing Ratings for Commercial Loans 2. Developing Ratings for Structured Securities 3. Designing a PD/LGD Rating Scale 4. Rating Scale for Structured Securities 5. Q&A 6
7 1 Developing Ratings for Commercial Loans
8 Annualized NCO Rate (%) In terms of credit risk, we ve come a long way since the Great Recession Quarterly Charge-Off Rates: C&I & CRE Loans ( ) C&I CRE 3.26% % NCOs posted a YoY decline for the 20 th consecutive quarter. Noncurrent loans and loan-loss reserves for fell a 21st consecutive quarter. Reserves/TLs is 1.40%, lowest since % 0.04% Source: Federal Reserve, All Banks, NSA; NBER 8
9 Consequently, banks are once again relaxing underwriting standards in the face of increased competition Lending standards are easing Loan demand is up Spreads continue to decline relative to COFs Source: Federal Reserve 9
10 The story is somewhat similar for CRE loans Lending standards are easing but more measured for CLD Loan demand is up for all three major CRE types Standards easier at larger banks Source: Federal Reserve 10
11 If credit risk is declining, why are we discussing risk ratings today?» Relaxed underwriting standards are generally followed by a rise in problem loans» Increased competition from other banks make it more difficult to attract or retain good customers» The industry s net interest margin of 3.06% is slightly above its the 30-year low, set in 1Q15 (3.02%)» Credit risk is cyclical, it can only go down by so much» Expectations from regulators and accountants are requiring improved risk-based practices (e.g., ALLL, risk rating, loan review, stress testing, validation, etc.)» You can t manage what you can t measure! 11
12 There is no one-size-fits-all approach for effective ratings, but there are common attributes found across banks Attributes of Deficient Ratings» Too few risk grades and / or excessive concentration in just a few risk grades» Lack of consistent risk grading approach across portfolios (e.g., a 4 in CRE does not present the same risk as a 4 in C&I)» Inconsistent interpretation or unclear definition across internal risk grades» Lack of clear written policies describing what each risk grade actually means» Failure to decompose risk into key drivers separating borrower risk from facility risk» Lack of independence across those who assign ratings and those who use ratings Attributes of Best Practice Ratings» Universal, consistent and uniformly applied risk grades serving as common language across institution (e.g., EL)» Risk grades mapped to quantified absolute risk parameters (e.g., PD)» Sufficient granularity across the master rating scale» Calibrated to observed or benchmarked experience» Grades assigned based on objective (measurable) versus subjective criteria» Actionable and applicable to other creditrelated activities (e.g., ALLL, stress testing, pricing) 12
13 Count of Loans Ratings allow us to differentiate the credit risk in the portfolio so you can make more informed decisions 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Distribution of Risk Ratings Scale 1 Scale Rating Which set of bars best resembles your institutions distribution of rating? 13
14 Cumulative 1-Yr. EDF Cumulative 1-Yr. EDF Cumulative 1-Yr. EDF Cumulative 1-Yr. EDF Effective risk measurement should provide banks with actionable information 20% % th Percentile 15% 15% 50 th Percentile 10% 5% 10% 5% 25 th Percentile 0% 20% % 20% % 15% 10% 10% 5% 5% 0% %
15 Testing the Performance of a Ratio or Model A POWER CURVE MEASURES HOW RAPIDLY DEFAULTS WOULD BE EXCLUDED THE RELATION BETWEEN THE ACCURACY RATIO AND A POWER CURVE % Defaults % Defaults Perfect Model A 60% B B A.R.= A+B Random Model Perfect Model: 100% Random Model: 0% 20% % Sample % Sample 15
16 As a refresher, dual risk ratings involve separating the credit risk of a loan into two components 1 2 On average, the amount we could potentially lose depends on three things $6M how likely the borrower is to go into default the estimate of loss (1-recovery) should default occur = x x 3 % 20 % likelihood of exposure the exposure amount at the time of default $1MM Expected Loss Probability of Default Loss Given Default Exposure at Default EL = PD x LGD x EAD M = thousand; MM = million 16
17 Hypothetical Risk Rating Scorecard: What do you observe? Leverage Ratio (Funded Debt/EBITDA) - 10% Management Character - 30% Ratio Score Rating Response Score Rating < Aa Excellent 100 Aa Baa Above Average 75 Baa Ba Average 50 Ba B Below Average 25 B > Ca Poor 0 Ca Liquidity Ratio (Current Ratio) - 15% DSCR (EBITDA/CPLTD+Int Exp) - 25% Ratio Score Rating Ratio Score Rating > Aa > Aa Baa Baa Ba Ba B B < Ca < Ca Access to Capital - 10% Guarantees - 10% Response Score Rating Response Score Rating Excellent 100 Aa Excellent 100 Aa Above Average 75 Baa Above Average 75 Baa Average 50 Ba Average 50 Ba Below Average 25 B Below Average 25 B Poor 0 Ca Poor 0 Ca 17
18 Observed default rate Observed default rate Taking a more quantitative approach can improve the effectiveness of a bank s risk rating process High Liquidity Ratio High Leverage Low Low Percentile High Low Low Percentile High Each level of a ratio is associated with a different default rate, and their weights are chosen to maximize the fit between predicted default rate and observed default rate in the database Example: If the Liquidity ratio for a firm is in the 70 th percentile that means that 70% of the sample had a lower Liquidity ratio than that firm 18
19 What do you observe about the distribution of responses for these two scorecard factors? 100% Management Quality 80% 60% 40% 20% In this example, the Management Quality factor, as currently designed, has limited ability for discriminating risk between obligors in the portfolio. 0% 100% Excellent Good Fair Poor Barriers to Entry 80% 60% 40% 20% The Barriers to Entry factor, on the other hand, differentiates strongly between obligors in the portfolio. 0% Very High High Moderate Low 19
