News by subject: Bond/Stock Rating

AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of "a" (Excellent) to Beazley Excess and Surplus Insurance, Inc. (BESI) (Farmington, CT). BESI is a newly formed, wholly...

KBRA assigns preliminary ratings to five classes of notes issued by ACHV ABS Trust 2023-4CP ("ACHV 2023-4CP"), a $157.518 million consumer loan asset-backed securities transaction. The preliminary ratings reflect initial credit enhancement levels of...

KBRA is pleased to announce the assignment of preliminary ratings to 15 classes of BMO 2023-5C2, a $777.0 million CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 62 properties. The collateral properties are...

KBRA releases research examining trends across the structured credit landscape, including issuance, spreads, and macro risks. Middle market collateralized loan obligations (CLO) have a record issuance year in sight and are on pace to deliver nearly...

KBRA assigns a preliminary rating to one series of notes issued by Willis Engine Structured Trust VII (WEST VII), an aviation ABS transaction. WEST VII represents the eighth aviation ABS transaction, and the fifth rated by KBRA, that is sponsored and...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of ASR Re Limited (ASR Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. The ratings are now withdrawn by...

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

KBRA assigns preliminary ratings to two classes of notes issued by Sunnova Hestia I Issuer, LLC Solar Loan Backed Notes, Series 2023-GRID1, a $244.0 million residential solar loan ABS transaction. This transaction represents the first...

AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Fidelity Life Association, A Legal Reserve Life Insurance Company (Fidelity...

AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to "aa-" (Superior) from "a+" (Excellent) of Health Care Service Corporation, a Mutual Legal Reserve...

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a" (Excellent) of Everett Cash Mutual Insurance Company...

AM Best has affirmed the Financial Strength Rating of C++ (Marginal), the Long-Term Issuer Credit Rating of "b+" (Marginal), and the Mexico National Scale Rating of "bbb.MX" (Good) of BUPA México, Compañía de Seguros, S.A. de C.V. (Bupa Mexico)...

KBRA assigns preliminary ratings to five classes of notes issued by Bridgecrest Lending Auto Securitization Trust 2023-1 ("BLAST 2023-1"), an asset-backed securitization collateralized by a pool of sub-prime auto loans. BLAST 2023-1 will issue five...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Gulf Insurance Group ? Jordan (GIG Jordan) (Jordan). The outlook of these Credit Ratings (ratings) is stable. The ratings...

AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" (Excellent) to De Smet Farm Mutual Insurance Company of South Dakota (De Smet Mutual) (De Smet, SD). The outlook...

ICON plc , a world-leading healthcare intelligence and clinical research organization, today announced that S&P Global Ratings (S&P) upgraded ICON to an investment grade credit rating of BBB- with a stable outlook, based on operating performance and...

AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Merit Life Insurance Co. (Merit) (Charlotte, NC). The Credit Ratings...

KBRA assigns preliminary ratings to 55 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2023-4 (SEMT 2023-4), a $369.2 million prime RMBS transaction. The pool consists entirely of fully amortizing fixed rate mortgages with...

KBRA assigns preliminary ratings to four classes of notes issued by VFI ABS 2023-1, LLC (VFI 2023-1), an equipment ABS transaction. Varilease Finance, Inc. (VFI or the Company), founded in 2001 and headquartered in Salt Lake City, Utah, is an...

KBRA assigns preliminary ratings to six classes of mortgage pass-through notes from ADMT 2023-NQM4 Trust, a $383.9 million non-prime RMBS transaction. The underlying collateral, comprising 975 residential mortgages, is characterized by a significant...

AM Best has placed under review with negative implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" (Good) of Universal North America Insurance Company (UNAIC) (Arlington, TX). The Credit Rating...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) of Bahrain Kuwait Insurance Company B.S.C. (GIG Bahrain) and its subsidiary, Takaful International Company BSC (GIG...

KBRA assigns a preliminary rating to four classes of notes issued by Gracie Point International Funding 2023-2, LLC, Series 2023-2. Gracie Point, formed in February 2010, is in the business of financing life insurance policy premium payments....

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Gulf Insurance Group (Gulf) B.S.C. (c) (GIG Gulf) (Bahrain). The outlook of these Credit Ratings (ratings) is stable....

AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) of Prosperity Life Group's subsidiaries, Shenandoah Life Insurance Company (Roanoke, VA), SBLI USA Life Insurance,...

AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a" (Excellent) of National Western Life Insurance Company (NWLIC) (Centennial,...

Declining interest rates in China have led to narrowing spreads and increased reinvestment risk for domestic insurance companies, according to a new AM Best report, placing a greater onus on insurers' asset-liability management. The Best's Special...

