News by subject: Bond/Stock Rating

KBRA announces the assignment of preliminary ratings to three classes of NJ 2023-GSP, a CMBS single-borrower securitization. The collateral for the transaction is a $425.0 million portion of a $525.0 million non-recourse, first lien mortgage loan...

KBRA assigns preliminary ratings to seven class of mortgage-backed notes from Brean Asset Backed Securities Trust 2023-RM7 (BABS 2023-RM7). The pool comprises 301 fixed rate proprietary reverse mortgage loans with an aggregate principal balance of...

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" (Good) of Continental Reinsurance Plc (CRe) (Nigeria). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect...

AM Best has upgraded the Long-Term Issuer Credit Rating to "a+" (Excellent) from "a" (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of Stellar Insurance, Ltd. (Stellar) (Bermuda), an indirect wholly owned subsidiary of the...

Private equity-owned insurers increased their stake in the industry's admitted assets in 2022 by more than 15% on a year-over-year basis, according to a new AM Best special report. In its Best's Special Report, "Private Equity and Investment...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of First Insurance Company (SFIC) (Jordan). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect SFIC's...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Solidarity Bahrain B.S.C. (Solidarity Bahrain) (Bahrain). The outlook of these Credit Ratings (ratings) is stable. The...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of Al Fujairah National Insurance Company PJSC (AFNIC) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is...

KBRA assigns a BBB rating with a Stable Outlook to the $750 million senior unsecured notes issued by Cantor Fitzgerald, L.P. ("Cantor" or "the firm"). The notes are scheduled to mature on December 12, 2028. Domiciled in New York, NY, Cantor is a...

KBRA assigns a BBB- rating to MidCap Financial Investment's ("MFIC" or "the company") $75 million 8.0% senior unsecured notes due December 15, 2028. The rating Outlook is Stable. Key Credit Considerations The rating reflects MFIC's ties to Apollo...

KBRA assigns issuer and senior unsecured debt ratings of BBB to Goldman Sachs Private Credit Corp. ("GSCR" or "the company"). The rating Outlook is Stable. Key Credit Considerations The ratings and Outlook are supported by Goldman Sachs Private...

KBRA assigns issuer and senior unsecured debt ratings of BBB to Goldman Sachs BDC, Inc. ("GSBD" or "the company"). The rating outlook is Stable. Key Credit Considerations The ratings and Outlook are supported by Goldman Sachs BDC, Inc.'s ties to...

KBRA assigns its BBB- ratings to JFK NTO LLC's aggregate $2.0 billion special facilities revenue bonds (series 2023 bonds), and affirms the existing ratings associated with JFK NTO LLC's senior secured facilities for Phase A of the Terminal One...

KBRA assigns preliminary ratings to five classes of notes (eight tranches) issued by Carvana Auto Receivables Trust 2023-P5 ("CRVNA 2023-P5"), a prime auto loan ABS transaction. The transaction has initial hard credit enhancement levels ranging from...

KBRA is pleased to announce the assignment of preliminary ratings to 16 classes of Benchmark 2023-B40, a $484.4 million CMBS conduit transaction collateralized by 20 commercial mortgage loans secured by 34 properties. The collateral properties are...

KBRA assigns a BBB rating to Blue Owl Technology Income Corporation's ("OTIC" or "the company") $100 million floating rate senior unsecured notes due January 15, 2029. The notes bear interest at a rate of SOFR +4.75%. The rating Outlook is Stable....

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Meritz Fire & Marine Insurance Co., Ltd. (Meritz) (South Korea). The outlook of these Credit Ratings (ratings) is stable....

KBRA announces the assignment of preliminary ratings to five classes of BX 2023-XL3, a CMBS single-borrower securitization. The collateral for the transaction is a $1.0 billion floating rate, interest-only mortgage loan. The loan has an initial...

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to "a" (Excellent) from "a-" (Excellent) of Louisiana Dealer Services Insurance, Inc. (LDS) and its subsidiaries, Loss...

KBRA releases the November 2023 issue of CMBS Trend Watch. Four conduits priced in November?a milestone event. No more than three had priced in any single month for 20 consecutive months, dating back to February 2022. Furthermore, up to six deals...

AM Best is maintaining its stable market segment outlook on the U.S. commercial lines insurance for 2024, citing in part the segment's persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets...