20 Moody s follows a well-established process when developing a risk rating scorecard Scorecard Development Process Data Preparation Single Factor Analysis (SFA) Multi-Factor Analysis (MFA) Financial Model Selection Preliminary Scorecard Validation Calibration Qualitative Factor Workshops Qualitative Data Collection Pilot Qualitative Factors Selection Final Scorecard 20
21 2 Developing Ratings for Structured Securities
22 Internal Ratings for Structured Securities Quantitative Approach» Complexity of underlying collateral and deal structure» Model-driven collateral forecasting» Analyst assumptions/overrides Ratings Analyst Override Analyst Override Based on loss/default Analyst Override Portfolio Behavior Model Cashflow Engine Tranche Results RMBS Residential Waterfall Structure Loss CMBS Commercial Loan/Pool Data WAL/Duration ABS ABS Price CLO Corporate 22
23 Mortgage Modeling Overview Mortgage Portfolio Analyzer (MPA) models default, prepayment, and severity for each loan, taking as inputs information on the borrower, loan, underlying property, and local & national macro-economic factors. FACTORS MODELS OUTPUT» Economic Data (Simulated or Realized)» Default» Loan Level Pool Data (User Data)» Supplemental User data (Pool Performance etc.)» Severity» Prepayment Loan Level E(L) S Pool Level E(L) 23
24 Commercial Mortgage Metrics (CMM) Model Configuration Real GDP growth Unemployment Rate Fed Funds Rate 10 Year Treasury Yield CPI Inflation Rate Population growth Number of Households Growth Retail Sales Growth Total Non-Farm Employment Growth Nominal Personal Income Growth Home Price Growth Baa Corporate Yield Macro Forecast National Level CRE Forecast Local Level CRE Forecasts Series of 20 Regression Equations Convert Macro Forecast to National Level CRE Forecast Vacancy, Rent, NOI, Cap Rate Office, Retail, Industrial, Multifamily, Hotel By MSA/submarket Forecast by Property Type and location CMM Macro Translation Engine CMM National to Regional Engine Loan & Property Details Forward-looking Volatility NOI & Property Value Forecast CMM PD/LGD Engine Risk Measures: PD, LGD, EL 24
25 25 Portfolio Analyzer ABS (PA-ABS)» PA-ABS is a tool for analyzing credit risk in ABS collateral» Models for a large number of US and non-us collateral» Risk vectors from models are combined with cashflow models to produce tranche results Deal Libraries» Regulatory» Built-In» User-Defined» Monte Carlo» Delinquency» CPR/CDR» Severity WSA Platform Tranche level cashflows and losses Macro Scenarios Credit Models Cashflow Engine Output 25
26 CreditEdge - Corporate Probability of Default Moody s Analytics utilizes CreditEdge for CLO issuer-level probabilities of default A firm defaults when the value of its business falls below what it owes PD is the probability that the asset value will fall below the default point Moody s Analytics approximates probabilities of default for non-public issuers:» Issuers are assigned an EDF based on the Industry, Region & Rating averages Modeldriven collateral forecasting 26
27 Static vs. Stochastic Static Approach» Easier to implement» Isolate economic/credit scenarios» Simple data/logic flow Tranche A Tranche B Tranche C Tranche D } Pool Losses Stochastic Approach Probability» Capture many states of the world» Generate tail losses and VaR» Essential for thin or cliff tranches Tranche C PD Tranche B PD Tranche A PD Tranche C Tranche B Tranche A Pool Losses 27
28 Stochastic Model Economic simulation» Each performance forecast driven by economic path» Common simulation across securities» Captures correlation Economic Simulator Economic Paths Pool Forecast 1 Pool Forecast 2 Pool Forecast 3 Performance simulation» Develop distribution of forecasts from historical performance» Captures idiosyncratic risk for each security» Stress test not tied to economic outlook Pool SImulator Performance Paths Pool Forecast 1 Pool Forecast 2 Pool Forecast 3 28
29 3 Designing a PD/LGD Rating Scale
30 Having an enterprise-wide rating scale helps to ensure a common language of risk across the bank 50% 45% 40% 35% Average Annual Default Rates by Alphanumeric Rating ( ) 46.94% 30% 25% 20% 15% 10% 5% 0% Half of the MIS scale is investment grade but most community and regional banks are concentrated here 0.00% 0.00% 0.00% 0.05% 0.15% 0.11% 0.07% 0.18% 0.19% 0.27% 0.42% 0.65% 1.06% 1.43% Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Ca-C 2.94% 4.00% 6.84% 16.35% 29.34% 30
31 Hypothetical EL-based Master Rating Scale A B C D E F G 5% 15% 20% 25% 35% 45% 55% 1 Pass 0.08% 0.00% 0.01% 0.02% 0.02% 0.03% 0.04% 0.04% 2 Pass 0.14% 0.01% 0.02% 0.03% 0.04% 0.05% 0.06% 0.08% 3 Pass 0.25% 0.01% 0.04% 0.05% 0.06% 0.09% 0.11% 0.13% 4 Pass 0.43% 0.02% 0.06% 0.09% 0.11% 0.15% 0.19% 0.24% 5 Pass 0.75% 0.04% 0.11% 0.15% 0.19% 0.26% 0.34% 0.41% 6 Pass 1.31% 0.07% 0.20% 0.26% 0.33% 0.46% 0.59% 0.72% 7 Pass 2.30% 0.11% 0.34% 0.46% 0.57% 0.80% 1.03% 1.26% 8 Pass 4.02% 0.20% 0.60% 0.80% 1.01% 1.41% 1.81% 2.21% 9 Pass 7.04% 0.35% 1.06% 1.41% 1.76% 2.46% 3.17% 3.87% 10 OAEM 12.31% 0.62% 1.85% 2.46% 3.08% 4.31% 5.54% 6.77% 11 Substandard - A 20.00% 1.00% 3.00% 4.00% 5.00% 7.00% 9.00% 11.00% 12 Substandard - NA 35.00% 1.75% 5.25% 7.00% 8.75% 12.25% 15.75% 19.25% 13 Doubtful 50.00% 2.50% 7.50% 10.00% 12.50% 17.50% 22.50% 27.50% 14 Loss % 5.00% 15.00% 20.00% 25.00% 35.00% 45.00% 55.00% 31
32 Developing a rating scale is an iterative process which involves art as much as it does science» Consider PD cutoffs where business decisions are made» The relationship of a score to PD can be represented as a curve: Default probability increases by some power of the score The number of grades and their definition affects the shape of the PD curve The more convex ( bowed ) the curve, the more sensitive the rating scale is to change in score The flatter the curve, the less sensitive the rating scale is to changes in score» What should be the PD associated with Criticized loans?» Stability through the cycle not just a 2015 rating scale» Bins with very large or very small proportion of total accounts should be avoided (more common at the lower end)» Technical Considerations: Common Considerations Scale should be approximately linear in log-odds (U-Shape of PDs) Tapering of scale to produce a somewhat normal distribution to the expected frequencies 32