KBRA assigns preliminary ratings to the Series 2023-1 Class A-1-VFN Notes, Series 2023-1 A-1-LR Notes and Series 2023-1 Class A-2 Notes. Qdoba 2023-1 is the inaugural securitization in which Qdoba Restaurant Corporation (Qdoba or the Company) will...

Domestic primary insurers in the Caribbean have experienced a difficult reinsurance renewal season this year as the reinsurance industry re-evaluates the capacity it extends to the region, according to a new AM Best report. A combination of a...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Saturn Insurance Inc. (Saturn) (Burlington, VT). Saturn is a captive insurer of BP p.l.c. (bp) [NYSE: BP], an...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Jupiter Insurance Limited (Jupiter) (Guernsey), a captive insurer of BP p.l.c. (bp) [NYSE: BP], an integrated global...

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to TruSpire Retirement Insurance Company (TruSpire) (Irving, TX). The outlook assigned to these Credit Ratings (ratings) is...

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) of Triple-S Saud, Inc. (TSS). The outlook of these Credit Ratings (ratings) is stable. Additionally,...

KBRA assigns preliminary ratings to four classes of notes issued by First Investors Auto Owner Trust 2023-1 ("FIAOT 2023-1"), an auto loan ABS transaction. This transaction represents the first ABS securitization in 2023 for Stellantis Financial...

KBRA assigns preliminary ratings to six classes of notes issued by Tricolor Auto Securitization Trust 2023-2 ("TAST 2023-2"), a subprime auto loan ABS transaction. TAST 2023-2 will issue six classes of notes totaling $259.34 million, where credit...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Delvag Versicherungs-AG (Delvag) (Germany). The outlook of these Credit Ratings (ratings) is stable. The ratings...

KBRA assigns preliminary ratings to five classes of notes issued by VStrong Auto Receivables Trust 2023-A ("VSTRG 2023-A"), an auto loan asset-backed securities transaction collateralized by subprime and nonprime collateral. VSTRG 2023-A is the...

AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Union Medical Benefits Society Limited (UniMed) (New Zealand), which were affirmed on 29 September 2023, remain...

KBRA assigns preliminary ratings to 3 classes of mortgage-backed notes from ACHM Trust 2023-HE2 (ACHM 2023-HE2), a $173.6 million RMBS transaction sponsored by Series B, a Series of Freedom Consumer Credit Fund, LLC. The transaction consists entirely...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of European Liability Insurance for the Nuclear Industry (ELINI) (Belgium). The outlook of these Credit Ratings (ratings)...

AM Best and Best's Insurance Professional Resources will host a complimentary webinar, titled, "How Insurers Are Controlling Expert Costs in Construction Defect Claims." The webinar will air on Tuesday, Nov. 7, 2023, at 2:00 p.m. (EST) and is...

Despite rising insured losses, Canada's property/casualty (P/C) insurers recorded a fourth year of underwriting profitability in 2022, while its life/annuity (L/A) sector has shown very strong regulatory capital levels amid the transition to IFRS 17...

KBRA assigns preliminary ratings to eight classes of notes issued by Granite Park Equipment Leasing 2023-1 LLC (Granite Park 2023-1), an equipment ABS transaction. Granite Park 2023-1 represents Granite Park Holdings I LLC's (Granite Park) first...

KBRA assigns preliminary ratings to six classes of notes issued by GLS Auto Select Receivables Trust 2023-2 ("GSAR 2023-2"), a near prime auto loan ABS transaction. GSAR 2023-2 represents the second near prime term ABS securitization for Global...

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 GCU (Beaver, PA), formerly known as the Greek Catholic Union of the...

AM Best has assigned a Financial Strength Rating of A-(Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to Indigo Risk Retention Group Inc. (Indigo RRG) (Charleston, SC). The outlook assigned to these Credit Ratings (ratings) is...

KBRA assigns preliminary ratings to six classes of mortgage pass-through notes from Verus Securitization Trust 2023-7 (VERUS 2023-7), a $669.2 million non-prime RMBS transaction. The underlying collateral, comprising 1,284 residential mortgages, is...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Dorinco Reinsurance Company (Dorinco) (Midland, MI), which is the captive reinsurance company of The Dow Chemical Company...

Hercules Capital, Inc. ("Hercules" or the "Company"), the largest and leading specialty financing provider to innovative venture, growth and established stage companies backed by some of the leading and top-tier venture capital and select private...

On September 29, 2023, KBRA assigned a long-term rating of AA- with a Stable Outlook to the Power Authority of the State of New York (NYPA) Green Transmission Project Revenue Bonds, Series 2023A. Concurrently, KBRA affirmed the long-term rating of...