KBRA assigns a short-term rating of K1+ to Cobb County School District, Georgia's Short-Term Construction Notes, Series 2024, due December 15, 2024. Proceeds will finance, on a temporary basis, the current costs of constructing, improving and...

KBRA is pleased to announce the assignment of preliminary ratings to 36 classes of MSWF 2023-2, a $914.5 million CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 100 properties. The collateral properties are...

KBRA assigns preliminary ratings to six classes of mortgage pass-through notes from Verus Securitization Trust 2023-8 (VERUS 2023-8), a $526.9 million non-prime RMBS transaction. The underlying collateral, comprising 1,008 residential mortgages, is...

KBRA comments on the recent FDIC consent order (placed on November 21, 2023) against Port Angeles, Washington-based First Fed Bank ("the bank"), the primary subsidiary of First Northwest Bancorp ("the company"). The consent order was related to...

AM Best is maintaining its negative market segment outlook on the U.S. personal lines insurance segment for 2024, citing the ongoing deterioration in results for the personal auto and homeowners' lines of business, along with rising loss costs that...

AM Best is revising its outlook on India's non-life insurance segment to stable from negative, owing to robust growth potential, driven by economic development and rising insurance demand, and recent regulatory developments. On the back of...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Seguros e Inversiones, S.A. (SISA) (El Salvador). The outlook of these Credit Ratings (ratings) is stable. The ratings...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Worldwide Medical Assurance, Ltd. Corp. (WWMA) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is...

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" (Excellent) of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life...

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Folgate Insurance Company Limited (Folgate) (United Kingdom). The outlook of these Credit Ratings (ratings) is stable. The...

AM Best has assigned the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) to Mongolian National Reinsurance JSC (Mongolian Re) (Mongolia). The outlook assigned to these Credit Ratings (ratings) is stable....

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of AES Global Insurance Company (AGIC) (Burlington, VT). The outlook of these Credit Ratings (ratings) is stable. The...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of NongHyup Property and Casualty Insurance Company Limited (NH P&C) (South Korea). The outlook of these Credit Ratings...

AM Best is maintaining its stable outlook on the U.S. health insurance market segment for 2024, noting its continued favorable earnings, the positive impact of interest rates on investment-related financial results, in addition to growth in the...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Group Ark Insurance Limited (GAIL) (Bermuda). GAIL is a wholly owned subsidiary of Ark Insurance Holdings Limited (Ark),...

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of "aa" (Superior) of Knights of Columbus (the Order) (New Haven, CT). The outlook of these Credit Ratings (ratings) is stable. The ratings...

AM Best has maintained the under review with developing implications status for the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb-" (Good) and the associated Long-Term Issue Credit Ratings (Long-Term IR) of Argo Group International Holdings,...

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" (Good) of Orion Reinsurance (Bermuda) Ltd. (Orion Re) (Hamilton, Bermuda). The outlook of these Credit Ratings (ratings) is stable. The...

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa" (Superior) of Minnesota Life Insurance Company and its subsidiary, Securian Life Insurance Company, together...

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Ontario Insurance Company (Ontario) (Shortsville, NY). The Credit...

AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to "bbb" (Good) from "bbb-" (Good) of PGA Sompo Insurance Corporation (PGA Sompo) (Philippines). The outlook of these Credit...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of Irwell Insurance Company Limited (Irwell) (United Kingdom). The outlook of these Credit Ratings (ratings) is stable. The...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of African Reinsurance Corporation (ARC) (Nigeria). The outlook of these Credit Ratings (ratings) is stable. The ratings...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of S2C S.p.A. Compagnia di Assicurazioni di Crediti e Cauzioni (S2C) (Italy). The outlook of these Credit Ratings (ratings) is...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Conduit Reinsurance Limited (Conduit Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. The...

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of "bbb-" (Good) of SNIC Insurance B.S.C. (c) (SNIC) (Bahrain). These Credit Ratings (ratings)...

In the last 90 days, Best's Review readers have been most interested in the following stories: "What's Driving the Rise in Auto Costs" examines the trends that have led to large underwriting losses in 2022. "Life Mutuals Are Driving Efforts to...

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of Concord Specialty Insurance Company (Pierre,...

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) of Indemnity National Insurance Company (INIC) (Jackson, MS). The Credit...