33 Calibration is effectively a mapping exercise for assigning scores to ratings or PDs PD 1 Pass 0.08% 2 Pass 0.14% 3 Pass 0.25% 4 Pass 0.43% 5 Pass 0.75% 6 Pass 1.31% 7 Pass 2.30% 8 Pass 4.02% 9 Pass 7.04% 10 OAEM 12.31% 11 Substandard - A 20.00% 12 Substandard - NA 35.00% 13 Doubtful 50.00% 14 Loss % Max 0.99% Min 0.57% Grade 5 PD bound Calibration curve Grade 5 Score range Score 80 ~ 75 Score E.g., a company with a score between 75 and 80 is assigned grade 5. 33
34 4 Rating Scale for Structured Securities
35 Rating Considerations for Structured Securities Defining PD for a tranche» Positive cumulative loss at maturity or Year N» Cumulative loss exceeds a $ or % threshold» Unrealized loss or under-collateralization Rating based on PD or EL» PD captures likelihood of loss, but magnitude may be small» EL captures actual risk and relative riskiness between securities» Different results for thin vs. thick tranches Strategy based on ratings» Buy/sell decisions» Optimal portfolio mix 35
36 Rating Scale for Structured Securities Timing of default or loss» Rating based on lifetime or N Years PD/EL» Capturing individual risk vs. common approach across securities» What if EL = 0? Choosing a scale» Agency rating tables may be too front-loaded» Different scales for different asset classes?» Different scales for AFS vs. HTM? 36
37 Questions To learn more, please or visit us at the RPC Solutions Cafe 37
38 A Appendix
39 Commercial Mortgage Metrics (CMM) Inputs, Outputs & Uses» Loan Details CMM Inputs - Loan Amount, Term/Amort. - Rate: Fixed, Floating, Other» Structure» Property details» Property type, MSA/Submarket, Rent, Vacancy, Cap Rate, Lease rolls, Expenses, Value» Asset Volatility - Systematic and Idiosyncratic volatility CMM Outputs» Estimated Property Value» Estimated NOI» Expected Default Frequency (EDF)» Loss Given Default (LGD)» Expected Loss (EL)» Yield Degradation (YD)» Stressed Risk Measures - Stressed PD, LGD - Unexpected Loss» Moody s Rating» Customer Rating Scale CMM Uses» Identify sources and causes of risk» Price new loans» Monitor loan expected performance as markets change» Stress Testing» Early Warning System» Identify loans for potential sale» Identify periods of maximum risk» Respond to management and regulators» Efficiently size capital allocations vis-à-vis competing asset classes 39
40 CMM aims to quantify the risk of default» Cash flow from the property is inadequate to cover the scheduled debt service payment» The underlying commercial properties, which serve as the secured collateral, are worth less than the amount of the loan» If underwritten appropriately, in theory, CRE loans carry very little credit risk at origination. What drives the credit risk is the inherent future uncertainty which potentially can be quantified.» CMM is calibrated to observed data (e.g., NOI & DSCR to empirical default rate) 40
41 Collateral performance and credit risk go hand-in-hand Economic shocks Collateral Model Credit Risk Model Property-level NOI and Value Systematic factors Idiosyncratic factors Local CRE Market Info Volatility Current condition Forward-looking views Property Type, MSA/submarket Loan-level Characteristics PD and LGD Drivers DSCR LTV Market Vacancy Market Price Index Change Loan seasoning etc. 41
42 moodysanalytics.com Optional contact information or office address here
43 2015 Moody s Corporation, Moody s Investors Service, Inc., Moody s Analytics, Inc. and/or their licensors and affiliates (collectively, MOODY S ). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES ( MIS ) ARE MOODY S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY S ( MOODY S PUBLICATIONS ) MAY INCLUDE MOODY S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY S OPINIONS INCLUDED IN MOODY S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY S ANALYTICS, INC. CREDIT RATINGS AND MOODY S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY S CREDIT RATINGS AND MOODY S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY S CREDIT RATINGS OR MOODY S PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody s Publications. To the extent permitted by law, MOODY S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY S. To the extent permitted by law, MOODY S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY S IN ANY FORM OR MANNER WHATSOEVER. Moody s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody s Corporation ( MCO ), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy. For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY S affiliate, Moody s Investors Service Pty Limited ABN AFSL and/or Moody s Analytics Australia Pty Ltd ABN AFSL (as applicable). This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act By continuing to access this document from within Australia, you represent to MOODY S that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act MOODY S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for retail clients to make any investment decision based on MOODY S credit rating. If in doubt you should contact your financial or other professional adviser. For Japan only: Moody's Japan K.K. ( MJKK ) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody s SF Japan K.K. ( MSFJ ) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ( NRSRO ). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
Simple But Not Simpler: Day 1 Modeling Approaches. A review of simple approaches available to community banks on the road to their CECL journey.
Simple But Not Simpler: Day 1 Modeling Approaches A review of simple approaches available to community banks on the road to their CECL journey. A Word on Incurred Loss Approach Today Typical ALLL at a
More informationChallenging Issues and Alternative Approaches to CRE Credit Risk Modeling. RPC Conference, Scottsdale
Challenging Issues and Alternative Approaches to CRE Credit Risk Modeling RPC Conference, Scottsdale October 27, 2015 CRE Research Panel Discussion» Panelists Ron Vulgris (PNC) Kiran Yalavarthy (Wells
More informationCECL Modeling FAQs. CECL FAQs
CECL FAQs Moody s Analytics helps firms with implementation of expected credit loss and impairment analysis for CECL and other evolving accounting standards. We provide advisory services, data, economic
More informationOECD Workshop on Data Collection
OECD Workshop on Data Collection Moody's Infrastructure-relevant Data Sets ANDREW DAVISON, SENIOR VICE PRESIDENT 10 MAY, 2017 Marginal Default Rate Moody s PF Bank Loan Default and Recovery Study» Moody's
More informationLoan Level Mortgage Modeling
Loan Level Mortgage Modeling Modeling and Data Challenges Shirish Chinchalkar October 2015 Agenda 1. The complexity of loan level modeling 2. Our approach for modeling mortgages 3. Data Challenges 4. Conclusion
More informationPolicy for Designating and Assigning Unsolicited Credit Ratings in the European Union
Policy for Designating and Assigning Unsolicited Credit Ratings in the European Union Issued by: MIS Compliance Department Applicable to: All MIS Employee and relevant Moody s Shared Services Employees
More informationState Outlook: Debt Affordability. NCSL Conference Gail Sussman, Managing Director
State Outlook: Debt Affordability NCSL Conference Gail Sussman, Managing Director NOVEMBER 18, 2016 State debt is stable and manageable Debt is flat and debt ratios are declining for US states 600 500
More informationChallenges in CECL Implementation. Robby Holditch, Director, Solutions Specialist July 2018
Challenges in CECL Implementation Robby Holditch, Director, Solutions Specialist July 2018 Today s Discussion Points» The start line existing tools and needed tools to comply» The race to an easy implementation
More informationCECL Webinar Series: The Roadmap to Success. Glenn Levine, Associate Director David Fieldhouse, Director
CECL Webinar Series: The Roadmap to Success Glenn Levine, Associate Director David Fieldhouse, Director September 6, 2017 Moody s Analytics CECL Webinar Series: The Roadmap to Success TODAY Lifetime Expected
More informationMongolian Banking System
Mongolian Banking System Graeme Knowd, Managing Director - Financial Institutions Group Sept 2017 Agenda 1. Executive summary 2. Operating environment 3. Key credit metrics 4. Key takeaways MONGOLIAN BANKING
More informationCECL: Adapting to Adopt
CECL: Adapting to Adopt Chris Henkel, Senior Director, Advisory Services Anna Krayn, Senior Director, Regulatory & Accounting Solutions April 2018 Speakers Christian Henkel Senior Director Advisory Services
More informationThe Early Warning Toolkit in practice: Babcock & Wilcox Enterprises, Inc.
The Early Warning Toolkit in practice: Babcock & Wilcox Enterprises, Inc. Moody s Analytics, CreditEdge Team April 2018 Babcock & Wilcox demonstrates High Risk for all 5 Early Warning factors Level Level
More informationPolicy for Designating and Assigning Unsolicited Credit Ratings
Policy for Designating and Assigning Unsolicited Credit Ratings Issued by: MIS Compliance Department Applicable to: All MIS Employees and relevant Moody's Shared Services Employees supporting the MIS ratings
More informationRegional Economic Outlook
Regional Economic Outlook Dan White, Director September, 2017 U.S. Macroeconomic Outlook, August, 2017 1 Remarkably Steady Growth 5 4 3 2 1 0-1 -2-3 -4 Real GDP growth, %, 4-qtr MA (L) Avg monthly change
More informationCommercial & Ag Lending Conference 2017
Commercial & Ag Lending Conference 2017 The Future of Lending: Leading Through Change Commercial Real Estate Bringing Transparency to an Opaque Asset Class Keith Berry Executive Director Moody s Analytics
More informationIntroducing The Deterioration Probability Metric. A New Metric for Downgrade Risk
Introducing The Deterioration Probability Metric A New Metric for Downgrade Risk Credit Risk Analytics Group May 2018 Agenda 1. Introducing the Deterioration Probability 2. Deterioration Probability Model
More informationBasel III Standard Approach and Rating Based Approach
Basel III Standard Approach and Rating Based Approach June 2018 Introduction Mike Mueller, Senior Director, Content Solutions Structured 13 years of experience at Moody s Investors Service (MIS) leading
More informationWebinar Navigating Choppy Markets: Safety-First Equity Strategies Based on Credit Risk Signals
Topics@CreditEdge Webinar Navigating Choppy Markets: Safety-First Equity Strategies Based on Credit Risk Signals Samuel Malone, Ph.D, Director Research Yukyung Choi, Associate Director Senior Research
More informationAg Lending Experience of Living Through the Cycles
Ag Lending Experience of Living Through the Cycles Doug Johnson, Director, Sales April 26, 2018 2018 Ag Lending Experiences of Living Through the Cycles As the farming industry continues to consolidate,
More informationCECL Webinar Series: The Roadmap to Success. Irina Korablev, Senior Director Deniz Tudor, Director Anna Krayn, Senior Director
CECL Webinar Series: The Roadmap to Success Irina Korablev, Senior Director Deniz Tudor, Director Anna Krayn, Senior Director August 24, 2017 Moody s Analytics CECL Webinar Series: The Roadmap to Success
More informationFindlay City School District, OH
ISSUER COMMENT Annual Comment on Findlay City SD RATING General Obligation (or GO Related) 1 Aa2 Findlay City School District, OH No Outlook Contacts Amy Marks +1.312.706.9964 Associate Lead Analyst amy.marks@moodys.com
More informationProfit emergence under IFRS 17: Gaining business insight through projection models
Whitepaper Was published in: August 2018 Author Steven Morrison Senior Director-Research Contact Us Americas +1.212.553.1653 Europe +44.20.7772.5454 Asia-Pacific +852.3551.3077 Japan +81.3.5408.4100 Profit
More informationCity of Tega Cay, SC. Annual Comment on Tega Cay RATING. ISSUER COMMENT 23 March 2018
ISSUER COMMENT Annual Comment on Tega Cay RATING General Obligation (or GO Related) 1 Aa3 City of Tega Cay, SC No Outlook Contacts Nikki S Carroll +1.212.553.1742 Associate Analyst nikki.carroll@moodys.com
More informationCredit Trends: Kenyan Banks
Credit Trends: Kenyan Banks Promising growth prospects in the context of tightening regulatory oversight CHRISTOS THEOFILOU, AVP-ANALYST JULY 2016 Operating and Regulatory Environment Financial Profile
More informationTownship of Tredyffrin, PA
Township of Tredyffrin, PA ISSUER COMMENT Annual Comment on Tredyffrin Township RATING General Obligation (or GO Related) 1 Aaa Stable Contacts Catherine E Nicolosi +1.214.979.6861 Associate Lead Analyst
More informationPolicy on the "SEC Rule 17g-7 of Representation and Warranties" (R&Ws)
Policy on the "SEC Rule 17g-7 of Representation and Warranties" (R&Ws) Issued by: Compliance Department Applicable to: All MIS Employees and relevant Moody's Shared Services Employees supporting the MIS
More informationAgenda. New Mexico School District Bond Ratings 9/8/17
New Mexico School District Bond Ratings Heather Correia, Analyst, Moody s September, 2017 Agenda 1. Introduction to Moody s 2. Methodology & Scorecard 3. New Mexico School Districts 4. Future Credit Landscape
More informationRating Action: Moody's downgrades Lowe's unsecured ratings to Baa1; P-2 commercial paper rating affirmed 12 Dec 2018
Rating Action: Moody's downgrades Lowe's unsecured ratings to Baa1; P-2 commercial paper rating affirmed 12 Dec 2018 New York, December 12, 2018 -- Moody's Investors Service ("Moody's") today downgraded
More informationUnderstanding IFRS 9 ECL Volatility with the PD Converter Volatility Attribution Tool
Understanding IFRS 9 ECL Volatility with the PD Converter Volatility Attribution Tool James Edwards January 2019 Scope of Today s Webinar» The ImpairmentCalc software provides expected credit loss impairment
More informationPolicy on Conflict of Interest Certification
COMPLIANCE Policy on Conflict of Interest Certification Issued by: MIS Compliance Department Applicable to: All MIS Employees Effective Date: June 8, 2015 POLICY An MIS Employee shall not approve, participate
More informationRating Action: Moody's assigns A2 to 2016B & C Senior Bonds of Central Florida Expressway Auth. (CFX), FL; Outlook positive
Rating Action: Moody's assigns A2 to 2016B & C Senior Bonds of Central Florida Expressway Auth. (CFX), FL; Outlook positive Global Credit Research - 08 Sep 2016 New York, September 08, 2016 -- Issue: Senior
More informationRating Action: Moody's announces rating actions on student loan ABS backed by FFELP student loans following the update of its rating methodology
Rating Action: Moody's announces rating actions on student loan ABS backed by FFELP student loans following the update of its rating methodology Global Credit Research - 14 Jun 2016 Approximately $84.3
More informationSnohomish County Public Utility District 1
ISSUER COMMENT Annual Comment on Snohomish County PUD 1 RATING Revenue 1 Aa2 Snohomish County Public Utility District 1 No Outlook Contacts Nathan Carley 312-706-9958 Associate Analyst nathan.carley@moodys.com
More informationCECL Webinar Series: Empowering Users, Satisfying Auditors
CECL Webinar Series: Empowering Users, Satisfying Auditors Olivier Brucker, Senior Director Emil Lopez, Director October 5, 2017 Moody s Analytics CECL Webinar Series: The Roadmap to Success TODAY Empowering
More informationForward-looking Perspective on Impairments using Expected Credit Loss
WHITEPAPER Forward-looking Perspective on Impairments using Expected Credit Loss Author Deepak Parmani, Associate Director, Product Management Contributor Yanping Pan, Director-Research Contact Us Americas
More informationCredit Opinion: Federal Home Loan Bank of New York
Credit Opinion: Federal Home Loan Bank of New York Global Credit Research - 24 Jun 2015 New York City, New York, United States Ratings Category Moody's Rating Outlook Stable Bank Deposits Aaa/P-1 Parent:
More informationRating Action: Moody's upgrades several Irish mortgage covered bond ratings; actions conclude review
Rating Action: Moody's upgrades several Irish mortgage covered bond ratings; actions conclude review Global Credit Research - 21 May 2015 New counterparty risk assessment affects the covered bond anchors
More informationRating Action: Moody's reviews NORD/LB Luxembourg S.A. - Public-Sector Covered Bonds, direction uncertain 19 Dec 2018
Rating Action: Moody's reviews NORD/LB Luxembourg S.A. - Public-Sector Covered Bonds, direction uncertain 19 Dec 2018 London, 19 December 2018 -- Moody's Investors Service ("Moodys") has placed on review
More informationCredit Decision Workflow and Deal Structuring in RiskOrigins
Credit Decision Workflow and Deal Structuring in RiskOrigins October 27, 2015 Your Moody s Analytics hosts... Stephen Appleton Associate Director, Product Management Brian Wietecha Associate Director,
More informationAuckland Housing Affordability Remains Poor Despite Improvement
SECTOR IN-DEPTH Covered Bonds New Zealand Auckland Housing Affordability Remains Poor Despite Improvement TABLE OF CONTENTS Summary Auckland housing affordability remains poor, but rising incomes and low
More informationInnovations in C&I and CRE Credit Risk Solutions. Matt McDonald, Moody s Analytics Mehna Raissi, Moody s Analytics
Innovations in C&I and CRE Credit Risk Solutions Matt McDonald, Moody s Analytics Mehna Raissi, Moody s Analytics October 2015 Agenda 1. CreditEdge 2. Excel Add-in 3. RiskCalc 4. CMM (Commercial Mortgage
More informationCredit Opinion: Federal Home Loan Banks
Credit Opinion: Federal Home Loan Banks Global Credit Research - 25 Jun 2015 Reston, Virginia, United States Ratings Category Moody's Rating Outlook Stable Senior Unsecured Aaa ST Issuer Rating P-1 Other
More informationRating Action: Moody's Upgrades the City of Sacramento, CA's Lease Revenue Bonds to A1; Confirms Ser and Ser. 1993A at A2; outlook is stable
Rating Action: Moody's Upgrades the City of Sacramento, CA's Lease Revenue Bonds to A1; Confirms Ser. 1997 and Ser. 1993A at A2; outlook is stable Global Credit Research - 06 Oct 2016 New York, October
More informationCCAR 2019: A Very Tough Test
CCAR 2019: A Very Tough Test Mark Zandi, Chief Economist February 2019 2019 CCAR Timeline Target day Publication date Database 0 5-Feb FRB releases its CCAR supervisory scenarios 2 7-Feb U.S. macro forecast
More informationCaja Rural de Castilla-La Mancha - Mortgage Covered Bonds
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS Caja Rural de Castilla-La Mancha - Mortgage Covered Bonds Covered Bonds / Spain Contacts Monitoring Client Service Desk Lopez Patron, Miguel - +34 (97)
More informationRating Action: Moody's reviews covered bonds issued by Hypo NOE, Hypo Tirol and Heta AR for upgrade Global Credit Research - 25 May 2016
Rating Action: Moody's reviews covered bonds issued by Hypo NOE, Hypo Tirol and Heta AR for upgrade Global Credit Research - 25 May 2016 London, 25 May 2016 -- Moody's Investors Service has today placed
More informationCommercial & Ag Lending Conference 2017
Commercial & Ag Lending Conference 2017 The Future of Lending: Leading Through Change Lending & Technology Joel Pruis Senior Director, Cornerstone Advisors jpruis@crnrstone.com Sam Kilmer Senior Director,
More informationRating Action: Moody's affirms Aa1 issuer and bond ratings of the International Finance Facility for Immunisation (IFFIm) with a stable outlook
Rating Action: Moody's affirms Aa1 issuer and bond ratings of the International Finance Facility for Immunisation (IFFIm) with a stable outlook Global Credit Research - 17 Jan 2018 New York, January 17,
More informationABN AMRO Bank N.V. Q1 2018: Higher impairment offset revenue growth. ISSUER COMMENT 16 May Summary opinion
ISSUER COMMENT ABN AMRO Bank N.V. Q1 2018: Higher impairment offset revenue growth All figures in this report relate to Q1 2018 and are compared to Q1 2017 figures, unless otherwise indicated Summary opinion
More informationProducing Objective Income & Balance Sheet Forecasts. Brian Poi, Director November 7, 2017
Producing Objective Income & Balance Sheet Forecasts Brian Poi, Director November 7, 2017 Today s Speaker Brian Poi Director, Specialized Modeling Brian develops a variety of credit loss, credit origination
More informationUnderwriting standards for credit cards and auto loans tighten modestly, a positive
SECTOR COMMENT Banks and Finance Companies - United States Underwriting for credit cards and auto loans tighten modestly, a positive Summary Analyst Contacts Warren Kornfeld +1.212.553.1932 Senior Vice
More informationFederal Home Loan Banks
CREDIT OPINION Federal Home Loan Banks Semiannual Update Update Summary Rating Rationale The Federal Home Loan Bank System's (FHLBank System or FHLBank) Aaa long term rating and Prime-1 short-term deposit
More informationCommercial & Ag Lending Conference 2017
Commercial & Ag Lending Conference 2017 The Future of Lending: Leading Through Change Ag Breakout: Where s the Money Hiding in the Ag Market Where s the Money Hiding in the Ag Market? If there s one rule
More informationRating Action: Moody's upgrades Kommunalkredit Austria AG's public-sector covered bonds Global Credit Research - 25 Jul 2017
Rating Action: Moody's upgrades Kommunalkredit Austria AG's public-sector covered bonds Global Credit Research - 25 Jul 2017 London, 25 July 2017 -- Moody's Investors Service has upgraded to Baa1 from
More informationRating Action: Moody's upgrades mortgage covered bonds issued by AIB Mortgage Bank and EBS Mortgage Finance Global Credit Research - 29 Nov 2016
Rating Action: Moody's upgrades mortgage covered bonds issued by AIB Mortgage Bank and EBS Mortgage Finance Global Credit Research - 29 Nov 2016 London, 29 November 2016 -- Moody's Investors Service has
More informationEBS Mortgage Finance - Mortgage Covered Bonds
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS EBS Mortgage Finance - Mortgage Covered Bonds Covered Bonds / Ireland Contacts Hogan, John: +44 (207) 772-5260 - John.Hogan@moodys.com Martin Tellez,
More informationPort Jefferson Union Free School District, NY
ISSUER COMMENT RATING General Obligation (or GO Related) 1 Aa2 Port Jefferson Union Free School District, NY Annual Comment on Port Jefferson UFSD No Outlook Issuer Profile Contacts Catherine E Nicolosi
More informationQuantitative Modeling Beyond CCAR and other Regulatory Compliance
Quantitative Modeling Beyond CCAR and other Regulatory Compliance Gordon Liu, EVP, HSBC Chris Mann, MD, BTMU Jing Zhang, MD, MA Facilitated by David Little, MD, MA October 2015 Agenda 1. Setting the Context
More informationCaja Rural de Navarra - Mortgage Covered Bonds
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS Caja Rural de Navarra - Mortgage Covered Bonds Covered Bonds / Spain Contacts Lopez Patron, Miguel - +34 (917) 688-225 - Miguel.LopezPatron@moodys.com
More informationSiauliu Bankas, AB. Siauliu Bankas capital metrics will strengthen with EBRD s debt-to-equity conversion. ISSUER COMMENT 13 August 2018
ISSUER COMMENT Siauliu Bankas, AB Siauliu Bankas capital metrics will strengthen with EBRD s debt-to-equity conversion Contacts Savina R Joseph +357.2569.3045 Associate Analyst savina.joseph@moodys.com
More informationFederal Home Loan Bank of Des Moines
CREDIT OPINION Federal Home Loan Bank of Des Moines Semiannual Update Update Summary Rating Rationale The Federal Home Loan Bank of Des Moines (FHLBank of Des Moines or FHLBank) Aaa long term rating and
More informationOP Mortgage Bank - Mortgage Covered Bonds 2
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS OP Mortgage Bank - Mortgage Covered Bonds 2 Covered Bonds / Finland Contacts Monitoring Client Service Desk Lucotte, Elise - +33 (153) 301-022 - Elise.Lucotte@moodys.com
More informationRating Action: Moody's reviews Depfa ACS Bank's public sector covered bonds for downgrade Global Credit Research - 14 Sep 2016
Rating Action: Moody's reviews Depfa ACS Bank's public sector covered bonds for downgrade Global Credit Research - 14 Sep 2016 London, 14 September 2016 -- Moody's Investors Service has today placed on
More informationRating Action: Moody's takes rating actions on Irish mortgage covered bonds Global Credit Research - 26 Sep 2016
Rating Action: Moody's takes rating actions on Irish mortgage covered bonds Global Credit Research - 26 Sep 2016 London, 26 September 2016 -- Moody's Investors Service has today placed on review for upgrade
More informationRating Action: Moody's assigns definitive ratings to Italian ABS notes backed by NPLs issued by Brisca Securitization S.r.l.
Rating Action: Moody's assigns definitive ratings to Italian ABS notes backed by NPLs issued by Brisca Securitization S.r.l. Global Credit Research - 05 Jul 2017 Milan, July 05, 2017 -- Moody's Investors
More informationSkandiabanken Swedish Pool - Mortgage Covered Bonds
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS Skandiabanken Swedish Pool - Mortgage Covered Bonds Covered Bonds / Sweden Contacts Hogan, John - +44 (207) 772-5260 - John.Hogan@moodys.com Lopez Navarro,
More informationRoselle Park Borough, NJ
CREDIT OPINION New Issue Roselle Park Borough, NJ New Issue - Moody's Assigns Aa3 to Roselle Park, NJ's $4.9M GO Bonds, Series 2016 Summary Rating Rationale Moody's Investors Service has assigned a Aa3
More informationGood (But Risky) Times
Good (But Risky) Times Mark Zandi, Chief Economist, Moody s Analytics January, 2018 The Job Market Is Tight U6 underemployed per open job position 12 9 6 3 0 00 02 04 06 08 10 12 14 16 Sources: BLS, Moody
More informationRating Action: Moody's assigns definitive ratings to South African auto ABS notes issued by Transsec 3 (RF) Limited
Rating Action: Moody's assigns definitive ratings to South African auto ABS notes issued by Transsec 3 (RF) Limited Global Credit Research - 08 Nov 2017 ZAR 505 million ABS notes rated, relating to a portfolio
More informationMoody s Local Government Ratings PASBO Vanessa Youngs, Analyst, Moody s Investors Service
Moody s Local Government Ratings PASBO 2017 Vanessa Youngs, Analyst, Moody s Investors Service 1 Agenda 1. What Goes into a Moody s Rating? 2. General Obligation Methodology 3. State Aid Intercept Methodology
More informationRating Action: Moody's assigns definitive ratings to Italian ABS notes backed by NPLs issued by Elrond NPL 2017 S.r.l.
Rating Action: Moody's assigns definitive ratings to Italian ABS notes backed by NPLs issued by Elrond NPL 2017 S.r.l. Global Credit Research - 14 Jul 2017 Milan, July 14, 2017 -- Moody's Investors Service
More informationCECL Webinar Series: The Roadmap to Success
CECL Webinar Series: The Roadmap to Success Cristian deritis PhD, Sr. Director, Economics SEPTEMBER 2017 Moody s Analytics CECL Webinar Series: The Roadmap to Success Today: Economic Scenarios for CECL:
More informationConnecticut (State of) State Revolving Fund
CREDIT OPINION Connecticut (State of) State Revolving Fund New Issue - Moody's assigns Aaa to CT's State Revolving Fund Gen Rev Bds (Green Bds, 2017 Ser A) & New Issue Summary Rating Rationale Contacts
More informationblend Funding plc Update to credit analysis Credit strengths » Liquidity reserve as structural enhancement Credit challenges
CREDIT OPINION 19 October 2018 RATINGS blend Funding plc Domicile Long Term Rating Type Outlook United Kingdom A2 Senior Secured - Dom Curr Stable Please see the ratings section at the end of this report
More informationPT Indosat Tbk. Strong Revenue and Earnings Growth in FY2015 Supports Credit Profile. ISSUER COMMENT 28 March 2016
PT Indosat Tbk ISSUER COMMENT Strong Revenue and Earnings Growth in FY2015 Supports Credit Profile RATINGS Indosat Tbk (P.T.) Corporate Family Rating Outlook Ba1 Stable Indosat Ooredoo s revenues for the
More informationSanger (City of) TX. Credit Strengths. Trend of growing reserve levels. Continued tax base growth. Favorable location 40 miles north of Dallas
CREDIT OPINION Sanger (City of) TX New Issue: Moody's Assigns A1 to City of Sanger's, TX Certificates of Obligation, Series 2017 New Issue Summary Rating Rationale Moody's Investors Service has assigned
More informationCity of Isle of Palms, SC
ISSUER COMMENT Annual Comment on Isle of Palms RATING General Obligation (or GO Related) 1 Aa1 No Outlook Contacts Gregory W. Lipitz VP-Sr Credit Officer/ Manager gregory.lipitz@moodys.com City of Isle
More informationFindlay City School District, OH
ISSUER COMMENT Annual Comment on Findlay City SD RATING General Obligation (or GO Related) 1 Aa2 Findlay City School District, OH No Outlook Contacts Evan W Hess Associate Analyst evan.hess@moodys.com
More informationA New Way to Look at Covenant Lite Collateral in CLOs
MAY 27, 2015 RESEARCH/ WHITEPAPER Author Peter Sallerson, Senior Director peter.sallerson@moodys.com +1.212.553.9447 Contact Us Americas +1.212.553.1658 clientservices@moodys.com Europe +44.20.7772.5454
More informationVolusia County School District (FL)
CREDIT OPINION New Issue Volusia County School District (FL) New Issue - Moody's Assigns Aa3 to Volusia Co. School District's (FL) $34.3M Sales Tax Bonds, Series 2016 Summary Rating Rationale Moody's Investors
More informationEffective Risk Management in CRE Lending
Effective Risk Management in CRE Lending CHRISTIAN HENKEL, SENIOR DIRECTOR, MOODY S ANALYTICS SUMIT GROVER, ASSOCIATE DIRECTOR, MOODY S ANALYTICS August 6, 2015 Speakers Sumit Grover is an Associate Director
More informationRating Update: Moody's affirms Aa3 on Waukegan Park District, IL's GO debt
Rating Update: Moody's affirms Aa3 on Waukegan Park District, IL's GO debt Global Credit Research - 29 May 2015 Affects $8.5 million of rated debt WAUKEGAN PARK DISTRICT, IL Park/Recreation Districts IL
More informationBarcelona, City of. Annual update. Barcelona's good operating performance. B= Budget. PC: Pre-closing. Source: Issuer. Moody's Investors Service.
CREDIT OPINION Annual update Update Summary Rating Rationale The Baa2 rating assigned to the City of Barcelona reflects the municipality's robust budgetary management and its solid financial fundamentals
More informationThe Early Warning Toolkit in Practice: Carillion PLC
The Early Warning Toolkit in Practice: Carillion PLC Moody s Analytics, Credit Risk Analytics June 2018 Carillion demonstrated High Risk for all 5 Early Warning factors Level Based in the UK, Carillion
More informationUS Local Government GO Debt Methodology
US Local Government GO Debt Methodology Alexandra Cimmiyotti, Vice President Senior Analyst February 22, 2018 Agenda 1. Outlook for Local Governments 2. Overview of GO Methodology 3. California Local Governments
More informationPolicy for Analyst Rotation
Policy for Analyst Rotation Issued by: MIS Compliance Department Applicable to: All Key Analysts Scope: All Covered EU Ratings Effective Date: May 1, 2017 I. SCOPE MIS has adopted this Policy to implement
More informationFederal Home Loan Bank of Boston
CREDIT OPINION Federal Home Loan Bank of Boston Semiannual Update Update Summary Rating Rationale The Federal Home Loan Bank of Boston (FHLBank of Boston or FHLBank) Aaa long term rating and Prime-1 short-term
More informationFederal Home Loan Bank of Des Moines
CREDIT OPINION Federal Home Loan Bank of Des Moines Semiannual Update Update Summary Rating Rationale The Federal Home Loan Bank of Des Moines (FHLBank of Des Moines or FHLBank) Aaa long term rating and
More informationFeeling Good (For Now)
Feeling Good (For Now) Dan White October 2018 The Job Market Is Tight Underemployed per open job position 12 10 8 6 4 2 0 00 02 04 06 08 10 12 14 16 18 Sources: BLS, Moody s Analytics October 2018 2 and
More informationButler (Village of), WI
CREDIT OPINION Butler (Village of), WI Update to credit analysis Summary Contacts Natalie Claes +1.312.706.9973 Associate Lead Analyst natalie.claes@moodys.com Butler, WI's (A1) credit profile is supported
More informationRating Action: Moody's assigns Aa3 to West Virginia SBA's $44.4M Capital Improvement Ref. Rev. Bonds, Ser Global Credit Research - 08 Sep 2017
Rating Action: Moody's assigns Aa3 to West Virginia SBA's $44.4M Capital Improvement Ref. Rev. Bonds, Ser. 2017 Global Credit Research - 08 Sep 2017 New York, September 08, 2017 -- Issue: Capital Improvement
More informationCredit Opinion: CorpBanca
Credit Opinion: CorpBanca Global Credit Research - 15 Jun 2015 Santiago, Chile Ratings Category Outlook Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Senior Unsecured Moody's
More informationRating Action: Moody's affirms AIIB's Aaa rating; outlook stable 28 Mar 2019
Rating Action: Moody's affirms AIIB's Aaa rating; outlook stable 28 Mar 2019 Singapore, March 28, 2019 -- Moody's Investors Service ("Moody's") has today affirmed the Asian Infrastructure Investment Bank's
More informationHelgeland Boligkreditt AS - Mortgage Covered Bonds
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS Helgeland Boligkreditt AS - Mortgage Covered Bonds Covered Bonds / Norway Contacts Savoye, Elise - +33 (331) 533-01079 - Elise.Savoye@moodys.com Boucher,
More informationSpareBank 1 Boligkreditt AS Mortgage Covered Bond Programme
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS SpareBank 1 Boligkreditt AS Mortgage Covered Bond Programme Covered Bonds / Norway Contacts di Vito, Valentina - +44 (207) 772-1754 - Valentina.diVito@moodys.com
More informationSession 4: Technical-legal panel: elements for an integrated covered bond framework
Session 4: Technical-legal panel: elements for an integrated covered bond framework Conference on Covered Bonds, 1 February 2016 JANE SOLDERA, VICE PRESIDENT SENIOR CREDIT OFFICER FEBRUARY 2016 Moody s
More informationRating Action: Moody's downgrades Coty's CFR to Ba3; outlook stable Global Credit Research - 20 Mar 2018
Rating Action: Moody's downgrades Coty's CFR to Ba3; outlook stable Global Credit Research - 20 Mar 2018 New York, March 20, 2018 -- Moody's Investors Service, ("Moody's") downgraded Coty Inc.'s ("Coty")
More informationDisruption in Higher Education: What Does It Mean For Credit Ratings
Disruption in Higher Education: What Does It Mean For Credit Ratings Wednesday, January 31, 2018 Susan Fitzgerald, Moody s Jessica Matsumori, S&P Global Ratings Mary Peloquin-Dodd, NC State University
More informationRating Action: Moody's downgrades South Carolina Public Service Authority revenue bonds; rating outlook negative
Rating Action: Moody's downgrades South Carolina Public Service Authority revenue bonds; rating outlook negative 17 Aug 2018 Approximately $7.4 billion of revenue bonds affected New York, August 17, 2018
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 Scope: Global excluding
More information